Oxford Properties buys 4 life sciences assets in Boston, San Francisco Bay area

Oxford Properties Group Inc. purchased four life sciences properties totaling 415,000 square feet and developable land for $276 million as part of its efforts to build a life sciences business.

The real estate company, together with real estate developer and investor City Center Realty Partners LLC, or CCRP, acquired the 148,000-square- foot Public Market Emeryville mixed-use project in the San Francisco Bay Area from a joint venture between Angelo Gordon & Co. LP and CCRP. The deal includes land parcels that can be developed to add new purpose-built laboratory space.

The acquisitions also include the 114,000-square-foot biomanufacturing facility at 33 New York Ave. in the Greater Boston area, which is fully occupied by Replimune Group Inc. and CRISPR Therapeutics AG; as well as the 153,000-square-foot two-building property at 1 & 5 Mountain Road in the Greater Boston area that is leased to Sanofi.

Oxford plans to make an additional $500 million investment in the assets toward the development of a new biotechnology space and conversion of existing office and retail uses into new laboratory space in the San Francisco Bay Area. It has also identified value-add opportunities within the Boston portfolio.

Oxford's entry into the life sciences asset class will initially target properties in Boston, the San Francisco Bay Area, San Diego and other emerging locations. It also seeks opportunities in Europe.

Newmark represented Angelo Gordon and CCRP on the sale.