Sansome Street Advisors and Gordon Brothers sold the office building to Gemini Rosemont in an all-cash deal that was entirely financed in collaboration with Gemini Investments, an investment firm that is traded on the Hong Kong Stock Exchange.

Three expanding life science tenants serve as the building’s main tenants, and it is 98 percent leased. The property, which was constructed in 1974 and has had two renovations, one in 2016 and the other in 2022, has floor to ceiling windows with views of San Francisco Bay, an above-market parking ratio, excellent access to transportation, and visibility from El Camino Real. The Millbrae BART/Caltrain station, which accommodates more than 7,000 highly trained professionals daily from Silicon Valley, the Peninsula, San Francisco, and the East Bay, is a five-minute walk away. Additionally, it offers easy access to Highway 101 or BART to get to the San Francisco International Airport.

According to Jason Kuester, chief operating officer, “the acquisition of Peninsula Life Science Center represents Gemini Rosemont’s first entry into the life sciences specialty, which is one of the fastest expanding sectors in the U.S. economy.” “It’s a logical progression from our current portfolio and fits in well with our aim of expanding our West Coast portfolio with high-quality assets. We regard it as the cornerstone for developing the life sciences industry.”

The West Coast portfolio of Gemini Rosemont includes one property in Washington and three other properties totaling over 1.3 million square feet in California. The West Coast properties include of One Twelfth @ Twelfth (Santa Clara), Gemini Rosemont Tech Park (Santa Clara), ESET 610 West Ash (San Diego), and 600 Clipper (Belmont) (Bellevue, Wash.).

According to Tenzin Tsungmey, president of the West Coast area, “Peninsula Life Science Center is a well-located, completely stabilised property with upside potential that exceeds our investment mandate.” “The anticipated four million square feet of life science development within a three-mile radius and the $11 million in capital and tenant enhancements in 2022 significantly increase the value of this investment. In order to keep growing, we are seeking for additional possibilities in the larger Bay Area.”

Source: Prnewswire