Search
 

Scripps Research Buys Space

SAN DIEGO-Scripps Research Institute pays $30 million for a 118,000-sf R&D building that it already occupied. The institute has leased the space for the past 25 years.

By Daniel D. Williams | Updated on March 09, 2005

SAN DIEGO-Scripps Research Institute has taken advantage of the historically low interest businesses are experiencing by buying the property where it’s held a long-term lease. The institute paid $30 million for a 118,000-sf R&D property that it has occupied for the 25 years of the property’s existence. Scripps acquired the property from a private investor from the San Francisco Bay Area.”With the low interest rates, Scripps found it’s cheaper to pay interest on a bond than to pay for a lease,” says Richard F. Marshall of the San Francisco-based brokerage firm RFM Inc., who represented the seller who is a family in the Bay Area that is one of the early settlers of the area. In the deal, Scripps was represented by counsel. The seller is entertaining other investment opportunities with the proceeds from the deal, Marshall tells Globest.com.The property, which is located within Scripps’ research campus, is located at 10466 N. Torrey Pines Blvd., is used for cytology research and is 100% occupied by Scripps. According to Marshall, the property has a unique design in which the top of the building is actually the parking lot and then there are two floors underground. The property also overlooks Torrey Pines golf course and the Pacific Ocean, and, according to Marshall, the property originally sold in 1992 for $17 million.He sees the San Diego remaining strong in the biotech sector. According to a Milken/Deloitte study of top biotech clusters last year, San Diego topped the list, while San Jose, San Francisco, Oakland and Los Angeles were also in the top 10.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.