PALO ALTO — The allure of life science and tech tenants appears to have enticed two big investors to grab several buildings in Palo Alto in a real estate deal that topped $70 million.
Bioscience Properties, a developer, and Harrison Street, a realty investor, have teamed up to buy Palo Alto buildings that are across the street from Palo Alto Airport and Baylands Golf Links, Santa Clara County property documents filed on Dec. 17 show.
The buildings that have just been purchased are at and near the corner of Embarcadero Road and Embarcadero Way, according to the public records.
Acting through three different affiliates, the venture of Bioscience Property and Harrison Street bought six buildings in Palo Alto.
The investors paid $72.7 million for the half-dozen buildings, county documents show.
Bioscience Property, a developer based in the San Diego County town of Solana Beach, and Chicago-based Harrison Street, a real estate investment firm, have teamed up before. In April, Harrison Street and Bioscience Properties bought some buildings in San Diego.
Amid the coronavirus, buildings with tenants specializing in life sciences, biotech, or medical devices appear to be drawing more interest from real estate investors.
Harrison Street has been busy buying up Palo Alto real estate lately, having completed a separate deal in the same city this month.
On Dec. 4, Harrison Street paid $123 million for a new office building in Palo Alto’s prestigious Stanford Research Park. That building, totaling 84,400 square feet, is fully leased to tech firm VMware.