Private investment firm GI Partners and the California Public Employees Retirement System have acquired the offices of a biotech company in Redwood City, Calif. The joint venture added 81,500 square feet of office space to the companies’ portfolio, for an average price of just under $1,000 per square foot.
The Shoreline Science Center, situated at 130-150 Shoreline Drive, is fully leased to Auris Health, a biotech company that was acquired by Johnson & Johnson last year for $3.4 billion. The property houses the company’s corporate headquarters, as well as light manufacturing and research and development operations. The building was retrofitted in 2017.
130-150 Shoreline Drive, Redwood City, CA
The sellers, Thor Equities and Wafra, had previously purchased the property in 2018 for a reported $58 million. The recent sale went for nearly 40% more.
John Sheputis, managing director at GI Partners and head of acquisition for the company’s technology real estate investment, said, “We are excited to develop a relationship with Auris Health and expand our life science footprint in the San Francisco Bay Area. The acquisition of Shoreline Science Center represents our growing commitment to the life sciences industry.”
Regarding GI Partners’ experience with biotech, Sheputis added, “Along with our long history of investing in data centers and other technology enabled real estate, our expanding life sciences real estate holdings reflect our belief in the underlying life sciences fundamentals. The Shoreline transaction also demonstrates the GI team’s ability to complete transactions in today’s very challenging economic environment.”
634 2nd Street, San Francisco, CA
GI Partners is a San Francisco-based private investment firm that raises capital to invest in real estate, private equity and data centers, with a focus on optimizing the balance between risk and return. The deal adds another property to the company’s technology and life sciences real estate portfolio, which is now comprised of 34 properties totaling 8.4 million square feet.
Thor Equities is a real estate development, management and leasing firm. It has two office spaces in San Francisco in its portfolio: 152 Geary St. and 634 2nd St.
Property images courtesy of Yardi Matrix.
