Chinese Developer Purchases 42-Acre Biotech Site for $171M

Chinese-based Greenland USA, along with its equity partners, purchased Landing at Oyster Point, a 42-acre prospective and entitled biotech and life science site for $171 million.  The seller was Shorenstein Properties and SKS Partners.

Back in 2008, Shorenstein and SKS purchased the land for $84 million, along with its entitlements. Greenland intends to invest $1 billion total to acquire and develop the site. Ground breaking is slated for 2018, and will begin with the construction of 500,000 square feet in the southern section of the project. Greenland also plans to rename the site.

CBRE’s Dino Perezzo says that with “virtually no vacancy,” the demand for a space of this kind is “hot.” With construction expected to last two years, occupancy won’t begin until 2020.