Menlo Equities and Beacon Capital Partners Break Ground on 240,000 SF Life Science Building in San Carlos, CA

MENLO PARK, Calif.–(BUSINESS WIRE)–Menlo Equities, a vertically-integrated commercial real estate investment and development firm, and Beacon Capital Partners, a leading real estate developer, owner, and manager of life science and office properties, are pleased to announce the groundbreaking of Portal 405, a 240,000 square foot life science building in the heart of the burgeoning life science market of San Carlos, CA. Located at 405 Industrial Road alongside Highway 101, Portal 405 will offer future tenants unparalleled access, visibility, and prominence within the broader San Carlos Innovation District when it is completed in late 2024.

Portal 405 will be a six-story building conveniently located within walking distance to the San Carlos Caltrain Station and the extensive amenities of Downtown San Carlos. The building has been designed with flexibility in mind – it is right-sized for a single tenant’s HQ location or can accommodate multiple tenants with its expansive floorplates and flexible core.

“San Carlos is an important and prominent life science hub, and we look forward to complementing the existing ecosystem with a new state-of-the-art facility that will attract forward-thinking life science users,” said Rick Holmstrom, Managing Partner of Menlo Equities.

“We believe in the strength of this location and the continued growth of the life science sector here,” said Steve Purpura, President of Life Sciences at Beacon Capital Partners. “We are excited to begin construction on Portal 405 and create a new home for innovation by leading life science companies.”

The building has everything a modern user desires: prominent freeway identity, CalTrain access and walking distance to a thriving downtown. The four occupiable lab and office floors are elevated, sitting above two levels of above-grade parking and two levels of subterranean parking, to provide premier views of the San Francisco Bay to the east and Downtown San Carlos and the hills to the west. At the ground level there is a building lobby that offers access to the upper occupiable floors, bike storage, restrooms with showers and lockers, and tenant amenity areas that can accommodate a fitness center and café. The building-top terrace on the sixth floor faces west and is protected from wind and highway noise, providing a viable outdoor work and event space for future building occupants.

Mike Moran of CBRE and Clarke Funkhouser of Cushman & Wakefield are the exclusive marketing and leasing agents for the project.

About Menlo Equities

Menlo Equities is a vertically integrated commercial real estate investment firm headquartered in Menlo Park, with additional offices in Santa Clara, Newport Beach, and Austin. The firm was founded in 1994 and invests in essential, mission critical properties located in the most vibrant innovation driven markets in the United States. Menlo Equities employs an investment approach that creates value through state-of-the-art development, opportunistic acquisitions and rigorous property and asset management. Since inception, Menlo has acquired or developed $8.5 billion of assets totaling 23.7 million square feet in the office, life science, R&D, data center, and industrial asset sectors through multiple targeted investment platforms. For more information, please visit

About Beacon Capital Partners

Beacon Capital Partners (“Beacon”) is a leading private real estate investment firm, owning and operating office and life science properties. The firm has a 75-year legacy of successful real estate development, management, and transformation of workplaces. Since 1998, Beacon has raised ten commingled investment vehicles, as well as multiple joint venture vehicles and co-investments, totaling over $19 billion of equity capital commitments from public and corporate pension funds, financial institutions, endowments, foundations, and other U.S. and non-U.S. institutional investors. Today, Beacon manages over $14 billion of real estate and owns and operates a portfolio spanning more than 29 million square feet across 14 U.S. markets. Beacon’s experienced team creates workspaces that inspire creativity, collaboration, and innovation across a broad range of tenants and industries. The team uses disciplined property selection and innovates with design-driven transformation, curated tenant amenities and experiences, and a strong focus on tenant service to create properties that attract today’s tenants. Headquartered in Boston, Beacon has offices and market-focused teams in eight major U.S. cities. Beacon supports building a sustainable and inclusive future. The firm has been recognized as ENERGY STAR Partner of the Year for 11 consecutive years and has certified or recertified nearly 60M sf of LEED office space. Beyond sustainability, Beacon’s Funds 7 and 8 and a portfolio of Beacon JV assets all achieved five-star ratings (top 20%) in the GRESB assessment in 2022 and Beacon has been designated as a Fitwel champion. For more information, please visit


Menlo Equities

Beacon Capital Partners
Maureen Richardson, River Communications
(o) 914-686-5599

(c) 914-434-6033

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