229,640 SF R&D building located in a life science cluster in the San Francisco Peninsula submarket.
100% leased to Mylan (NASDAQ: MYL, Credit: Baa3, Revenue: $11B)
Tenant invested significant capital into the building’s infrastructure including FDA-approved “clean room” space and lab space with pharmaceutical grade HVAC, water/air filtration and power desired by life sciences companies.
Central location near the 101 and 92 interchange in the same life science cluster as a number of research campuses existing and under construct, including the 1.6 million square foot Alexandria District for Science & Technology and the newly constructed Sutter Health Palo Alto Medical Foundation Hospital.
Significant biotech/R&D tenants in the immediate submarket include Illumina, Gilead Sciences, Guardant Health, Codexis, and others.
Property purchased at a significant discount to replacement cost.