SOUTH SAN FRANCISCO-The 167,600-sf Edgewater Business Park here has changed hands for about $270 per sf or $45.25 million, according to a local industry source familiar with the transaction. The six-building, 8.4-acre science and technology research campus is 68% leased, making it a value-add play for the new owner, a partnership of Walnut Creek-based ZKS Real Estate Partners and AEW Capital Management of Boston. The seller was a partnership of Palo Alto-based Broadreach Capital Partners and Simeon Commercial Properties of San Francisco.

The complex was developed in the late 1980s. The two largest tenants in the complex, life science companies Catalyst Biosciences Inc. (32,700 sf) and Athenagen Inc. (19,879 sf), have each expanded their leaseholds by more than 200% in the past couple of years, according to a local source with a flyer that was sent out about the property. Other tenants include ADT Security Services (19,300 sf), KAI Pharmaceuticals (15,500 sf) and Toshiba (21,000 sf in two leases).

Athenagen’s current lease is due to expire in one year but an expansion and extension is reportedly out for signature, according to the flyer. The next leases to roll would be Toshiba’s, in March 2009. The other leases roll in 2010 (KAI), 2011 (ADT) and 2014 (Catalyst).

The parties involved in the transaction either could not be reached for comment or declined to confirm the purchase price and lease details. Michael Leggett, Gerry Rohm, Rita Meehan, Brenton Wickam and Randy Scott of Cornish & Carey had the disposition assignment.

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