Four Corners’ $90M Shoreway Buy Provides Life Sciences to Area Lacking Supply

Shoreway Innovation Center recently sold to Four Corners Properties for $90.25 million. Located at 1301 Shoreway Rd. in Belmont, Shoreway Innovation Center is home to a 150,000-square-foot four-story class-A office building.

The building is currently 82 percent leased to a mix of tenants with less than three years of average remaining lease term. The property includes 7 acres along US-101 in Belmont, an area home to a booming life sciences industry.

Mike Taquino, Kyle Kovac, Joe Moriarty and Scott Prosser with CBRE represented the seller, Westlake Group.

“Shoreway Innovation Center offers the opportunity to bring office and life sciences space to a market where tenant demand is far outpacing available supply,” said Taquino.

The Bay Area is the second-largest U.S. life sciences market with nearly 30 million square feet of dedicated life sciences space, according to CBRE’s midyear U.S. life sciences report. Despite the industry’s large footprint, supply cannot keep pace with demand. Lab vacancy across the Bay Area is only 2.4 percent with even tighter rates in the Peninsula. North Peninsula lab vacancy stands at less than 1 percent.