• 537,966 sq. ft.
  • Life Sciences
  • San Diego
Services Provided
  • Transaction Management
  • Capital Markets
Cresa Team
  • Don Mitchell
  • Rich Porreco
  • Glenn Friedrich
  • Brant Bryan

Client Objectives

  • The company’s facility leases were nearing expiration and IONIS was interested in moving into a new facility that would house their operation under one roof.
  • They desired a facility that would reflect the company’s culture, allow for continued growth, and provide an efficient mix of office and highly-specialized lab space for pharmaceutical drug development and testing. 
  • Cresa researched existing facilities as well as land parcels for purchase or possible build-to-suit opportunities. 
  • After selecting a land parcel to pursue, the client challenged Cresa to identify financing solutions that would minimize cash outlay, maintain long-term control, and provide a hedge against inflation risk.


  • Cresa negotiated and secured the purchase of 12.35 acres, providing an optimum development opportunity for IONIS Pharmaceuticals. 
  • Cresa Capital Markets developed a strategy with a minimal outlay of cash and attractive financing rates, despite the company not yet reaching profitability. A variety of leasing and financing structures were analyzed. 
  • Cresa team used its network to identify an ideal financing partner providing for the lowest cost of financing assurance of funding and allow the client to retain absolute control. 
  • Favorable terms were negotiated for key provisions such as inflation hedges, rent escalations, and predetermined purchase options.
  • Cresa worked with the auditors to ensure the lease qualified as an operating lease, and the pre-negotiated purchase options in the lease were structured to provide flexibility to unwind the lease should accounting rules change the treatment of the lease.

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