Slough Estates plc has announced that Genentech, Inc. has agreed to terms with Slough Estates USA Inc to lease approximately 780,000 square feet of office and laboratory space in eight new buildings on its Britannia East Grand site, South San Francisco. Genentech proposes to integrate the development with its existing campus in South San Francisco.
Slough´s construction will take place in two phases over a four-year period and is estimated to cost over $325 million.
The master-planned campus project will be funded from the proceeds of selective asset sales by Slough Estates USA Inc., which is now established as a self-financing part of the Group.
Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes biotherapeutics for significant unmet medical needs.
Ian Coull, Chief Executive of Slough Estates commented: 'We believe the lease agreement with Genentech to extend their campus onto our Britannia East Grand site reinforces Slough´s position as the pre-eminent developer and brand leader of life sciences facilities in California. We have a successful history of working with our clients to deliver a market-leading product in the rapidly expanding life sciences industry. Our strategy to recycle assets selectively to fund further development evidences Slough Estates´ commitment to delivering maximum shareholder value from our asset portfolio.'
Source: Slough Estates