OPUS WEST MOVES INTO NEW MEXICO
Industrial and office developer Opus West has embarked on a new frontier. The firm has completed its first project in the Albuquerque, N.M., market and has three more under development.
The 160,000 sq. ft. Department of Interior (DOI) building at Journal Center II was completed in early November, and will consolidate five separate Albuquerque DOI offices into one site.
The 86-acre Journal Center II is the second phase of the planned three-phase Journal Center business park. Opus West also is currently constructing the 146,000 sq. ft. Bureau of Indian Affairs building on 40 acres; two additional buildings, totaling 180,000 sq. ft., are also on the drawing board at Journal Center II.
CARRAMERICA BAGS BIOTECH BUILDING IN SAN FRANCISCO
CarrAmerica Realty Corp. has acquired 500 Forbes Boulevard, a 155,686 sq. ft. office and biotech building in South San Francisco. The firm paid $51 million for the property, and expects the investment to yield a 14.7% return after one year. The building is currently 100% leased to Cell Genesys Inc.