Thursday, May 3, 2012
BioMed, Genentech swap Peninsula properties
BioMed Realty Trust Inc. is extending its reach down the Peninsula as it expands in South San Francisco. The San Diego-based REIT (NYSE: BMR) has plans in front of South City to tear down the former Ocular Sciences building on Eccles Avenue to build two four-story lab and office buildings totaling 260,000 square feet. (See the story in this week’s San Francisco Business Times.) But BioMed also revealed in its first-quarter financial results that it has traded a South San Francisco building for a Redwood City structure that was owned by biotech powerhouse Genentech Inc.