July 18, 2008
San Francisco Business Times
by J.K. Dineen

Shorenstein Properties and SKS Investments closed earlier this month on 25 acres of prime waterfront land in South San Francisco's biotech cluster, but the firms can afford to wait to develop this rare site.

The firms spent $85 million to purchase Oyster Point Business Park and Oyster Cove Marina, a six-building flex/industrial property with an adjacent 235-berth marina. The swath of bayside property is considered the last and best chance to build a prime biotech campus in the life science cluster that started in 1976 with Genentech and has come to include some 100 biotech firms.

Under current zoning, the land could be redeveloped with about 1 million square feet of biotech research and development space. But rather than push forward with a hasty redevelopment plan, SKS Managing Director Paul Stein said the partners would launch a multiyear planning process with South San Francisco officials that would create the best long-term development.

“It's a wonderful situation when you can be patient and do the right thing,“ said Stein.

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