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Ventas Acquiring Genesis Towers Complex in $1B Deal
Chicago-based Ventas Inc. is buying Genesis Towers, a 721,000-square-foot life sciences complex in South San Francisco in a deal reportedly valued at roughly $1 billion. The seller is a joint venture between Boston-based Bain Capital and San Diego-based Phase 3 Real Estate Partners, Inc.
In addition to the lab and office space at One and Two Tower Place, the deal includes a four-story, 72,000-square-foot building at 4000 Shoreline Ct. The Genesis complex sits along Highway 101 at the base of San Bruno Mountain and was one of the first West Coast high-rises purpose-built for biotech companies.
Eastdil Secured represents the seller. The acquisition is being funded via $415 million in financing from Citigroup and JPMorgan Chase.
The 21-acre complex includes a 21-story, 375,000-square-foot north tower, which delivered in 2018 and is 91% occupied. The 12-story, 340,000-square-foot south tower was acquired by the sellers in 2015 for $220 million and is fully leased.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


