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3/04/21
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A joint venture between BioScience Properties and Harrison Street purchased a 67k sf building in Mountain View for $40.75 mil ($608/sf). In light of strong demand for life science laboratory facilities, the buyer plans to improve the property with speculative lab improvements suitable for biology and chemistry uses.
The property, located at 303 Ravendale Dr, is adjacent to the Southbay Freeway/CA 237, near the intersection with I-85, about 15 minutes from Stanford Research Park.
Originally built in 1978, the building will have a flexible plan suitable for a single tenant with divisibility options for partial building users. The renovated property will feature sinks, compressed air, vacuum, backup power, fume hoods, and single pass air in the laboratory areas.
Erik Doyle and Alec Haley with CBRE Capital Markets in Palo Alto represented the seller, 303 MVRP LLC. The buyer retained Damon Schor, Simon Clark, Alex Wilson and Ryan Carr with CBRE to handle the leasing.
“303 Ravendale is ideal for a life science conversion as it combines functional features, like high ceilings, abundant natural light and heavy power, with a strategic location near Stanford Research Park and several well-known incubators,” noted Haley.
The San Francisco Bay Area has the second-largest life sciences footprint and the lowest lab vacancy rate in the U.S. at just 1.5%, according to CBRE’s 2020 report on the sector. San Francisco is also the fastest growing market for life sciences jobs and the largest recipient of venture capital investment for life sciences in the nation.
“There’s more demand for life sciences space in the Bay Area today than options available, especially for tenants in the 10k sf to 50k sf range. Speed-to-market is essential within this industry, making 303 Ravendale an attractive option for a life sciences firm looking to expand or optimize its operations,” added Schor.
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