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Invesco digs deeper into life science sector in Bay Area

Firm pays $40M for Berkeley property after acquiring 335K sf complex in Alameda in June

Invesco Real Estate CEO Marty Flanagan with the Berkley campus (Invesco, LoopNet)
Invesco Real Estate CEO Marty Flanagan with the Berkley campus (Invesco, LoopNet)

Invesco Real Estate Partners is turning its attention to the life science sector in the Bay Area.

The firm just paid $40 million for a Berkeley complex, after recently buying an Alameda business park that it will convert into a life science campus.

The newest acquisition is a 47,837-square-foot building at 600 Bancroft Way, according to San Francisco Business Times.

“That whole pocket of West Berkeley is becoming much more of a life science node,” said Newmark’s Steve Golubchik, who represented the seller, the Business Times reported.

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Investors and developers have been flocking to the life science sector, which has been experiencing a boom, propelled in part by the pandemic.

In June, Invesco acquired a newly developed 335,000-square-foot, six-building complex in Alameda that it will convert into a life sciences property. The firm secured a $100 million acquisition loan from PGIM Real Estate, which will also go toward the planned conversion, Real Estate Weekly reported at the time.

[SFBT] — Victoria Pruitt

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BerkeleyInvescoLife-sciencesNewmark