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Sign in Sign up for a FREE subscriptionHCP pays $245m for mixed-use property in San Francisco area
HCP has purchased Sierra Point Towers, an office and life science campus, in the San Francisco suburb of Brisbane, Calif., for $245 million.
The seller was Diamond Investment Properties.
The deal is expected to close by the end of June.
The campus is in a South San Francisco life science submarket.
Life sciences companies are converging on markets with concentrations of scientific talent, amid deep-seated growth drivers and industry disruption, according to CBRE’s 2018 U.S. life sciences report. And life sciences employment jumped 13.5 percent between 2006 and 2016, versus 6.9 percent for total U.S. employment. Certain segments are booming. Biotechnology research jobs have surged 26 percent since the end of 2013.
Capital flows are driving growth. Venture capital investments in life sciences are 53 percent higher than 10 years ago. Boston-Cambridge and San Francisco-San Jose are increasingly capturing the share of the funding.
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