March 19, 2019 Comments Off on Blackstone’s BioMed Realty Expands Bay Area Life Science Footprint Views: 664 National News, West

Blackstone’s BioMed Realty Expands Bay Area Life Science Footprint

BioMed Realty, a Blackstone portfolio company, acquired Emeryville Center for Innovation in Emeryville, CA for roughly $135 million. The property 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 into a Class A+, state-of-the-art multi-tenant laboratory and office facility with integrated tenant amenities. Additionally, BioMed Realty is eying development of roughly 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the city.

BioMed Realty’s Denis Sullivan says, “We plan to offer in excess of one million square feet of space to innovative tenants, including biotech and other laboratory users.”

The campus is adjacent to Powell Street Plaza and Bay Street Emeryville retail, dining, hospitality and entertainment amenities, and is near freeways, BART and Amtrak stations.

*Photo courtesy Google

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