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Joint Venture Expects to Sink a Billion in Complex

SOUTH SAN FRANCISCO—Greenland USA acquired its third property, a 42-acre Oyster Point site, and the to-be-renamed project will be developed into a large-scale office and R&D life sciences complex.

By Lisa Brown | lisabrown | | Updated on August 30, 2016
Oyster Point Landing Waterfront views will be an impressive part of the life sciences complex.
SOUTH SAN FRANCISCO—Building on a history of life sciences and biotechnology, a site is soon to realize its potential as a vast innovation campus. The Landing at Oyster Point , a 42-acre waterfront property, will be built into a large-scale office/research and development complex to support the life sciences industry. Developer Greenland USA , in a joint venture with equity partner, Ping’An Trust , and minority equity partners, Agile Group and Poly Sino Capital Limited , acquired the property. The joint venture is expected to invest more than $1 billion into the project. “The San Francisco Bay Area is known globally for its leadership in innovation and we’re proud to bring Greenland’s expertise and vision for transformative properties to the area,” said Yuliang Zhang , chairman of Greenland Group , parent company of Greenland USA. “The US continues to play a critical role in our overseas expansion and we look forward to what will be a landmark property.” Greenland USA is the majority shareholder in the joint venture, Oyster Point Development LLC . Greenland USA’s CEO Gang Hu was named chairman of the joint venture with executive vice president Taotao Song , who oversees Greenland USA’s west coast operations, named as CEO. “Greenland USA is committed to the long-term health of the properties and communities we develop and we saw early on, with the support of the city of South San Francisco, that there was tremendous potential for growth in Oyster Point,” said Song. “Our vision is to further cement South San Francisco’s role and reputation as the world’s leading biotech hub by creating a best-in-class campus that will stimulate and sustain its economic and social fabric.” The to-be-renamed property at Oyster Point will comprise approximately 2.25 million gross square feet of development, including public open space and recreational areas. The property builds on the established reputation of the South San Francisco, which has attracted more than 240 biotechnology companies to the area. Song tells GlobeSt.com: “Greenland USA has always been focused on identifying and developing properties that are transformational for their communities, and we believe we’ll do the same here in South San Francisco. The Oyster Point area is known as the birthplace of biotechnology, and we’ll be building this large-scale office, research and development complex to support the expanding life sciences and related industries, creating millions of additional commercial square footage for existing and emerging businesses. We also have ample waterfront property and intend to make the most of the terrific views.” Development of the property will be completed in phases, with phase one compromising approximately 500,000 square feet in the southern part of the property. Construction is expected to begin by mid-2018, following necessary infrastructure improvements by the city of South San Francisco, including streets, utilities and grading. “The development of Oyster Point presents tremendous opportunity for the South San Francisco community and Greenland USA has approached it with the vision, expertise and energy needed to bring it to fruition,” said Mark Addiego , mayor of South San Francisco. “By investing in Oyster Point, we will be able to further cement our position as the world’s leading center for innovation in biotechnology and other industries.” The Landing at Oyster Point follows Greenland USA’s $1 billion-plus investment in Los Angeles’ Metropolis and $6 billion-plus investment in New York’s Pacific Park Brooklyn . Both projects exemplify Greenland USA’s vision for developing transformative properties in gateway cities that also support the local economy and foster the growth of surrounding communities.  

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