Oxford Properties Group has acquired four life sciences
assets and developable land in the San Francisco Bay for $276 million with a
plan to spend another $500 million creating a next generation life science hub.
The deal is part of Oxford’s wider push into the North
American life science sector that will initially focus on San Francisco as well
as Boston, San Diego, and other emerging locations that it has early excitement
Beyond North America, Oxford is also reviewing opportunities across Europe as it looks for global exposure to the asset class where its interest to date has been limited to equity and credit investments.
“Growth in this asset class is being driven by a number of
tailwinds,” said Chad Remis, Executive Vice President, North America at Oxford
Properties. “Growing a meaningfully sized life sciences business represents one
of our highest conviction investment strategies and top priorities across our
Today (Monday) Oxford announced it has acquired Emeryville Public Market (pictured top) in a partnership with City Center Realty Partners (CCRP), a San Francisco-based real estate developer and investor. The 148,000 s/f mixed-use project comprises lab space, retail, food and office and is located within the established life sciences cluster of Emeryville in the San Francisco Bay Area. The investment includes 36,000 s/f of ground floor first generation lab space, a popular food hall, and 60,000 s/f of current office and retail space identified for conversion to lab space.
The deal also features land parcels that have the potential
be developed to add new purpose-built lab product in a market that currently
features almost zero availability for lab space.
The seller was a joint venture between Angelo Gordon and
CCRP, represented by Newmark’s Steven Golubchik and Nicholas Bicardo.
“These transactions grow our presence in two key global life
sciences markets and complement our existing portfolio of assets and
significant development pipeline in the sector,” said Remis. “It gives us a
solid foundation to continue to grow from as we seek to scale this part of
Oxford’s business in 2021.”
The acquisition follows Oxford December 2020 purchase of
three assets in the Greater Boston area. 33 New York Avenue is a new 114,000 s/f
biomanufacturing facility fully leased to Replimune Group Inc and CRISPR
It also purchased 1 & 5 Mountain Road, two adjacent
buildings that comprise 153,000 s/f and are currently leased in their entirety
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