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5/29/15
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Buchanan Street Partners has acquired South San Francisco Business Center, a three-building, 112.4k sf flex office campus in South San Francisco. The price was $25.8 mil, or about $229/sf.
South San Francisco Business Center, located at 800 890 Dubuque Ave, adjacent to the 101 Fwy at Oyster Point Blvd, was sold by an affiliate of Irvine-based LBA Realty. It is made up of two single story buildings and one two story building, and is approximately 35 percent lab and R&D space. The campus is currently 95 percent leased to tenants representing a diverse range of industries including consumer products, biotechnology, non-profit and technology.
Buchanan Street plans significant renovations to the three building property to improve the project’s appeal to flex users and life science tenants. The firm will improve tenant suites with lab stations, both on a speculative turnkey basis and in tenant improvement packages. They will also upgrade and modernize suite entry ways, add new campus and suite signage, update the landscaping/hardscape and reskin the building façades.
“We were attracted to the project because of the high demand for flex/R&D space on the San Francisco Peninsula,” said Bob Dougherty, partner at Buchanan Street Partners. “The life sciences sector is experiencing dynamic growth in the region, and we look forward to meeting that tenant demand with a newly improved business center.”
“The property has intrinsic value by virtue of its extraordinary 101 freeway visibility,” said Dougherty. “There is a scarcity of land in the South San Francisco region, the largest R&D submarket in the Peninsula area, which also supports the value of this project.”
South San Francisco Business Center is centrally located between San Francisco and Silicon Valley, two of the country’s strongest office markets. The project is adjacent to U.S. Highway 101 at East Grand Avenue, and is close to San Francisco International Airport, among other primary transportation arteries.
Jones Lang LaSalle represented the seller in the sale of the property. Buchanan Street represented itself.
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