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1/13/22
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Longfellow Real Estate Partners closed on an off-market acquisition in the East Bay, paying $36 mil for a 62.9k sf ($572/sf), single-story flex/R&D building in Emeryville. The property, located on 2.27 acres at 6601 – 6603 Shellmound, was sold by Griffin Capital.
The property is located just west of I-580 and north of its intersection with I-80 in the East Bay. The property is slated to undergo a life sciences conversion as part of Longfellow’s Emeryville Biosciences Center on the adjacent parcel.
"The acquisition of 6601 Shellmound Street signifies Longfellow's commitment to the Emeryville market where we see strong demand and growth potential for the biotech sector,” said Longfellow Chief Investment Officer West and Managing Director, Nick Frasco. “With the addition of Shellmound to our existing adjacent Emeryville site, we will be able to offer a nearly 200k sf campus of class A life science space to prospective tenants, with our first spec suite delivering in the second half of 2022.”
Michael Leggett, David Dokko and Erik Hanson with JLL Capital Markets represented the seller in the deal.
“The East Bay life sciences cluster, particularly Emeryville and the West Berkeley Corridor, continues to be one of the most sought-after locations for both tenants and investors,” Dokko said. “With a limited number of sites available in the market for development, assets that are well suited for life sciences conversion will continue to garner attention and price aggressively.”
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