BioMed Realty Lands Tenant at San Francisco Campus

700 Gateway Blvd., Image courtesy of Cushman & Wakefield

Nobell Foods, a startup that specializes in making cheese from plant-derived dairy proteins, has leased 66,234 square feet of office and life science space for its new headquarters at BioMed Realty’s 700 Gateway Blvd. in South San Francisco. Cushman & Wakefield represented the tenant in the lease.

The newly built property represents the third and latest phase of Gateway of Pacific, a five-phase, 2.2 million-square-foot biotech office campus. 700 Gateway Blvd. includes 360,000 rentable square feet. The 12-story office building, which is expected to be LEED Gold certified, offers floorplates ranging from 16,900 to 39,300 square feet. Nobell Foods is the first tenant at the property.

Also part of Gateway of Pacific are the 509,000-square foot 1000 Gateway Blvd., and the 440,000-square-foot 750 Gateway Blvd. Tenants at the properties include AbbVie, Amgen and SmartLabs.

Located at the entrance to South San Francisco, also known as the Birthplace of Biotechnology, the property is less than 1 mile east of Interstate 101, 1 mile northeast of the South San Francisco Station and some 3 miles east of BART. Several retail and dining options are available within a 1-mile radius.

A hotbed for the life science sector

The Bay Area remains the second most expensive metro among the major markets tracked by CommercialEdge, surpassed only by Manhattan. Average rates within the market rebounded at a faster pace than most metros, up by 6.2 percent year-over-year as of January. A total of 3.4 percent of stock under construction is office.

Marc Pope, executive director, and Gary Boitano, senior director, led the Cushman & Wakefield team that represented Nobell Foods in the transaction. BioMed Realty Trust’s Scott Altick self-represented ownership.