Oxford Properties of Toronto has put down roots in San Diego life science real estate market through the acquisition of 13 buildings located mostly in Sorrento Mesa for $464 million.
The deal announced Thursday adds 650,000 square feet to the Canadian firm’s growing West Coast life sciences footprint. It acquired the local properties from BioMed Realty, which is owned by private equity giant Blackstone.
Oxford isn’t alone in targeting San Diego life sciences properties. Longfellow Real Estate Partners, a privately held developer headquartered in Boston, had no assets in the region three years ago. Today, it has 1.26 million square feet of local life science space and 90 acres of land in the region, which it assembled at a cost of $842 million.
Biotech and other life sciences firms pulled in a record amount of venture capital in 2021, with $32.5 billion raised nationwide, according to CBRE. Biotech research jobs rose 10.8 percent last year, while lab vacancy rates fell in the top 12 U.S. life sciences markets.
Read more: The San Diego Union-Tribune
