Friday, April 29, 2011

Alexandria buys Shorenstein/SKS life sciences complex in Mission Bay for $290M

Six months after selling most of its land in Mission Bay to Inc., Alexandria Real Estate Equities wants to jump back into the neighborhood with the $290 million purchase of 409-499 Illinois St.
Alexandria is in contract to buy the 450,000-square-foot, two-building life science complex that Shorenstein Properties and SKS Investments completed in 2008.
The complex is anchored by FibroGen Inc., which leases 239,000 square feet. The transaction has gone non-refundable, but has not closed yet.
Both Shorenstein and Alexandria declined to comment.

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