Alloy Properties (Alloy), a national life science and innovation real estate platform, announced that Biora Therapeutics has signed a 19,560-square-foot lease at Elements by Alloy Properties, an award-winning 290,000-square-foot life science campus located at 10201–10241 Wateridge Circle in San Diego, California’s Sorrento Mesa submarket. The transaction marks the third lease completed at Elements in the past six months, totaling 53,209 square feet, and further reinforces the property’s position as one of San Diego’s most successful life science redevelopment projects. Elements in owned and managed by Alloy Properties in partnership with West | Tech Properties.
In addition to Biora Therapeutics, other recent leases signed at Elements include:
- Mabwell Therapeutics: 10,377 square feet, August 2026
- n-Lorem Foundation: 23,272 square feet, April 2026
- Biotheryx: 9,085 square feet, January 2025
Collectively, these four transactions represent 62,294 square feet of leasing activity, accounting for all available spec lab space at Elements.
“While the broader life science market continues to face challenges, Elements has demonstrated that tenants remain willing to commit to exceptional laboratory environments that offer quality, flexibility and immediate occupancy,” said Alicia Hinds, Chief Operating Officer of Alloy Properties. “Our investment in thoughtfully designed, high-quality spec suites, combined with the campus’s extensive amenities and desirable location, has clearly resonated with the market. The successful lease-up of our original three floors of spec suites reinforces our confidence in the project and supports our decision to move forward with the next phase of development.”
A major driver of the project’s leasing success has been the quality and thoughtful design of its move-in-ready laboratory suites. The original three full floors of move-in-ready lab suites have now been fully leased, demonstrating the strong appeal of purpose-built, immediately available laboratory space even amid challenging market conditions.
Beyond the laboratory improvements, tenants have been attracted to the award-winning campus’s distinctive multi-building environment. The extensive collection of amenities include inviting outdoor atriums and gathering areas, convenient covered parking, and a new indoor/outdoor fitness center. The property’s highly desirable western Sorrento Mesa location also provides excellent regional access and proximity to San Diego’s established life science and technology communities.
“We take tremendous pride in the transformation of Elements into one of San Diego’s premier life science campuses,” said Jeremy Dorsett, Co-Founder of West | Tech Properties. “Being recognized in the industry as a top redevelopment project was an important milestone, but the continued success of the campus is ultimately measured by local companies choosing to make Elements their home.”
JLL’s Tony Russell and Tim Olson represented Alloy Properties in the Biora Therapeutics lease. Biora Therapeutics was represented by Greg Bisconti and Justin Venckus, also of JLL.
According to JLL’s Q3 2026 San Diego Life Science Report, laboratory leasing activity increased 157 percent in the third quarter compared to the second quarter. Despite this improvement, the market continues to face elevated vacancy of 29.1 percent and recorded negative net absorption of 53,931 square feet during the quarter and positive net absorption 78,716 square feet year-to-date.
“The leasing success at Elements is particularly significant given the challenges facing San Diego’s life science market,” said Tony Russell, Senior Managing Director at JLL. “What sets Elements apart is the exceptional tenant experience. Today’s tenants expect more than high-quality lab space and amenities. They want an ownership team that understands their science, listens to their needs, and delivers creative, tailored solutions. Alloy has consistently demonstrated that commitment through its responsiveness, flexibility, and hands-on approach. Successfully leasing all three floors of its original spec suites in a market with elevated vacancy speaks volumes about the quality of the redevelopment and Elements’ competitive positioning.”
“Our client Biora was looking for a high quality space that would help build their science and company culture, and Elements delivered,” said Greg Bisconti, Executive Managing Director at JLL. “Tony and the Alloy Properties team were great partners from tour to signature (to furniture selection), and this is exactly the kind of approach that keeps San Diego’s life sciences market moving.”
About Alloy Properties
Alloy Properties is a national life science platform formed by TPG Real Estate that focuses on investing in life sciences and innovation campuses. Alloy has experience across 4 million SF in 6 major US life science markets, including Boston, San Francisco, San Diego, Raleigh-Durham, Seattle, and Atlanta and has successfully leased Class “A” lab space ranging from biology to biomanufacturing use and everything in between, building a robust tenant network of early-stage to multi-billion-dollar life science companies. Follow us on LinkedIn or visit our website to learn more.
About West | Tech Properties
West | Tech Properties is a commercial real estate investment firm specializing in the acquisition and management of high-quality office and life science properties in high-growth West Coast markets. West | Tech was formed in 2019 by Justin Wesley and Jeremy Dorsett, two commercial real estate veterans. West | Tech leverages its deep operational expertise into identifying opportunities in their target markets to convert underperforming assets into best-in-class life science assets.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
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