OMERS Buys San Diego Life Science Portfolio from BioMed Realty
Posted on 02/26/2022
Sorrento Valley and Sorrento Mesa have emerged as epicentres of growth within San Diego’s life science ecosystem. Oxford Properties Group acquired a nine-asset, 13-building life sciences portfolio in San Diego’s Sorrento Mesa and Sorrento Valley for US$ 464 million. The portfolio is 650,000 square feet in size. The announcement marks Oxford’s entrance into the San Diego market, building on its life sciences portfolio and growing West Coast presence with previously announced assets in the Bay Area and Seattle. The acquired portfolio is 98% leased with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa, two of the most sought-after life science markets in North America. The portfolio consists largely of one-to-two story buildings with a 60/40 life sciences-to-office ratio, modern MEP systems and ample tenant parking.
Oxford Properties has spent over US$ 2 billion over the last twelve months to grow its life science portfolio.
The seller of the properties was San Diego-based BioMed Realty. BioMed Realty is ultimately owned by the Blackstone Group. Oxford Properties is owned by the Ontario Municipal Employees Retirement System (OMERS).
Keywords: Blackstone Group LP.