BioMed Realty, a subsidiary of Blackstone that focuses on the acquisition and administration of life science properties, has accomplished its $80 million buy of an 87,991-square-foot industrial constructing in South San Francisco, Calif., in response to The Bay Space Registry. BioMed acquired the property from a non-public vendor affiliated with the Varnhagen household belief.
BioMed’s new facility was in-built 1960 on a 6-acre plot of land at 513 Eccles Ave. The tackle is residence to Avis Hire A Automobile.
BioMed’s plans for the ability are unknown, however the property is inside 1 mile of the agency’s master-planned, multi-phase Gateway of the Pacific, a 2.2 million-square-foot life science analysis and workplace campus the place Nobell Meals not too long ago leased 66,234 sq. ft.
Eager on life science developments
BioMed continues to increase its life science funding and improvement portfolio nationwide. The agency not too long ago broke floor on its 600,000-square-foot 585 Kendall life science venture within the Kendall Sq. neighborhood of Cambridge, Mass. The constructing has been preleased in its entirety by Takeda Pharmaceutical Co. Ltd.
In August, BioMed acquired $514 million in development financing for its Meeting Innovation Park, a 485,000-square-foot life science tower in Somerville, Mass. The venture broke floor in January and is scheduled to ship within the second quarter of 2024.
The agency can also be within the means of increasing its Emeryville Middle of Innovation campus by 265,000 sq. ft. Completion is predicted in 2024.
The Bay Space’s life science success
With a complete stock of 35 million sq. ft on the finish of the 12 months’s third quarter, The San Francisco Bay Space stays one of many largest markets within the nation for all times science actual property funding and improvement, on account of its condensed variety of analysis universities, tech firms and hospitals. Regardless of a lull in total occupancy, the area continued to see an enlargement of its improvement pipeline, some 7 million being underneath development as of September, in response to knowledge from a Newmark report.
One of many ongoing developments is IQHQ’s Elco Yards venture in downtown Redwood Metropolis, Calif. Upon completion, the mixed-use property will add 600,000 sq. ft of life science house to town’s stock.
