Diversified Healthcare Trust expands San Francisco life sciences exposure with $82m acquisition
Diversified Healthcare Trust (DHC) has acquired 47071 Bayside Parkway located in Fremont, Calif., a city in the San Francisco Bay Area, for $82 million.
The recently renovated asset includes 89,000 rentable square feet of lab and corporate headquarters space that is 100 percent leased to Alamar Bioscience through January 2034. The property is located along the Central I-880 corridor, an established and growing life sciences submarket of the San Francisco Bay Area.
“We are excited to be growing our life science portfolio in the San Francisco Bay Area, which is widely seen as the second largest life science market in the United States,” said Jennifer Francis, president and CEO of DHC. “Given the current increases in interest rates and the corresponding negative effect it is having on commercial real estate values, we are also pleased that we are in the financial position to opportunistically acquire this attractive, well-located and long-term, fully leased life sci