Canadian developer Oxford Properties has expanded its real estate portfolio in the United States with the acquisition of four new assets. Representing an investment of $276 million in the burgeoning life sciences industry, the purchase included a total of 415,000 sf of existing space and associated developable land. Oxford Properties plans to spend an additional $500 million to repurpose, renovate, and expand the four structures to create leading-edge lab and office environments for biomedical tenants.
In California, the 148,000-sf Emeryville Public Market is a mixed-use project that offers 36,000 sf of lab space on the ground floor, as well as a food hall that will remain in operation. Approximately 60,000 sf of existing office and retail space will be transformed into new laboratories, and purpose-built research facilities will be constructed on adjacent parcels of land. The company has also acquired three properties in Boston: a 114,000-sf biomanufacturing facility that is 100 percent leased to Replimune Group and CRISPR Therapeutics; and two adjacent buildings on Mountain Road that provide 153,000 sf of space to global biopharmaceutical firm Sanofi.
Oxford Properties plans to continue to expand its North American presence in markets such as San Francisco, San Diego, and Boston, where demand for quality lab space is exceptionally high.