The property involved in this transaction is an office asset located at 10555-10777 Science Center Drive in San Diego. The total sale price for the property was $255,000,000, and the asset encompasses 631,000 square feet, resulting in a price per square foot of $404. This acquisition includes Pfizer’s five-building biotech campus situated in La Jolla’s Torrey Pines area.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $255,000,000
• Square Footage: 631,000
• Price Per Square Foot: $404
• Buyer: Tim Schoen - BioMed Realty
• Broker: Aric Starck - Cushman & Wakefield
• Date of Transaction: 04/07/2025
• Market: San Diego

The buyer, Tim Schoen, represents BioMed Realty, a Blackstone affiliate, which significantly expanded its portfolio with this acquisition. The property was previously utilized by Pfizer, which has now signed a 15-year lease for 230,000 square feet at a different location, highlighting ongoing developments in the San Diego biotech market where vacancy rates have reached 18%.