(EDITOR’S NOTE: The property sold for about $601 per square foot. According to The Registry’s previous reporting, guidance on the property was about $95 million when it hit the market in May of this year.)
SAN FRANCISCO – Dec. 7, 2021 – CBRE announced the sale of Shoreway Innovation Center in Belmont to Four Corners Properties. Westlake Group sold the property for $90.25 million. Mike Taquino, Kyle Kovac, Joe Moriarty, and Scott Prosser with CBRE Capital Markets in Northern California represented the Westlake Group in the transaction.
Located at 1301 Shoreway Road, Shoreway Innovation Center is home to a 150,000-sq.-ft., four-story Class A office building. The building is currently 82 percent 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.
“Shoreway Innovation Center offers the opportunity to bring office and life sciences space to a market where tenant demand is far outpacing available supply,” said Mr. Taquino, executive vice president, CBRE.
The San Francisco Bay Area is the second-largest life sciences market in the U.S. with nearly 30 million sq. ft. 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 percent with even tighter rates in the Peninsula; North Peninsula lab vacancy stands at less than 1 percent.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.