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news.Gilead Sciences, a biopharmaceutical company, has entered into an agreement to purchase from Electronics For Imaging a building located at 301 Velocity Way and adjacent land in Foster City, California for $137.5 million. The transaction is anticipated to close in January 2009.
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The agreement covers the existing 301 Velocity Way building of approximately 163,000sqft and approximately 30 acres designed to accommodate up to an additional 542,000sqft of office space.
Gilead has until December 12, 2008 to complete its due diligence review of the property. Gilead may terminate the purchase agreement with Electronics For Imaging (EFI) at any time on or before this date. The 301 Velocity Way building and associated land border Gilead’s Foster City campus, the company’s headquarters since 1988.
John Milligan, president and COO of Gilead, said: “We believe this is an efficient means for expanding our Foster City campus to create flexibility and to accommodate planned long-term growth, as we seek to develop and deliver to patients more novel therapies that address significant unmet medical needs.”