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12/08/21
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Shoreway Innovation Center, a 150k sf, Class A office building in Belmont, traded hands for $90.25 mil ($602/sf). The four-story building, located at 1301 Shoreway Rd, was purchased by Four Corners Properties.
Shoreway Innovation Center is currently 82% leased to a mix of tenants with less than three years of average remaining lease term. The property includes seven acres along US-101 in Belmont, an area home to a booming life sciences industry.
Mike Taquino, Kyle Kovac, Joe Moriarty, and Scott Prosser with CBRE Capital Markets in Northern California represented the seller, Westlake Group, in the transaction. Shoreway Innovation Center offers the opportunity to bring office and life sciences space to a market where tenant demand is far outpacing available supply, according to Taquino.
The San Francisco Bay Area is the second-largest life sciences market in the U.S. with nearly 30 msf of dedicated life sciences space, according to CBRE’s Midyear U.S. Life Sciences report. Despite the industry’s large footprint, supply cannot keep pace with demand. Lab vacancy across the Bay Area is only 2.4% with even tighter rates in the Peninsula; North Peninsula lab vacancy stands at less than 1%.
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