WASHINGTON - October 15, 2003 - PRNewswire-FirstCall
CarrAmerica Realty Corporation today announced that it has acquired 500 Forbes Boulevard, a two-story, 155,685 square foot office and biotech building located in South San Francisco, CA, for $51 million ($327/sf), with an expected year one yield on the investment of 14.7%. The building is currently 100% leased to Cell Genesys, Inc. under a long-term lease. Cell Genesys researches, develops and commercializes new therapies for the treatment of cancer.
The property was built in 2003 and features state-of-the-art lab and office construction. It is proximate to research institutions such as Stanford University; the University of California, San Francisco; and the University of California, Berkeley; and is adjacent to the biotech firm Genentech. Other nearby amenities include hotels, public transportation (including CalTrain and BART), a marina and the San Francisco International Airport.
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Thursday, October 16, 2003
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