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Boston Scientific Expands Leasehold to 360,000 SF

SAN FRANCISCO-In a deal valued at more than $40 million, the medical device manufacturer renews its lease of four buildings at Bayside Technology Park here and adds a fifth building to the mix.

By Brian K. Miller | Updated on March 20, 2007

SAN FRANCISCO-Boston Scientific has renewed and expanded its lease at Bayside Technology Park. The worldwide medical device manufacturer re-upped for the 267,000 sf it has been leasing in four buildings there and also committed to a fifth building, taking its total leasehold to 360,000 sf.

Built mostly in the 1980s and early ’90s, the buildings are owned by a joint venture of locally based TMG Partners and MacLean, VA-based JER Partners, the private equity arm of JE Roberts Cos. The value of the seven-year lease deal is approximately $40 million, according to TMG Partners.

TMG Partners and JER Partners purchased 1.4 million sf in 21 buildings in the Bayside Technology Park in 2005 and 2006 from Renco Properties of Sunnyvale for approximately $200 million. The first and largest piece, 1.02 million sf in 16 buildings for $131 million, was approximately 60% leased. The second piece, approximately 400,000 sf that was more fully leased, was acquired for $72 million.

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