TIAA buys several assets in Southern California
TIAA Global Asset Management has acquired stakes in a life-sciences office complex in San Diego from Alexandria Real Estate Equities. Terms of the transaction were not disclosed; however, the sales price is estimated to be $256 million.
Michael Boss, a director on the West Coast real estate acquisitions team for TIAA Global Asset Management, described San Diego as a top-performing market for life sciences and is also an extremely strong overall office market.
The transaction comprises 45 percent interests in 10290 Campus Point Drive and 10300 Campus Point Drive. The office at 10290 Campus Point Drive is a 305,000-square-foot redevelopment project in San Diego, currently 100 percent leased to global pharmaceutical company Eli Lilly & Co. The other asset totals 450,000 square feet and is leased to Celgene Corp., Eli Lilly & Co., and The Regents of the University of California. The transaction is expected to close in the second half of 2016.