BioScience Properties, Harrison Street Acquire Office Property Near Palo Alto for $40.7M, Plan Life Science Conversion
MOUNTAIN VIEW, CAILF. — A joint venture between BioScience Properties and Harrison Street has acquired an office building, located at 303 Ravendale Drive in Mountain View, from 303 MVRP LLC for $40.7 million.
The buyers plan to convert the 67,000-square-foot building into a speculative life science asset by upgrading the property with lab improvements suitable for biology and chemistry uses. The converted building will feature sinks, compressed air, vacuum, backup power, fume hoods and single-pass air in the laboratory areas.
Built in 1978, the building offers a flexible plan suitable for a single tenant as well as divisibility options for partial building users.
Erik Doyle and Alec Hanley of CBRE Capital Markets in Palo Alto represented the seller in the deal.