Chinese developer pays $171 million for 42-acre biotech site in South San Francisco
Greenland USA and its equity partners (represented by Kidder Mathews) completed the purchase of the Landing at Oyster Point, a proposed 2.25 million-square-foot biotech and life science campus in South San Francisco, for $171 million.
The firm, a state-owned Chinese developer, bought the 42-acre site from a partnership between Shorenstein Properties and SKS Partners, which paid $84 million for the land in 2008 and entitled the development plan.
The Business Times reported in June that Greenland planned to acquire the site and development rights. The firm expects to invest $1 billion to purchase and develop the project.
“We saw early on, with the support of the City of South San Francisco, that there was tremendous potential for growth in Oyster Point,” said Taotao Song, CEO of Oyster Point Development LLC, and executive vice president at Greenland USA, in a statement. “Our vision is to further cement South San Francisco’s role and reputation as the world’s leading biotech hub by creating a best-in-class campus that will stimulate and sustain its economic and social fabric.”
Greenland USA partnered with Ping An Trust, Agile Group and Poly Sino Capital Limited to buy the development in a joint venture called Oyster Point Development LLC.
The joint venture expects to break ground on the development in mid-2018 and plans to rebrand the site with a new name. The project will be built in phases starting with 500,000 square feet in the southern part of the property.
Construction could take around two years, meaning the space will likely be ready for occupancy around 2020. Demand for biotech space on the Peninsula is hot right now with virtually no vacancy, said Dino Perazzo, who leads the life science group at brokerage CBRE.
Biotech companies tend to make real estate decisions on a short-term basis instead of making commitments two or three years in advance.
Read entire SF Business Journal article here.
We are proud to say that Kidder Mathews represented Greenland USA, Ping An Trust, Agile Group and Poly Sino Capital in the purchase of The Landing at Oyster Point.
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