Greenland USA is continuing major investments in California, with the purchase this week of The Landing at Oyster Point from real estate company Shorenstein for a reported $171 million. The acquisition was made in a joint venture with equity partner Ping An Trust, and minority equity partners Agile Group and Poly Sino Capital Limited.
The joint venture is expected to invest more than $1 billion into the project, which sits on 42 waterfront acres in the heart of South San Francisco. The city is one of the world’s premier biotechnology innovation hubs, with companies such as Genentech, Amgen, Exelixis, and some 240 other biotech companies residing within its boundaries.
Project officials say the name of the project site will be changed and the land will be built into a large-scale office and research and development complex to support the expanding life sciences industry. According to Shorenstein's website, the property is the largest remaining contiguous development site in South San Francisco and is entitled for up to 2.25 million sq-ft of development.
Yuliang Zhang, chairman of Greenland Group, the parent company of Greenland USA, said in a news release that the U.S. continues to play a critical role in his firm's overseas expansion and his company is planning a "landmark property" in the San Francisco Bay Area.
Greenland USA is the majority shareholder in the joint venture, Oyster Point Development, LLC. Greenland USA’s CEO Gang Hu was named Chairman of the joint venture, with Executive Vice President Taotao Song, who oversees Greenland USA’s west coast operations, named as CEO.
Song said in the news release that he sees tremendous potential for growth in Oyster Point and his vision is to further cement South San Francisco’s role as a leading biotech hub by creating a "best-in-class campus that will stimulate and sustain its economic and social fabric.”
The new development will comprise approximately 2,250,000 gross sq-ft of development, including public open space and recreational areas. Development of the property will be completed in phases, with Phase I compromising approximately 500,000 sq-ft in the southern part of the property.
Construction is expected to begin by mid-2018, following necessary infrastructure improvements by the City of South San Francisco, including streets, utilities and grading.
The Landing at Oyster Point follows Greenland USA’s $1 billion-plus investment in Downtown Los Angeles at the mixed-use Metropolis project; and its more than $6 billion investment in New York’s Pacific Park Brooklyn. Greenland USA is a subsidiary of the Greenland Group, which is publicly traded on the Shanghai Stock Exchange (SSE).
