Invesco Real Estate Partners is turning its attention to the life science sector in the Bay Area.
The firm just paid $40 million for a Berkeley complex, after recently buying an Alameda business park that it will convert into a life science campus.
The newest acquisition is a 47,837-square-foot building at 600 Bancroft Way, according to San Francisco Business Times.
“That whole pocket of West Berkeley is becoming much more of a life science node,” said Newmark’s Steve Golubchik, who represented the seller, the Business Times reported.
Investors and developers have been flocking to the life science sector, which has been experiencing a boom, propelled in part by the pandemic.
In June, Invesco acquired a newly developed 335,000-square-foot, six-building complex in Alameda that it will convert into a life sciences property. The firm secured a $100 million acquisition loan from PGIM Real Estate, which will also go toward the planned conversion, Real Estate Weekly reported at the time.
[SFBT] — Victoria Pruitt
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