LaSalle Investment Management Buys Stake in Illumina Campus

LaSalle Investment Management has acquired a partial interest in the world headquarters and life sciences campus of Illumina in San Diego. LaSalle made the investment on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund.

Located in the University Town Center in San Diego, the class-A property is 793,000 square feet spread across six, state-of-the-art office, lab, and accessory buildings on 44 acres. The property is 100% occupied by Illumina and is under a long-term lease agreement serving as their world headquarters.

This is LaSalle’s first investment in the life science sector. As part of the transaction, LaSalle will be investing in the developable land on the property’s campus, allowing LPF to participate in potential future expansion and densification.