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NORTHERN CALIFORNIA NEWS
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DivcoWest Acquires 143k sf Office Building in South San Francisco for $164 Mil

4/05/22

In January, DivcoWest acquired 5000 Shoreline, a three-story, 143.4k sf Class A office building located on approximately 8.5 waterfront acres in South San Francisco, for $164.5 mil. 5000 Shoreline was delivered vacant, making the property one of the only remaining life sciences conversion opportunities in South San Francisco. CBRE arranged $124 mil on behalf of DivcoWest for acquisition and conversion of the asset.

DivcoWest plans to upgrade base building improvements; upgrade the utilities, electrical and mechanical components; and convert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest will complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites.

5000 Shoreline is one of the only remaining life sciences conversion opportunities in South San Francisco, the epicenter of the largest research market in the world. Life sciences continues to be a top performing sector in the Bay Area market as relentless demand for space outpaces existing supply.

Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged the financing for DivcoWest. The three-year, non-recourse, floating rate loan was secured through a European investment bank.

The San Francisco Bay Area life sciences market posted a vacancy rate of 2.0% as of the end of the fourth quarter of 2021, according to CBRE research. At the same time, there are currently 54 tenants in the market for a cumulative 2.6 msf of life sciences space across the Bay Area.





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