Slough Estates USA has bought a corporate headquarters site in San Diego, California for $47.6m (£25m)
It has bought the 82,500 sq ft (7,665 sq m) headquarters and 5.4 acres (2.18ha) of land at Torrey Pines Science Center from Ligand Pharmaceuticals. The undeveloped part of the site can support a further 90,000 sq ft (8,360 sq m) of biotech development.
Torrey Pines is one of the largest and life sciences clusters in the world. Slough has already established a significant presence in this cluster in anticipation of the continued growth of the biotech sector in the years.