Boston-based real estate investor, Bain Capital has sold its
Genesis South San Francisco life sciences portfolio for $1 billion.
Located at the entrance to the South San Francisco life
science cluster, one of the largest life science clusters in the world, the three-building
portfolio was acquired by publicly traded REIT, Ventas.
The portfolio was purchase through the Ventas Life Science
and Healthcare Real Estate Fund, a perpetual life vehicle focused on
investments in core life science, medical office and senior housing real estate
in North America.
“We are pleased to further expand our growing research & innovation footprint into the premier South San Francisco life science cluster with the acquisition of this outstanding lab portfolio,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer.
“Strong and growing capital flows into the life science
sector are accelerating innovation and discovery. These flows support the
demand for first class lab space in dynamic markets like South San Francisco.
Ventas now owns or has an investment in over seven million square feet of
research & innovation properties located in the life science clusters of
Cambridge, South San Francisco, and on the campuses of over 15 top tier
research universities.”
Ventas secured financing from Citigroup and JPMorgan Chase,
which are providing $415 million.
Genesis South San Francisco is surrounded by some of the top
biotech and pharmaceutical institutions in the world, including Genentech,
AstraZeneca, Merck, Abbvie and Amgen.
The fully committed, 796,572 square-foot portfolio is
anchored by the prominent 21-story multi-tenant, life science building – the
tallest in the country – and features amenities such as two on-site restaurants,
fitness center, yoga studio, spin studio showers/lockers, conference centers
and a 2,245 space structure parking facility.
The portfolio’s tenants include a mix of established and
growing biotech companies such as Fluidigm, Sana Biotechnology, Pionyr
Immunotherapeutics, Corbion, Arsenal Biosciences, Amunix Pharmaceuticals and
Tizona Therapeutics.
Bain Capital Real Estate and Phase 3 Real Estate Partners
acquired the two office buildings and development site through two transactions
in 2015 and proceeded to create their flagship Genesis location in South San
Francisco. The project is one of the submarket’s largest ready-to-occupy,
amenity filled life sciences campus.
“Phase 3 Real Estate Partners was blessed to be able to work
with such an incredible canvas created by the previous ownership and designed
by Skidmore Owens Merrill Architects,” said Neil Fox, CEO at Phase 3 Real
Estate Partners.
“It is not often you come across such a spectacular
opportunity to transform a meticulously well-designed project into something
special like these assets. We realize just how fortunate we are to play a small
part in helping these science companies achieve their goals of helping make
mankind healthier.“
Eastdil Secured served as exclusive advisor to Bain Capital
Real Estate and Phase 3 Partners.
