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Kilroy Completes $111 Million Deal for Oyster Point Tech Center

Los Angeles Firm Adds South San Francisco Life Science Campus to Holdings
February 1, 2018
Kilroy Realty Corp. (NYSE: KRC) has completed its purchase of the Oyster Point Tech Center, paying $111 million, or approximately $762 per square foot, for the South San Francisco life science campus.

Trammell Crow Co. developed the 146,000-square-foot, three-building office and laboratory complex in the late 1990s at 345-349 Oyster Point Blvd. in the South SF East of 101 Fwy. submarket.

Currently 80 percent leased, the campus is anchored by Monogram Biosciences, a global healthcare diagnostics company that occupies two full buildings for its corporate headquarters, and diaDexus (NYSE: DDXSQ), which also has its headquarters in the complex.

“KRC is committed to the strategic growth of our life science platform. This acquisition represents an attractive, off-market opportunity to establish a presence in the premier West Coast life science market while generating strong returns,” said John Kilroy, KRC’s chairman and CEO.

The acquisition potentially precedes another substantial investment in South San Francisco Kilroy has in the works. Back in September, The San Francisco Business Times reported the West Coast REIT out of Los Angeles had entered into preliminary talks with Oyster Point Development to acquire the first two phases of Landing at Oyster Point, the $2 billion life sciences office and research & development hub backed by Shanghai-based Greenland Group.

As part of those negotiations, Kilroy will also have the option to acquire the last two phases of the 42-acre, waterfront project.

Kilroy currently oversees 13.7 million square feet of office space across the Los Angeles, Orange County, San Diego, San Francisco Bay Area and Seattle markets. It is also under construction on roughly 1.8 million square feet of office space, 237 apartments and 96,000 square feet of retail.

For more information on Kilroy's purchase of Oyster Point Tech Center, please see CoStar COMP #4123024.
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