BioMed Realty Trust Announced Series of Transactions in San Francisco, Foster City
Global biotechnology company Life Technologies Corp. has signed two leases at BioMed Realty Trust's Science Center at Oyster Point property in South San Francisco.
Life will fully occupy 200 and 180 Oyster Point Blvd., totaling 204,900 square feet of laboratory and office space. Owner BioMed Realty announced at the same time that it has reached an early lease termination agreement with Elan Corp., the current tenant, when the Life Technologies leases commence. Elan will pay BioMed Realty a termination fee of $46.5 million.
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Life Technologies is a biotech pioneer in the Bay Area, developing technology that was foundational to mapping the human genome and is currently developing groundbreaking genetic sequencing technology.
Separately, BioMed Realty announced it acquired The Campus at Lincoln Centre in Foster City, CA, from Life Technologies for $37 million, excluding closing costs. BioMed Realty intends to redevelop and significantly expand the 19-acre site, currently encompassing seven buildings and 280,000 square feet.