Large Fremont building is grabbed amid hot market for life sciences
The Mercury News – August 1
A large building in Fremont that has been converted into a modern life sciences site has been bought by an East Coast company that hopes to capitalize on a hot Bay Area market for these kinds of properties. Massachusetts-based Diversified Healthcare, acting through an affiliate, paid $82 million for a building at 47071 Baywide Parkway in Fremont. In 2022, the building underwent a wide-ranging renovation to transform the site into a life sciences property.
San Diego life sciences campus secures $165M refi
Commercial Observer – August 1
Genesis Science Center, a four-building life sciences campus in San Diego’s Sorrento Mesa market, has secured a $165 million refinancing. Phase 3 Real Estate Partners and Bain Capital are the borrowers for the 252,000-square-foot research and development campus. Class A asking rates in Sorrento Mesa have tripled since 2014 and increased to an average of $6.50 for triple-net leases, according to a JLL market report from earlier this year.
Instil Bio to build 102,000-SF HQ campus in Tarzana
Urbanize Los Angeles – July 20
Life sciences company Instil Bio will spend $85 million to build a new headquarters campus in the San Fernando Valley. The company, which is developing clinical-stage cell therapies to treat cancer, is planning a 102,000-square-foot complex featuring offices, labs, and manufacturing space just south of the G Line busway in Tarzana.
East Bay mall to morph into life science campus
The Real Deal – July 7
Two investment firms have formed a joint venture to acquire the 42-acre Bayfair Center mall in San Leandro with plans to redevelop the site into a life science mixed-use campus. B3 Commercial Management and GAW Capital Partners purchased the property from Madison Marquette for $57 million in June. The Bay Area market for lab offices has been hot due to its employees being required to work on-site, while many other employees continue to work remotely.
Oxford completes Seattle office-to-lab conversion under heavy demand
Connect CRE – July 21
Oxford Properties Group has completed the speculative conversion of the 136,000-square-foot Boren Lofts office building into Boren Labs, a fully dedicated life sciences facility in downtown Seattle. Demand for such buildings remains intense, and during the conversion process, seven of the nine floors were leased.
Land deals advance Solano County’s biomanufacturing hub plans
North Bay Business Journal – August 3
Developers have closed three large land deals, and another has obtained city of Vacaville approval for an office and commercial biomanufacturing. This occurred just 21 months after the city and Solano Community College jointly announced formation of the California Biomanufacturing Center Inc., a nonprofit corporation tasked with promoting expansion of biomanufacturing in Vacaville. The city has designated two locations with a combined area of about 300 acres for future biomanufacturing development.