[caption id="attachment_74884" align="alignnone" width="448"] BioMarin Pharmaceutical moved its headquarters from Novato to these new buildings at San Rafael Corporate Center in late 2012. (image credit: Seagate Properties)[/caption]
SAN RAFAEL -- BioMarin Pharmaceutical (Nasdaq: BMRN) completed its $116.5 million purchase of the 13-acre San Rafael Corporate Center campus with headquarters for the developer of treatments for rare diseases, the seller said Tuesday.
An affiliate of BioMarin purchased the property from a joint venture of San Rafael-based Seagate Properties and institutional investments managed by J.P. Morgan Asset Management. BioMarin in late December announced plans to buy the complex.
Existing tenants will remain until their leases expire, according to real estate sources.
The property has 315,000 square feet of office space in four existing buildings plus a 400-space parking garage and 5.5 acres of land. BioMarin relocated its headquarters to the property in 2012 and currently occupies about 40 percent of the existing space, including all of one building and much of another.
The company has proposed the construction of an 89,000-square-foot research-and-development building. Also, a 600-space garage is planned.
The sellers bought the property in August 2007, when it had two buildings with 158,000 square feet. In March 2010 the second phase was completed, adding 155,000 square feet in two four-story office buildings at 770 and 790 Lindaro St. plus the parking garage.
Eastdil Secured represented the sellers, and Colliers International represented the buyer.