Buchanan Street Partners Buys South San Francisco Business Center for $25.8MM

HFF, Bay Area, BioMed Realty, Oyster Point, Kilroy Realty, Dubuque Center, LBA Realty, Buchanan Street Partners, PSAI Realty Partners, South San Francisco

Buchanan Street Partners are the reported buyers of the 112,400 square-foot campus located at 800-890 Dubuque Avenue, known as the South San Francisco Business Center. The disclosed purchase price was $25.8 million or $229 per square foot. Globe Street initially reported the sale on May 14th, and Rentv confirmed the pricing.

The three-building office campus is located very close to Highway 101 providing excellent transportation links to both downtown San Francisco and the Silicon Valley, as well as further afield. The location has proven quite popular; the office space is currently almost fully leased to a wide variety of tenants, mostly in the technology, biotech and consumer products sectors.

Buchanan Street are said to have been attracted to the project because of the location close to Highway 101 as well as the possibility of increasing the number of flexible and life science tenants, an area experiencing significant growth in this region.

The developer is said to be planning significant improvements to the labs and R&D space within the buildings in order to make it more attractive to flexible users and life science tenants. The planned investment will include various in-tenant upgrades as well as extensive modernizations inside the buildings and of the areas surrounding them.

Jones Lang LaSalle represented the seller, LBA Realty, in the sale of the property. Buchanan Street has represented itself.

West Coast Commercial Real Estate News