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June 13, 2024
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City Center Realty Partners Buys R&D/Life Sciences Property in Berkeley


City Center Realty Partners has purchased Parker Innovation Hub, a three-building, 40.6k sf R&D and life sciences campus in Berkeley. The property was sold by Lift Partners in a $22 mil ($542/sf) transaction.

Parker Innovation Hub is located at 918 Parker St, 2607 7th St and 2612 8th St, in southwest Berkeley. It is across the street from Bayer’s East Bay campus, which is currently pursuing an expansion to 1.7 msf.

The buildings were originally constructed between 1906 and 1940 and have all been renovated. The most recent round of improvements occurred in the past two years, which included adding a brand-new lab suite to 2607 7th St. The buildings are 88% leased to a mix of 10 tenants.

CBRE’s Scott Prosser, Jack DePuy, Mark Kol, Mike Raffetto and Joe Moriarty represented the seller in the deal. Mike Walker and Brad Zampa, with CBRE Capital Markets’ Debt & Structured Finance and Life Science specialties group are in the process of closing accretive acquisition financing from a balance sheet bank on behalf of the buyer.

“Parker Innovation Hub has flexible layouts that are conducive to a variety of uses, including biology, medical device, office, R&D, chemistry and specialized laboratory. This positions the property to capitalize on the growing demand in the East Bay for R&D and life sciences space,” said Prosser.

Tenant demand for the 880 Corridor and Berkeley area has grown substantially over the last decade. As of this spring, tenants were seeking 2.4 msf of space, compared to 1.5 msf in 2010. Life sciences and R&D tenants fuel most of the demand, accounting for 35% of the total demand square footage.

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