SAN FRANCISCO-Chamberlin Associates has sold two life science campuses here for $298 million. BioMed Realty Trust Inc., based in San Diego, signed a definitive agreement to buy the Science Center at Oyster Point and the Gateway Business Park.

The 205,000-square-foot Oyster Point at 200 Oyster Point Blvd. is comprised of two new office and laboratory facilities. Elan Corp. PLC occupies both buildings, with leases that expire in 2024 and 2025.

Elan is also the main tenant at the six-building Gateway complex, at 800 Gateway Blvd. The 284,000-square-foot complex is 100% occupied, with Elan leasing 215,000 square feet of office and laboratory space. Another 50,000 square feet is leased to FedEx Corp, and Genentech Inc., a member of the Roche Group, has the rest of the building.

As part of the acquisition, BioMed expects to assume a development agreement with the city of South San Francisco that would permit redevelopment of the campus to add about 950,000 square feet. With the purchase, the firm will have 2.6 million of possible development space.

Alan Gold, chairman and CEO of BioMed, said the purchase fits within the company focus of well-located life science properties that offer an attractive yield as well as long-term development potential. “The acquisition in South San Francisco represents a strategic milestone for our company,” he said in a statement. The trust has ownership or interest in 77 properties with 11.3 million square feet.