Jones Lang LaSalle Americas, Inc. (“JLL”) has been engaged, as exclusive marketing advisor, to extend to qualified investors the opportunity to acquire the leasehold interest in Penumbra Labs (the “Property” or the “Campus”). The Class A life sciences campus is 100% leased to Penumbra at 50% below market rents for ~14 years. Penumbra recently re-committed to a 15-year blend and extend lease, solidifying this location as its corporate headquarters which features 9 total buildings. The subject Property features four of the nine Penumbra buildings in Alameda.
Situated in Harbor Bay Business Park of Alameda, a leading Bay Area cluster of life sciences and research and development users, the Property serves as a mission critical research and development and manufacturing facility for Penumbra, and features institutional-quality improvements, large floor plates, and ample parking. Penumbra (NYSE: PEN) is a publicly traded global healthcare technology company that designs, develops and markets innovative medical devices.
Penumbra Labs presents a stable cash-flow investment opportunity with long-term credit quality tenancy in Penumbra, well below market rents, and a mission critical headquarter campus located in an established life sciences cluster.
- Mission critical Penumbra HQ campus in burgeoning and supply-constrained market
- Strong in-place cash flow from committed, credit-worthy tenant with 3% increases and over 16 years of remaining term
- Continued tenant interest in Harbor Bay driving sub-3% vacancy, anchored by committed life sciences tenants such as Exelixis and Abbott Labs
- Multimodal access to transportation - namely the Oakland International Airport and Harbor Bay Ferry Terminal
- Substantial discount in rent to surrounding life sciences product providing a mark-to-market opportunity and protected downside