Hartford-based Cornerstone Real Estate Advisers has originated a $144.3 million loan to finance the acquisition and repositioning of Centennial Towers, a 12-story, 340,000-square-foot, Class A office building in South San Francisco. The building will be converted into a state-of-the-art life science facility and rebranded as Genesis.
The South San Francisco submarket is one of the nation’s top life sciences markets with over 100 biotech firms employing more than 14,000 people. The submarket’s vacancy rate was 0 percent as of the third quarter in 2015, while overall vacancies in the San Francisco Peninsula life science market were just 0.9 percent.
“Centennial Towers offers an exceptional opportunity to tap into the thriving life science market of the Bay Area,” said Jamie Henderson, chief investment officer, alternative investments group at Cornerstone Real Estate Advisers.
Centennial Towers is located within a one-mile radius of major biotech and life sciences companies, including Genentech and Amgen.
