SAN FRANCISCO-San Diego-based BioMed Realty Trust Inc. has completed the acquisition of the Science Center at Oyster Point and the Gateway Business Park from Chamberlin Assoc. The two adjacent life science campuses in the South San Francisco life science market are comprised of a total of approximately 489,000 square feet of laboratory, office and industrial space. As GlobeSt.com previously reported, the properties were purchased for approximately $298 million.
The Science Center at Oyster Point is comprised of two newly constructed research facilities with an aggregate of approximately 205,000 square feet of space, which are 100% leased on a long-term basis to Elan Corp. The Gateway Business Park, a research and development park with an aggregate of approximately 284,000 square feet, is fully leased to Elan, FedEx Corp. and Genentech Inc., a member of the Roche Group. As part of the acquisition, the company assumed a development agreement with the city of South San Francisco that would permit redevelopment of the campus to a total of approximately 1.23 million square feet of rentable space, representing a net increase of approximately 946,000 square feet.
“We are very excited about this significant enhancement to BioMed's footprint in the South San Francisco submarket and our overall platform in the San Francisco Bay area,” says Kent Griffin, president and COO of BioMed. “These properties exemplify BioMed’s successful business model of investing in the highest quality, well-located, state-of-the-art research facilities within core US life science markets.”
In addition, Griffin says, “this acquisition further expands, strengthens and diversifies our tenant roster with three prominent public companies. We look forward to supporting the important scientific innovation and commercialization efforts in South San Francisco for many years to come.”
Concurrently with the closing of the South San Francisco portfolio acquisition, BioMed also revealed that Anne Hoffman has joined the company as senior vice president of development. Prior to the acquisition, Hoffman served as president of Chamberlin Assoc., from which the South San Francisco properties were acquired. Since 2005, Hoffman had been responsible for Chamberlin’s acquisition, finance, development, operational and disposition activities.
Commenting on the transition, Hoffman says, “The sale of the Science Center at Oyster Point and the Gateway Business Park to BioMed is a real positive for all parties to the transaction. With BioMed, we found what we believe to be the best long-term stewards for these exceptional assets, with the proven skills to operate and manage newly developed world-class research facilities and a fully integrated platform to realize their future development potential.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
