Virtua Partners sells Britannia Business Center in the Bay Area for $78 million
Virtua Partners has sold the Britannia Business Center in Pleasanton, Calif., a town in the Bay Area, for $78 million to an anonymous buyer. The 292,000 square foot property is among the most successful R&D campuses in the Bay Area.
Located at 4125, 4155, 4255 and 4385 Hopyard Rd., the property is within walking distance of the Pleasanton BART station and directly off Interstate 680 in a life sciences corridor. It is also a short drive from UC Berkeley, UCSF, Stanford University, Santa Clara University, and San Jose State University. The building includes R&D, flex and office space with clear heights of 13ft to 20ft, eight roll up doors, one dock height door and 1,600 to 3,000 amps available. It was 68.8% leased at the time of the sale to predominantly creditor tenants.
The Bay Area is home to one of the nation’s largest life sciences clusters. According to to research from Real Capital Analytics are three of the top five life science markets in the country. When the three markets are combined, the San Francisco Bay Area beats Boston, which alone is the nation’s leading life sciences hub. “Here, too, great universities like UC Berkeley and Stanford are creating the workforce that life sciences companies need to thrive,” says Jim Costello of Real Capital Analytics.
Boston, San Francisco, and San Diego are generally considered the top life science markets in the country. These three markets captured 70% of all venture capital in the United States in the third quarter of 2021, according to to research from CBRE. In the third quarter, space companies were looking for nearly 24 million square feet of new real estate, but even with significant development, the current construction pipeline is short of about 2.8 million square feet to meet the request. CBRE does not expect the pace of demand to slow, predicting an imbalance between supply and demand in the sector.
Principals Erik Hanson and David Dokko and Principal Nick Deaver of JLL’s Capital Markets team represented Virtua Partners in the transaction and secured the buyer.