By Kate Snyder
Adding to the recent acquisition activity surrounding the region’s busiest life science cluster, a mixed-used office/lab building in North San Mateo County’s BioTech Hub traded hands in a recent sale.
The building, located at 150 North Hill Drive in Brisbane, was bought for $49.8 million by a joint venture of Angelo Gordon & Company and Lincoln Property Company in a sale that was recorded Sept. 1. The building’s total square footage is 73,966, according to LoopNet, making the combined square foot price approximately $673. The seller was a Los Altos-based entity called Partners VI Cupertino, which is affiliated with West Valley Properties.
One of the brokers on this off-market deal included Andy Zighelboim of Colliers Capital Markets – Western U.S.
Cushman & Wakefield was retained as the leasing agent on the property, according to property documents. The people working on marketing the asset include Marc Pope, executive managing director, and Gary Boitano, managing director. Both work out of the firm’s Burlingame office. Per a marketing document, the project is undergoing a redevelopment on a portion of the property of approximately 6,800 square feet, which is slated to include office and lab space, showers, lockers, and an on-site deli.
Located near the South San Francisco life science cluster and in the heart of the area’s technology and life science industry, the building’s neighbors include MacroGenics Inc. and Maverick Therapeutics, Inc., two biotechnology companies just across the street, according to Google Maps. The property is also close to freeway access to US Highways 101, 280 and the San Francisco International Airport.
Angelo Gordon is a privately-held alternative investment firm based in New York with a global presence that has been in operations for more than 30 years. Its partner Lincoln Property Company, also known as LPC West, is an international real estate firm based in Dallas that has been in operation since 1965.
The companies have been very active participants in the region’s commercial real estate maket and they have worked together in the past and also been on opposite sides of deals as The Registry has reported over the last few years. The firms were involved in the June transaction of three life science assets totaling 228,025 square feet in Fremont, Calif. The total price of that sale was $101 million, with a combined per square foot pricing of roughly $443.
Last year, Angelo Gordon also purchased two office buildings for $100.5 million that were part of Symantec’s former headquarters in Mountain View. Steelwave joined Angelo Gordon on that venture.
Lincoln Property earlier this year proposed the redevelopment of a waterfront parcel in Burlingame. The property is located at 777 Airport Blvd., and the plan involves creating a13-story, 874,000 square foot site that would enhance the City’s skyline along the water.
Last year, Lincoln Property was also one of two firms – the other being Invesco – that purchased two buildings within Fremont’s Ardenwood District for $85 million. The properties are located at 6900 Paseo Padre Parkway and 6801 Kaiser Drive, with the former totaling 97,747 square feet of space at that time.