Wednesday, Jan 6, 1982
South San Francisco, Calif. -- January 6, 1982 --Genentech, Inc. announced today that it has completed the purchase of approximately 20 acres as part of the Gateway, a new 117 acre development project in South San Francisco comprising an office, research and development community being developed by Homart Development Co. on the former site of Bethlehem Steel Plant in South San Francisco.
Robert Swanson, President of Genentech, Inc., stated that "Genentech's decision to participate as part of the Gateway Project marks the continuation of our commitment to develop future facilities in South San Francisco, our home. The Company has been planning for its longer term facilities requirements and the Gateway offered us a good opportunity to meet those needs right here adjacent to our current location. Detailed plans for Genentech's facilities will be developed over the next 12-24 months."
The terms of the purchase include an attractive total four-year financing package of $8.5 million. Coldwell Banker acted as broker representing both parties.
Genentech, Inc. is a leading firm developing commercial products based on the application of the recombinant DNA or "gene splicing" technology it pioneered.
The Homart Development Co. is a member of Sears Roebuck & Co.'s Seraco Group engaged in real estate development and is the developer of the Gateway.
The $350 million Gateway Project, when completed, will total more than two million square feet of office, research and development space, and a major hotel. The site will be landscaped to create a campus-like environment. The first phase of construction of The Gateway will begin this spring, consisting of more than 450,000 square feet of office space. Completion of the entire Gateway Project is expected by 1990.
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