San Diego attorneys Eric Kremer and Carmela Dunn Nicholas of Pillsbury Winthrop Shaw Pittman LLP advised Biosite Inc. (Nasdaq: BSTE) in its $28.2 million acquisition of approximately 26 usable acres at the Fenton Technology Park in the Miramar area of San Diego. The negotiation of the purchase documentation and the title due diligence along with the negotiation and documentation of the design and construction contracts were also completed by Pillsbury, working closely with Biosite's in-house facilities, finance and legal departments.
"In a county that has some of the highest land prices, it can be tough to identify larger properties for companies that want to combine offices and multiple light industrial complexes," Kremer said. "The opening of Biosite's campus proves that if companies have the resources and desire to stay in San Diego, these deals can be accomplished."
Biosite, a leading public company that develops, manufactures and markets diagnostic products for laboratory medicine, first announced its plans for the expanded corporate campus in March 2002. The campus, which at final build-out will provide space for up to 800,000 square feet for corporate offices, manufacturing and research and development, is being built in phases as needed for Biosite's business. The first phase, totaling 350,000 square feet, is expected to be completed in early 2006, but Biosite already has moved administrative and research and development functions to the new campus.