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Sign in Sign up for a FREE subscriptionBioMed Realty buys San Francisco Bay Area life science campus for $135m
BioMed Realty, a Blackstone portfolio company, has acquired the Emeryville Center for Innovation, located in Emeryville, Calif., for approximately $135 million. This latest investment allows BioMed Realty, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the momentum and strong tenant demand in the San Francisco Bay Area life science market. This acquisition follows the successful signing of a long-term lease with AbbVie Inc. for 480,000 square feet in October 2018 at the first phase of BioMed Realty’s Gateway of Pacific Campus development in South San Francisco.
The Emeryville Center currently consists of a 250,000-square-foot, six-story life science office building and adjacent developable land parcels. As part of the transaction, Novartis will enter into a one-year leaseback on the existing building, during which time BioMed Realty will advance redevelopment plans to transform the building
