SOUTH SAN FRANCISCO, CALIF. — A joint venture between Greenland USA and equity partners Ping An Trust, Agile Group and Poly Sino Capital Limited has acquired The Landing at Oyster Point in South San Francisco for $171 million.
A partnership between Shorenstein Properties and SKS Partners sold the 42-acre waterfront property, which will be transformed into an office, research and development complex that will support the life sciences industry. The joint venture plans to invest over $1 billion in the project.
“The San Francisco Bay Area is known globally for its leadership in innovation, and we’re proud to bring Greenland’s expertise and vision for transformative properties to the area,” says Yuliang Zhang, chairman of China-based Greenland Group, parent company of Greenland USA. “The United States continues to play a critical role in our overseas expansion, and we look forward to what will be a landmark property.”
The property will be renamed Oyster Point and will total approximately 2.2 million square feet, including public space and recreational areas.
Development of Oyster Point will be completed in phases, and construction on the 500,000-square-foot Phase I is expected to begin by mid-2018, following infrastructure improvements by the city of South San Francisco, including new streets, utilities and grading.
“Our vision is to further cement South San Francisco’s role and reputation as the world’s leading biotech hub by creating a best-in-class campus that will stimulate and sustain its economic and social fabric,” says Taotao says Taotao Song, executive vice president of Greenland USA. Song also serves as the CEO of the joint venture, known as Oyster Point Development LLC
Los Angeles-based Greenland USA, a residential and commercial property developer, is the majority shareholder in the joint venture.
— Christina Cannon