The property was purchased for approximately $25.9 million in cash. Located at 475 Eccles Ave., near the headquarters of Genentech and other Biotech and Pharmaceutical operations, the property is fully leased to Cooper Cos., Inc., a publicly held medical product manufacturer, and occupied by Ocular Sciences, a publicly held company Cooper acquired at the start of 2005.
The acquisition brings BioMed's number of properties in the Greater Bay Area to seven and marks its entry in to the South San Francisco market, which is considered by many to be one of the primary life science hubs of the Greater Bay Area. BioMed officials say the proximity to Genentech, Amgen, Elan and Cell Genesys provides an "excellent" growth opportunity for the company.
Earlier this month , BioMed announced plans for its third facility in the Seattle market. The company is planning to develop a 93,000-sf laboratory building in the South Lake Union area, another burgeoning life sciences hub, in partnership with Seattle-based EDG Commercial Real Estate. The five-story Fairview Research Center will be located at 530 Fairview Ave., on the southeast corner of Fairview Avenue North and Mercer Street.
In June, BioMed paid upward of $523 million for a 1.1-million-sf eight-building portfolio in Cambridge, MA and Lebanon, NH. The acquisition established BioMed as one of the larger owners of life science office and laboratory space in the Cambridge market. The company's real estate portfolio now stands at around 4.7 million sf in 62 buildings in 39 separate developments.
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