CBRE Investment Management Fund Buys 1 MSF Life Sciences Portfolio in San Francisco’s Mission Bay
SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired a majority stake in two life sciences portfolios in the Mission Bay submarket of San Francisco. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life science property developer/operator that developed the portfolios.
The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three purpose-built life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot clear heights, an outdoor plaza with public art, two on-site restaurants, a rooftop deck, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified.
The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796-square-fot purpose-built life sciences development that is scheduled for construction to start in first-quarter 2022. The properties are LEED Gold certified.