Recognizing a limited life sciences supply, Oxford Properties Group recently acquired Foundry31 for $172.7 million. The 402,700-square-foot mixed-use building located in the Berkeley/Emeryville corridor is set for a conversion of 100,000 square feet into lab and life sciences space.

Oxford will partner with City Center Realty Partners, Oxford’s partner on the Public Market Emeryville acquisition, for the conversion of the vacant space. The property is located on 7.5 acres and includes medical, office and manufacturing space, and offers onsite amenities including a fitness center, bike storage and EV charging stations.

“The acquisition of Foundry31 presents us with a unique opportunity to immediately convert 100,000 square feet to help provide the critical lab infrastructure required that allows innovative biotech firms to deliver the life-changing therapeutics of tomorrow,” said Chad Remis, executive vice president, North America at Oxford Properties.

The acquisition continues Oxford’s strategy of building a dedicated life sciences business and follows the recent acquisition of the Public Market Emeryville, the purchase and conversion of Boren Lofts in Seattle, and three assets acquired in the greater Boston area in early 2021. In the first few months of 2021, it has secured six new life sciences investments that, when accounting for new development opportunities at these properties, will account for more than $1.2 billion in deployed capital.