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BioMed Realty Expands Life Sciences Holdings in Bay Area with New $135M Buy

In conjunction with the purchase of the Emeryville Center for Innovation, BioMed Realty reports that Novartis will enter into a one-year leaseback on the existing building, during which time BioMed Realty will put forward redevelopment plans to transform the building into a Class A+, state-of-the-art multi-tenant laboratory and office facility.

Emeryville Center for Innovation. Source: BioMed Realty Emeryville Center for Innovation. Source: BioMed Realty

EMERYVILLE, CA—BioMed Realty has acquired the 250,000-square-foot Emeryville Center for Innovation complex here for $135 million. The deal affords the portfolio company for Blackstone the opportunity to reposition and expand the complex to more than 1 million square feet.

The San Diego-based firm, which now owns approximately 4 million square feet of life science office space in the highly-sought after San Francisco Bay Area, can develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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