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BioMed Entering Key Market Through Side Door

SOUTH SAN FRANCISCO-The San Diego-based life sciences REIT buys a 152,145-sf, fully leased distribution building with plans to scrape the site and put up a class A office and lab building starting in 2008, after the tenant's lease expires.

By Brian K. Miller | Updated on January 06, 2006

SOUTH SAN FRANCISCO-BioMed Realty Trust is breaking into the local biotech market here in an unconventional way. The San Diego-based life sciences REIT has acquired a fully leased 152,145-sf distribution building that it plans to redevelop into a 260,000-sf class A lab and office building after the tenant’s lease expires at the end of 2007.

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.

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