(EDITOR’S NOTE: The property sold for about $601 per square foot. According to The Registry’s previous reporting,
guidance on the property was about $95 million when it hit the market in May of this year.)

SAN FRANCISCO – Dec. 7, 2021 – CBRE announced the sale of Shoreway Innovation Center in Belmont to Four
Corners Properties. Westlake Group sold the property for $90.25 million. Mike Taquino, Kyle Kovac, Joe Moriarty, and
Scott Prosser with CBRE Capital Markets in Northern California represented the Westlake Group in the transaction.
Located at 1301 Shoreway Road, Shoreway Innovation Center is home to a 150,000-sq.-ft., four-story Class A office
building. The building is currently 82 percent leased to a mix of tenants with less than three years of average remaining
December 7, 2021
lease term. The property includes seven acres along US-101 in Belmont, an area home to a booming life sciences
industry.
“Shoreway Innovation Center offers the opportunity to bring oce and life sciences space to a market where tenant
demand is far outpacing available supply,” said Mr. Taquino, executive vice president, CBRE.
The San Francisco Bay Area is the second-largest life sciences market in the U.S. with nearly 30 million sq. ft. of
dedicated life sciences space, according to CBRE’s Midyear U.S. Life Sciences report. Despite the industry’s large
footprint, supply cannot keep pace with demand. Lab vacancy across the Bay Area is only 2.4 percent with even tighter
rates in the Peninsula; North Peninsula lab vacancy stands at less than 1 percent.