trending Market Intelligence /marketintelligence/en/news-insights/trending/oyiz5ELX7uHqCRS51yFFmw2 content esgSubNav
In This List

BioMed Realty buys Emeryville, Calif., life science office building for $135M

Blog

Insight Weekly: Recession risk persists; Banks pull back from crypto; 2022 laggard stocks rally

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Insight Weekly: Inflation eases; bank M&A slows; top companies boost market share

Blog

Insight Weekly: PE firms shift strategies; bank earnings kick off; bankruptcies plummet


BioMed Realty buys Emeryville, Calif., life science office building for $135M

Blackstone Group LP-backed BioMed Realty Trust Inc. paid approximately $135 million to acquire the Emeryville Center for Innovation.

The property in Emeryville, Calif., currently comprises a 250,000-square-foot, six-story life science office building with adjacent developable land parcels.

In connection with the deal, pharmaceutical company Novartis AG will enter into a one-year leaseback on the existing building. In that time, the office real estate investment trust will redevelop the building into a class A+ multi-tenant laboratory and office facility.

BioMed can develop about 850,000 square feet of additional laboratory and office space on the property through an existing development agreement with the city of Emeryville.