East Bay Flex/R&D building purchased in $36M sale for life sciences conversion
JLL Capital Markets led sales efforts for 6601-6603 Shellmound, a single-story property in Emeryville, California
SAN FRANCISCO, Jan. 10, 2021 – JLL Capital Markets announced today that it has closed the $36 million sale of 6601 – 6603 Shellmound, a single-story flex/R&D building totaling 62,898 square feet in Emeryville, California.
JLL represented the seller, Griffin Capital, in the off-market sale of the property to Longfellow Real Estate Partners.
6601 – 6603 Shellmound is positioned on 2.27 acres just west of Interstate 580 and north of its intersection with Interstate 80 in the East Bay. The property is slated to undergo a life sciences conversion as part of Longfellow’s Emeryville Biosciences Center on the adjacent parcel.
"The acquisition of 6601 Shellmound Street signifies Longfellow's commitment to the Emeryville market where we see strong demand and growth potential for the biotech sector,” said Longfellow Chief Investment Officer West and Managing Director, Nick Frasco. “With the addition of Shellmound to our existing adjacent Emeryville site, we will be able to offer a nearly 200,000 square-foot campus of class A life science space to prospective tenants, with our first spec suite delivering in the second half of 2022.”
The JLL Capital Markets team representing the seller was led by Senior Managing Director Michael Leggett and Senior Directors David Dokko and Erik Hanson.
“The East Bay life sciences cluster, particularly Emeryville and the West Berkeley Corridor, continues to be one of the most sought-after locations for both tenants and investors,” Dokko said. “With a limited number of sites available in the market for development, assets that are well suited for life sciences conversion will continue to garner attention and price aggressively.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Griffin Capital
Griffin Capital Company, LLC is a privately held, Los Angeles-headquartered investment and asset management company. Founded in 1995, the company has owned, managed, sponsored or co-sponsored investment programs encompassing over $20 billion in assets. The company’s senior executives and employees have co-invested over $300 million in its various investment verticals, aligning Griffin’s interest with those of its more than 200,000 investors. To learn more, please visit: griffincapital.com.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners is the largest private life science real estate services firm in the United States. The firm’s portfolio spans more than 14 million square feet of laboratory and technology space, concentrated in the nation’s top markets for bio-innovation on both coasts including San Francisco, San Diego, Raleigh-Durham, New York City, and Boston-Cambridge, along with a recent expansion to the United Kingdom. Longfellow acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers, and research institutes. The firm’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each customer’s unique requirements. For more information about Longfellow, visit: lfrep.com.