South S.F. Tower Marks Second-Largest Q4 Office Sale At $220M
Myers Development's $220M sale of Centennial Towers in South San Francisco marked the second-largest office sale to close in Q4.
Phase 3 Real Estate Partners purchased the office and retail complex just off Highway 101 with plans to reposition it as a life science campus called Genesis South San Francisco. Phase 3 plans to retrofit the existing 12-story tower and build a new 21-story tower on the 21-acre site.
Work on the new tower could begin by the middle of this year. Phase 3 has secured a $144.3M loan through Cornerstone Real Estate Advisers' Alternative Investments Group, according to CoStar. With the peninsula's boom, South San Francisco is the biotech hub of the world. The site is within South San Francisco's life science cluster, which includes Genentech and Amgen. [CoStar]