EXCLUSIVE: CalPERS, GI Partners Ink $81M Buy Of Biotech HQ
The Peninsula offices of a billion-dollar biotech company have changed hands for 40% more than they did in 2018.
GI Partners and the California Public Employees Retirement System have picked up 130-150 Shoreline Drive in Redwood City for $81M from sellers Thor Equities and Wafra, according to a source familiar with the transaction.
Thor Equities purchased the 81.5K SF building in January 2018 for $58M, according to county property records. Robotic medical company Auris Health, acquired by Johnson & Johnson for $3.4B last year, is the full-building tenant.
Redwood City and neighboring Peninsula cities have seen steady demand for office properties buoyed by the region's life sciences industry. Redwood City itself closed Q4 2019 with the area's highest year-over-year full-service rent growth, increasing from $72.72 per SF to $79.90 per SF, according to Kidder Mathews.
Prices have climbed as well. Thor Equities' and Wafra's sale comes out to about $993 per SF, well above the Peninsula-wide average of over $600 per SF, according to Kidder Mathews.
Neither Thor Equities nor Wafra immediately responded to requests for comment.
GI Partners is a San Francisco-based private investment firm that raises capital to invest in real estate, private equity and data infrastructure.
Neither GI Partners nor a CalPERS spokesperson responded to requests for comment.