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Major biotech landlord plants flag in East Bay with acquisition of Novartis site

Ron Leuty
Major biotech landlord plants flag in East Bay with acquisition of Novartis site

As it builds out high-profile biotech developments on the Peninsula, BioMed Realty is digging into the East Bay in a big way. The San Diego-based unit of Blackstone Group LP (NYSE: BX) paid about $135 million for the six-story, 250,000-square-foot structure, the company said Wednesday, which includes an adjacent space for as much as 850,000 square feet of additional lab and office space. "We plan to offer in excess of 1 million square feet of space to innovative tenants, including biotech and other laboratory users," Denis Sullivan, executive vice president and chief investment officer for BioMed, said in a statement.