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Cell Genesys

Newcastle Partners acquired a vacant, obsolete warehouse in a prime “transition” neighborhood in South San Francisco. The business plan was to re-entitle the site for biotechnology research, develop a new corporate headquarters and biotechnology research facility pursuant to a build-to-suit lease and to sell the project to either the tenant or an investor upon completion. The Partnership successfully negotiated a 15 year build-to-suit lease with a well-capitalized publicly traded biotechnology company. Newcastle successfully re-entitled the site from warehouse/manufacturing to biotechnology research; aggressively bid and managed the construction of a new, 2-story steel frame pre-cast concrete skin building; and completed the project ahead of schedule and under budget.