Our earnings release and supplemental package have been filed on a Form 8-K with the SEC, and both are also available on our website. Jeffrey will discuss our financial results and provide you with our 2026 guidance. Across our markets, we are experiencing the healthiest level of office demand since 2019, with a forward leasing pipeline that has grown by more than 65% over the last year. In West LA, a 79,000 sq ft renewal with Riot Games for the Arena building, providing several years of ongoing cash flow as we evaluate the highest invest use of the site going forward.
In San Francisco, additional AI leasing during the quarter and a growing pipeline of AI and other tenants for spec suite space that we currently have under construction in the SoMa submarket. We are thrilled by the momentum we've captured at KOP2 over the last 2 quarters, demonstrating a meaningful resurgence in life science demand and providing confidence in our pipeline as we move into 2026. At the same time, the innovation pipeline remains exceptionally active, with more than 50 novel drug therapies anticipated to receive FDA approval in 2026, reflecting continued scientific advancement and investment. In addition, we've gained exposure to mid-stage and late-stage life science companies in our spec suites, where our capital investment is specifically designed to be highly reusable by future tenants in the same space.
With these refinements incorporated, our anticipated yield at KOP2 is now in the mid-5% range, approximately 100 basis points below our original underwriting. While this is not reflective of where we would begin a new project today, we continue to believe in the exceptional long-term growth and value creation potential of Kilroy Oyster Point. Turning to our broader capital allocation strategy, we successfully paired fourth quarter leasing and operational wins with strategic portfolio repositioning initiatives. In December, we completed the sale of Sunset Media Center in Hollywood for $61 million, monetizing a mature, capital-intensive asset that no longer met our stringent criteria for incremental investment.