5000 Shoreline Ct. in South San Francisco, an workplace constructing totaling 138,400 sq. ft. A alternative South San Francisco web site that’s perched on the shores of the Bay has been purchased by a veteran developer in a recent signal of funding curiosity in well-located Peninsula properties.
SOUTH SAN FRANCISCO — A alternative South San Francisco workplace web site that’s perched on the shores of the Bay has been purchased by a veteran developer in a recent signal of funding curiosity in well-located Peninsula properties.
DivcoWest, appearing by way of an affiliate, has purchased an workplace constructing web site at 5000 Shoreline Ct. in South San Francisco, based on paperwork filed on Jan. 7 with the San Mateo County Recorder’s Workplace.
DW LSP 5000 Shoreline, the affiliate, paid $164.5 million for the workplace constructing, the county property information present.
The three-story constructing that DivcoWest purchased totals 138,400 sq. ft, based on the PropertyShark actual property web site.
The just-purchased constructing occupies an 8.6-acre web site.
Buyers have grow to be more and more intrigued by the prospects of shopping for workplace buildings on the Peninsula, which is deemed to be a hotbed for all times sciences, medical and biotech corporations.
Amongst some high-profile offers lately:
— In 2020, two landmark towers at 1 Tower Place and a pair of Tower Place close to Oyster Level in South San Francisco, together with a smaller workplace constructing, have been purchased by funding belief Ventas for a jaw-dropping $1 billion.
— In August 2021, BioMed Realty paid $160 million for properties in Redwood Metropolis and Belmont, together with places of work and land. Oracle was the vendor.
— In September 2021, Alexandria Actual Property paid $105.3 million for the positioning of an previous JC Penney retailer in San Bruno and intends to redevelop the positioning as an workplace and analysis advanced totaling 700,000 sq. ft.
— In November 2021, IQHQ, an actual property agency specializing in life sciences, paid $164 million for workplace buildings in Redwood Metropolis. Oracle additionally was the vendor on this deal.
— In December 2021, Steelwave paid $98 million for a web site at 180 El Camino Actual in South San Francisco. The true property agency intends to develop a Safeway retailer together with workplace and analysis buildings, on the property, which at current is an older retail middle.
Within the latest transaction, Actelion Prescribed drugs, an organization that's a part of Johnson & Johnson, bought the South San Francisco constructing to DivcoWest, the county public paperwork present.
In 2017, New Jersey-based Johnson & Johnson, a prescribed drugs, medical gadget and client merchandise firm, purchased Actelion and folded the corporate into J&J’s Janssen Pharmaceutical subsidiary.
Janssen Pharmaceutical maintains a neighborhood workplace within the 5000 Shoreline Ct. workplace constructing.