Stockbridge Capital buys Alameda life sciences building

Real estate investor Stockbridge Capital Group bought an Alameda office building leased to a life sciences firm, adding to its Harbor Bay properties.

Stockbridge paid $158.9 million for the building at 1951 Harbor Bay Parkway in an all-cash deal, the Mercury News reported. The property is leased to Exelixis, which specializes in the creation and commercialization of medicines to combat difficult-to-treat cancers.

San Francisco-based Stockbridge acted through an affiliate to buy it from the project’s developer, a venture between srmERNST Development Partners and Hillwood Investment Properties.

Stockbridge paid $127 million in 2020 to buy the six-building Waterfront office campus in the Harbor Bay Business Park from the same venture.

The Bay Area had the nation’s second-largest life sciences inventory in 2021, with 32.7 million square feet, according to a report from CBRE. Boston-Cambridge led the market with more than 42.1 million square feet.

Across the Bay, Healthpeak Properties filed an application to redevelop two different towers it owns adjacent to the Brisbane Marina. The real estate investment trust plans to retain both of the buildings and integrate them into a “state-of-the-art life science development.”

To the south, life sciences-focused developer Longfellow Real Estate Partners paid $80 million for the 85,000-square-foot building and 2.07-acre lot at 210 Adrian Road in Millbrae.

“Longfellow is committed to investing in key life science clusters across the country,” the company’s CEO Adam Sichol said at the time. “The Bay Area has long been one of the most dynamic markets for the industry, and the growth of our portfolio in the region is a response to the demand from life science and biotech companies.”

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