BioMed Realty Acquires Emeryville Center for Innovation in Bay Area for $135M
EMERYVILLE, CALIF. — BioMed Realty, a Blackstone portfolio company, has purchased Emeryville Center for Innovation from an undisclosed seller for $135 million.
Located in Emeryville, 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 this time, BioMed Realty will advance redevelopment plans to transform the building into a Class A+, multi-tenant laboratory and office facility with integrated amenities. The asset also offers the potential to develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville.
This acquisition allows BioMed, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the tenant demand in the San Francisco Bay Area.