LaSalle Investment Management Inc. bought an undisclosed stake in Illumina Inc.'s global headquarters and life sciences campus in the University Town Center submarket of San Diego, marking its maiden investment in the life sciences property sector.
The investment manager, through its U.S. core open-end LaSalle Property Fund, paid $299 million to urban office real estate investment trust Alexandria Real Estate Equities Inc. for a 49% interest in the property, IPE Real Assets reported, citing public records.
The 793,000-square-foot campus consists of six office, laboratory and accessory buildings spread across 44 acres of land.
LaSalle said it will join other campus co-owners to invest in the potential expansion and densification of the site.
