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May 28, 2020
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Flex/Office Campus in South San Francisco Sells to SFF Realty Fund III in a $47.5 Mil Deal


SFF Realty Fund III, an affiliate of San Francisco-based PSAI Realty Partners, purchased Dubuque Center, a three-building, 112k sf flex/office/R&D campus in South San Francisco, for $47.5 mil ($424/sf). The property, located at 800-890 Dubuque Ave, was sold by Buchanan Street Partners.

Buchanan Street purchased Dubuque Center in 2015 as a value-add investment that would capitalize on the strong demand for flex office space surrounding the Oyster Point submarket, a hub for cutting-edge biotech businesses. In addition to physical improvements, Buchanan Street focused on converting underperforming industrial space into laboratories and other life science uses.

Dubuque Center was 93% leased at the time of sale to, among others, Walmart, Emerald Cloud Lab and Thermo Fisher Scientific.

According to Robert Dougherty, partner, Buchanan Street Partners, the firm felt that the property’s strategic location within the heart of San Francisco’s burgeoning life sciences and biotech hub supported repositioning the asset to meet the high demand from biotech users in a supply-constrained market.

Buchanan Street was represented in the sale by Michael Leggett, David Dokko and Ben Bullock of HFF.

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