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Greenland sells Calif. biotech project

By Lia Zhu in San Francisco | China Daily USA | Updated: 2018-06-07 22:33

Greenland USA, a subsidiary of Chinese developer Greenland Group, has sold a biotech development in South San Francisco, California, after months of opposition from the local biotech industry.

Kilroy Realty Corp purchased the 40-acre property from Oyster Point Development LLC for approximately $308 million. Greenland, major shareholder of the seller, bought the land for $171 million in 2016.

The waterfront site at Oyster Point in South San Francisco, 10 miles from San Francisco, is approved for 2.5 million square feet of office and lab space.

Greenland's project, estimated to cost $2 billion, met with opposition late last year as the company proposed to convert part of the project to 1,200 housing units.

Biotech companies in San Francisco argued that the residential development was incompatible with the research and development activity in the city, which is known as a major life-science cluster in the world. In April, the company suspended the housing plan.

Greenland's first phase of construction on two buildings covering 508,000 square feet had been expected to start later this year.

"We have complete confidence in Kilroy and their vision to transform the area into a world-class community that supports the innovative work being done right here in South San Francisco," a Greenland spokeswoman told China Daily on Wednesday.

"We are proud of the work completed to date, and we are confident in Kilroy's ability to deliver a project with great benefits to the surrounding community," she said.

Kilroy abandoned the housing plan and plans to develop a laboratory and office complex that will eventually encompass 11 buildings at the waterfront site.

Since entering the US market in 2013, Greenland USA has developed several projects, including the $1 billion Metropolis complex, with a boutique hotel and three mixed-use towers in Los Angeles, and the $5 billion Pacific Park Brooklyn project in New York.

Greenland purchased the Metropolis land for about $150 million four years ago. Early this year, the company listed the hotel and the third tower, which is still under construction, for sale.

In the meantime, the Chinese company announced it would increase its stake from 70 percent to 95 percent in the Brooklyn project, a 22-acre mixed-use development.

"As the majority stakeholder in Pacific Park Brooklyn, Greenland USA remains steadfast in our commitment to delivering a transformational property," said the spokeswoman.

The company will welcome residents in three buildings of the Pacific Park project and finish the new Long Island Rail Road permanent rail yard in the coming months, she said.

liazhu@chinadailyusa.com

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