Life sciences-focused developer Longfellow Real Estate Partners bought a site next to one of the largest transit hubs in the city of Millbrae.
Longfellow, based in Boston, paid $80 million for the 2.07-acre lot at 210 Adrian Road, now home to an 85,000-square-foot storage facility, the San Francisco Business Times reported. It’s about two miles from San Francisco International Airport. The seller was Finn Capital, a privately held real estate firm.
The company plans to create 260,000 square feet of Class A space, expanding the Bay Area’s limited supply of life science property. Construction could begin as early as 2023.
“Longfellow is committed to investing in key life science clusters across the country,” the newspaper quoted CEO Adam Sichol as saying. “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.”
In May, Longfellow signed a long-term ground lease for an office property in Emeryville that it plans to convert into Class A life science space. A month earlier, the company bought a 250,000-square-foot, two-building complex — the San Mateo Bay Center — for $155 million.
Longfellow also recently joined KKR to operate The Exchange, a 750,000-square-foot Mission Bay office complex at 1800 Owens Street in San Francisco.
More life science space could be coming to a different part of San Francisco — Pier 80. Workshop1 created a plan to build two new buildings on Third Street that offer almost 500,000 square feet of space for life science labs.. Another development at Pier 70, which is being developed by Brookfield Properties, will also include room for life science.
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New York
Conversions from offices to life science labs booming
[SFBT] — Victoria Pruitt