Healthpeak Expands South San Francisco Footprint with $600M Deal

Healthpeak Properties said Monday it had closed on the acquisition of a 1.4-million-square-foot campus on 29 acres located on Gateway Boulevard in South San Francisco for a total of $600 million. The seller was not disclosed.

The campus is approximately 60% occupied and includes a 15,000-square-foot amenity building, along with significant additional density potential over time. The acquisition deepens and expands Healthpeak’s tenant relationships within the submarket. Denver-based Healthpeak’s footprint in South San Francisco now totals approximately 6.5 million square feet across 210 acres.

The company also recently divested $325 million of outpatient medical properties. “Our recent transaction activity is directly aligned with the thesis we outlined on our October 2025 earnings call,” said Scott Brinker, Healthpeak’s president and CEO. “We are capitalizing on strong demand for outpatient medical real estate by selling fully stabilized assets at low-6% cap rates and reinvesting that capital into highly strategic life science assets in our core submarkets at low-6% going-in yields with meaningful upside through lease-up of the remaining vacancy.”