SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired majority stakes in two life sciences portfolios in San Francisco’s Mission Bay submarket. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life sciences property developer/operator. the life that developed the wallets.
The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three dedicated life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot unobstructed heights, an outdoor plaza with public art, two on-site restaurants, a rooftop terrace, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified.
The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796 square foot purpose-built life sciences development slated to begin construction in the first quarter of 2022. The properties are LEED Gold certified.