Lab space for life science tenants in high demand, short supply in South San Francisco
Newport Beach, Calif. and San Francisco, Calif. (July 10, 2018) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has sold Dubuque Center, a three-building, 112,000-square-foot flex office and R&D campus located at 800-890 Dubuque Avenue in South San Francisco to SFF Realty Fund III, an affiliate of San Francisco-based PSAI Realty Partners, for $47.5 million.
Buchanan Street purchased Dubuque Center in 2015 as a value add investment that would capitalize on the strong demand for flex office space surrounding the Oyster Point submarket, a hub for cutting-edge biotech businesses. In addition to physical improvements, Buchanan Street focused on converting underperforming industrial space into laboratories and other life science uses.
“We are very pleased with our investment in Dubuque Center,” said Robert Dougherty, partner, Buchanan Street Partners. “We understood early on that the property’s strategic location within the heart of San Francisco’s burgeoning life sciences and biotech hub supported repositioning the asset to meet the high demand from biotech users in a supply-constrained market.”
Dubuque Center was 93 percent leased at the time of sale to, among others, Walmart, Emerald Cloud Lab and Thermo Fisher Scientific.
Buchanan Street was represented in the sale by Michael Leggett, David Dokko and Ben Bullock of HFF.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity apital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.www.buchananstreet.com.