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May 23, 2024
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Diversified Healthcare Trust Spends $82 mil on Bay Area Life Sciences Asset


Diversified Healthcare Trust (DHC) purchased Fremont Labs, a recently renovated, 89k sf Class A life sciences property in Fremont, for $82 mil ($921/sf).

Fremont Labs is positioned on a 4.7-acre site at 47071 Bayside Pkwy within the Central I-880 corridor of San Francisco. Given San Francisco’s rank as the second largest life sciences market in the U.S., the property is surrounded by major life sciences users, is within close proximity to a highly educated labor pool and is close to the world-class research institutions at San Jose State University, Stanford University and Santa Clara University.

Recently renovated in 2022, Fremont Labs is fully leased as the headquarters location for Alamar BioSciences, a pre-clinical stage proteomics (disease detection) company. The two-story building features collaborative open floorplans, premium lab space with airlocks, backup power, double loading docks and 21’ ceiling heights, all ideal attributes for life sciences tenants. In addition, tenants have access to an on-site fitness center and cafeteria. Overall, Fremont Labs offers 56% office, 30% lab and 14% manufacturing and warehouse space.

Adam Lasoff, Dan Renz, Erik Hanson, Michael Manas, Will Connors, Cheri Pierce and Johnny VanDerVelden with JLL Capital Markets represented the seller, a joint venture between Jadian Capital and Graymark Capital.

DHC is managed by The RMR Group. This acquisition marks DHC’s fourth life science acquisition in the San Francisco Bay area and expands the company’s total Bay Area holdings to six.

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