SCOTTSDALE, AZ, September 21, 2022 – GI Partners, a leading private investment firm, continues its strategy of acquiring and managing technology and science real estate by announcing the acquisition of four life sciences properties totaling over 407,000 square feet on behalf of its Essential Tech + Science Fund (GI Partners ETS Fund LP, the “ETS Fund”). The properties include Blackstone Science Square in Cambridge, MA, a high quality, fully leased lab building, and the Peninsula Lab Collection, a portfolio of three life sciences lab buildings in South San Francisco and San Carlos, CA.
Blackstone Science Square offered GI Partners the opportunity to acquire a stabilized, highly functional lab building situated in one of the country’s largest life sciences markets. The 77,000 SF property had been previously converted to lab and is currently fully leased to life sciences tenants. The building maintains an advantaged position in the local lab ecosystem and is home to several prominent biotechnology companies.
The Peninsula Lab Collection is a scaled portfolio of stabilized Class A lab properties in two leading submarkets in the Bay Area. The 330,000 SF portfolio is currently 100% leased and provides tenants with modern, flexible, and scalable lab infrastructure. South San Francisco continues to maintain a near 0% vacancy rate and offers unparalleled access to the Bay Area’s most dense ecosystem of established life sciences companies and intellectual capital. San Carlos is the peninsula’s fastest growing life sciences cluster and benefits from its proximity between UCSF and Stanford University.
John Sheputis, Managing Director at GI Partners and Head of the ETS Fund, said, “We are thrilled to add Blackstone Science Square and the Peninsula Lab Collection to the growing portfolio of the ETS Fund. Cambridge and the Bay Area remain two of the nation’s most dynamic and growing real estate markets for innovation and research in the health care space. These buildings further demonstrate our emphasis on delivering state-of-the-art lab infrastructure and world class service to high growth tenants in key markets.”
John Curran, Principal of GI Partners, said, “Cambridge remains among the most innovative life sciences destinations in the world and we are excited to add Blackstone Science Square to our growing portfolio. We believe a Cambridge address is incredibly valuable to a large segment of the demand pool and the building’s proximity to some of the industry’s foundational research institutions reinforces that powerful cluster effect.”
Patrick Lawler, Principal of GI Partners, said, “The Peninsula Lab Collection offers what we believe to be a rare, scalable life sciences acquisition opportunity in two of the most attractive Bay Area submarkets. We are thrilled to invest in a portfolio that provides stable, in-place yield with a diversified mix of emerging and established tenants. Further, the continued strength of the market’s fundamentals and future growth potential provide important long-term value creation opportunities.”
Since launching in 2021, the ETS Fund has acquired eighteen properties comprising 2.5 million square feet and is actively investing in a diverse portfolio of data centers, life sciences properties, and “Always On” facilities across key markets in the United States.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 140 employees and offices in Scottsdale, New York, Chicago, Greenwich, Dallas, and San Francisco. The firm has assets under management totaling $33 billion and invests on behalf of leading institutional investors around the world through its private equity, real estate, and data infrastructure strategies. The private equity strategy invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate strategy focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure strategy invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.