Gemini Rosemont Buys Burlingame Life Science Building for $59M

Gemini Rosemont Commercial Real Estate, a Los Angeles-based real estate investment management firm, has acquired Peninsula Life Science Center, a 66,000-square-foot, eight-story building in Burlingame, CA. The firm purchased the asset from Sansome Street Advisors and Gordon Brothers in a $59.35 million all-cash transaction.

The property is 98% leased and is anchored by three life science tenants. Built in 1974 and recently renovated, the building features floor-to-ceiling windows with San Francisco Bay views and an above-market parking ratio. The Millbrae BART/Caltrain station is just a five minute walk and nearby Highway 101 provides convenient access to the Bay Area.

“Peninsula Life Science Center is a well-located, fully stabilized property,” said Gemini Rosemont’s Tenzin Tsungmey. “The $11 million capital and tenant improvements in 2022, and the addition of four million square feet of proposed life science developments within three miles brings huge value-add to this investment.”