Gilead Sciences Acquiring Office Building and 30 Acres of Land in Foster City from EFI for $138M

Gilead Sciences (GILD: 51.00 -2.26%) has entered into contract to acquire 30 acres of land from Electronics for Imaging (EFII: 10.00 +1.42%) for $137,500,000. Gilead has put up $5M in earnest money and has until December 12th to remove contingencies.

The property being acquired is 301 Velocity way, which contains a 163,000 square foot building, and 30 acres of land entitled for office development.

Once Gilead removes the contingencies, it will have to close the transaction in January.

Back in August, Gilead revealed plans to double the office and R&D space at its Foster City headquarters as it sought to add some 1,900 jobs over the next 10 years and this land will allow them to do that.

The company’s intention is to start construction as early as next year.

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