Firm Completes $298M Portfolio Acquisition

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.