**UCSF Expands Mission Bay Holdings with $767M Acquisition**
The University of California, San Francisco (UCSF) has acquired two buildings at the edge of its current Mission Bay campus for $767 million. The properties, located at 409 and 499 Illinois Street, were purchased from Alexandria Real Estate Equities and CBRE Investment Management. The acquisition also includes a 587-space parking garage.
UCSF already occupies a significant portion of the 247,003-square-foot building at 499 Illinois, which houses its Center for Reproductive Health. The university plans to convert the 278,418-square-foot building at 409 Illinois into the new home for its School of Dentistry, according to UCSF Chief Real Estate Officer Brian Newman. That building became available in 2024 when its former tenant, FibroGen, vacated the space four years before the lease was scheduled to end.
This major acquisition significantly expands UCSF’s footprint in Mission Bay. The newly acquired site sits adjacent to the eastern boundary of its existing campus. Space remains in high demand in the Mission Bay submarket, which continues to thrive, fueled in part by the growth of companies like OpenAI.
The purchase reflects UCSF’s ongoing commitment to enhance its research, education, and clinical services infrastructure within one of San Francisco’s fastest-growing innovation hubs.
