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King Street Goes Bicoastal With $45M Bay Area Buy

1699 Old Bayshore Highway in Burlingame, California, which is slated to be replaced by a life sciences project from King Street Properties.

A big Boston biotech developer has made its first purchase in California, one of a number of recent buys from big biotech players across national and international boundaries. 

King Street Properties purchased 1699 Old Bayshore Highway in Burlingame, currently occupied by a two-story office building, in February for $45M. It is King Street’s first West Coast acquisition. The developer is launching a 485K SF life sciences development it anticipates will deliver in 2024.

Other big life sciences developers have been investing across markets in recent months, including significant forays by U.S. firms into UK life sciences real estate, including Longfellow Real Estate Partners and BioMed Realty Trust.

King Street, which owns 3M SF of life sciences real estate, announced a partnership this fall with Brookfield Asset Management, which agreed to invest $1.5B in equity toward King Street's future real estate investments.