Jones Lang LaSalle Inc.
11/12/2024 | Press release | Distributed by Public on 11/12/2024 13:45
JLL closes sale of Bay Area biosciences property
SAN FRANCISCO, Nov. 12, 2024 - JLL Capital Markets announced today that it has closed the sale of Valent Innovation Center, a two-story, 96,535-square-foot R&D asset in San Ramon, California.
JLL represented the seller, Madison Marquette. Orion Office REIT acquired the asset as the first acquisition under its new entity.
Most recently renovated in 2022, Valent Innovation Center offers some of the best quality lab space in the Bay Area and is fully leased to Valent USA, a wholly owned subsidiary of Sumitomo Chemical. As a result, the property drew a significant amount of investor interesting spanning across institutional investors, net lease funds, high net worth investors and foreign capital.
Valent Innovation Center is located at 4600 Norris Canyon Rd. in the evolving Bishop Ranch submarket of San Ramon. Bishop Ranch is a 585-acre development boasting more than six million square feet of Class A office space, nearly 10,000 new homes under developments, two hotels and the City Center Bishop Ranch retail and entertainment project in the East Bay. In addition, Valent Innovation Center is strategically positioned near elite research talent throughout the Bay Area, including UC Davis, UC Berkeley and Stanford University.
JLL Capital Market's Investment Sales and Advisory team was led by Managing Director Adam Lasoff, Senior Director Erik Hanson, Senior Managing Director Rob Hielscher, Senior Analyst Caroline Reynolds and Analyst Quinn O'Connor.
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.
For more news, videos and research resources, please visit JLL's newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
Madison Marquette is a Washington, D.C.-based provider, investment manager and developer. Madison Marquette offers a national platform built to execute efficiently and precisely at the local level through offices in U.S. markets from coast to coast. The company's experience and national capabilities allow the company to spot opportunities for clients so they can deliver projects timed to market and tenant demand.
Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of high quality office buildings located in strong suburban markets across the U.S. The portfolio is leased primarily on a single-tenant net lease basis to creditworthy tenants.