(ALAMEDA, Calif.) A large office building in Alameda currently leased by a rapidly expanding biotech company was recently purchased by a veteran commercial real estate investment firm.
Through an affiliate, Stockbridge Capital Group bought the office park in Alameda's Harbor Bay area for $158.9 million, according to documents filed with the Alameda County Recorder's Office on March 1.
Since late 2020, life-science company Exelixis has leased the office park. It will seemingly remain on the lease under the new ownership.
According to the East Bay Times, the San Francisco-based Stockbridge Capital Group finalized the purchase of the 1951 Harbor Way through an all-cash deal.
Notably, Stockbridge Capital Group is a partner on the long-awaited Treasure Island Community Development,
srmERNST Development Partners and Hillwood Investment Properties, through a joint venture, sold the property. This marks the second such deal for large commercial space on the island between the three parties. In 2020, Stockbridge Capital bought The Waterfront, a six-building office campus in the Harbor Bay Business Park for $127 million in cash, according to the East Bay Times. srmERNST and Hillwood were also the sellers in that transaction.
The consolidation of high-value commercial real estate puts Stockbridge well-positioned to capitalize on what some view as untold upside. As biotech companies continue to expand, especially life science companies like Exelixis.
Recently, the Texas-based Hillwood Investment Properties has invested heavily into self-driving cars in its home state.
In February 2020, Exelixis agreed to lease the property as part of a massive headquarters expansion.
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