FREMONT – A large building in Fremont that has been converted into a modern life sciences site has been purchased by an East Coast company hoping to capitalize on a hot Bay Area market for this type of real estate bond.
Diversified Healthcare Trust, acting through an affiliate, paid $82 million for a building at 47071 Baywide Parkway in Fremont, according to documents filed July 27 with the Alameda County Recorder’s Office. .
Diversified Healthcare, a Massachusetts-based real estate investment firm, purchased the building in an all-cash deal, according to county real estate records.
The newly purchased property is known as Fremont Labs and totals 88,500 square feet. The building was previously a technology-focused office and research site.
The deal was brokered through JLL commercial real estate executives Adam Lasoff, Dan Renz, Erik Hanson, Michael Manas, Will Connors, Cheri Pierce and Johnny VanDerVelden.
“The Bay Area’s life sciences and biotech market,” Lasoff said, “is one of the strongest in the country.”
Jadian Capital and Graymark Capital, acting through a joint venture, sold the building to Diversified Health Care Trust, according to county and state property records.
In 2022, the building underwent an extensive renovation to transform the site into a life science property. The two-story building includes large open areas and laboratory spaces with airlocks.
“Fremont Labs is fully leased as the headquarters of Alamar BioSciences,” which is a disease detection company, JLL said.