SAN RAFAEL, CALIF. — BioMarin Pharmaceutical has acquired San Rafael Corporate Center, a 315,000-square-foot office campus in the city’s downtown region, for $116 million. The campus is located on Lindaro Street.
The acquisition includes 5.5 acres of land for future development. The site is approved for a total of 406,000 square feet of buildings, including one new 89,000-square-foot office building and a 600-car parking structure. BioMarin currently occupies about 40 percent of the corporate center.
The pharmaceutical company was represented by Colliers International. The sellers, Seagate Properties and its institutional investors, acquired the property in August 2007. They were represented by Eastdil Secured in this transaction. Seagate was also advised by advised by J.P. Morgan Asset Management.