SAN FRANCISCO-Mission West Properties Inc. said Tuesday that is has sold two R&D buildings in which it owned a 50% interest for $65 million. The two buildings total 311,000 square feet and are located in Morgan Hill, CA.

The buildings were held by TBI-MWP, an unconsolidated joint venture in which Mission West acquired a 50% (non-controlling) interest in January 2003 from the Berg Group under the Berg Land Holdings Option Agreement.

Mission West says it received $16.9 million in net proceeds from the transaction and will record a $20.6 million gain in the fourth quarter of 2008. One 156,000-sf R&D building remains in the JV, according to an SEC filing.

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