|
|
12/04/20
|
An affiliate of Beacon Capital Partners purchased Hollis Business Center, a two-building, Class A office and life science conversion opportunity in Emeryville. The property, located at 6401 Hollis St and 1480 64th St, is currently 84% leased to a diverse mix of high-quality tenants.
1480 64th Street was originally constructed for life science use, de-risking the conversion process for investors. Hollis Business Center features optimal slab-to-slab heights, a 637-stall parking structure appealing to a post-COVID-19 vehicular commuter tenant base and convenient access to the 580 and 80 Highways as well as mass transit via BART, Amtrak and EmeryGoRound.
The two-building property is situated in the heart of Emeryville in one of the fastest growing life science clusters in the country with more than 150 companies in the life science and biotechnology field. This submarket is among the highest concentration of life science companies in California.
Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps with Newmark represented the seller, BentallGreenOak.
“Hollis Business Center provides an investor the immediate ability to offer a best-in-class mixed-use project with both creative office space and the opportunity to convert existing vacancy to premier life science space in the severely supply-constrained Emeryville market,” says Golubchik. “As a result, Hollis Business Center received intense demand from investors seeking to gain a foothold in the high-barrier-to-entry life science market.”
Life science continues to be a top performing sector in the Bay Area market as relentless demand for space continues to outpace existing supply. The overall Bay Area life science market currently has 2.2 msf of active tenant requirements and an availability rate of just 7.2%, according to Newmark Research. Totaling 4.2 msf and representing 15% of the total Bay Area market, the Northern East Bay life science landscape boasts an availability rate of 5.6%.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
