Welcome readers,
This week, we spotlight reverse conversions—when life sciences buildings are repurposed for other uses. While the market works hard to convert buildings into labs, we examine some important examples flowing in the opposite direction. Plus, we present our latest roundup of leases, acquisitions, financing deals, and new projects.
✅ France: TPG Angelo Gordon invests in Paris
✅ Germany: Osram-Höfe ensemble in Berlin
🔒 Spain: two deals from Barcelona
🔒 UK: office-to-lab conversion at ARC Oxford
(🔒 for paying members only)
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— Stephen Ryan (connect with me on LinkedIn)
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Reverse conversions: when science facilities find new purpose
Converting former science facilities to new uses offers investors portfolio protection against tenant risk while unlocking new income streams.
TRANSACTIONS (LEASES, SALES, FINANCING)
FRANCE PARIS
TPG Angelo Gordon and Arizona Investissements, a French company focused on value-added strategies, have acquired a 16-hectare brownfield site south of Paris in a sale-and-leaseback deal. The site, located south of Paris within the Paris-Saclay innovation ecosystem, houses a 1950s-built campus owned and occupied by Sanofi, with 60,000 sq m of office space and 34,000 sq m of life science laboratory space. A project called Boost Campus, involving the development of more than 90,000 sq m dedicated to industry and innovation, is planned. The first public presentation of Boost Campus took place on July 4, 2025. The acquisition is reportedly held within the TPG AG Europe Realty Fund IV, which closed in May 2025 with $2.27 billion in commitments.
GERMANY BERLIN
Hamburg Commercial Bank has provided refinancing to support the repositioning of the historic Osram-Höfe ensemble in Berlin-Wedding into an inner-city life science campus. The 65,000 sq m commercial site is being transformed by Feldberg Capital, acting as investment and asset manager for client Esas Holding. The property is already partially let to occupiers including Charité – Universitätsmedizin Berlin, the German Heart Center and the State of Berlin. Since 2024, retail and commercial units have been modernised and converted into flexible laboratory and technical spaces. Structural features include high ceilings, freight lifts and strong load-bearing floor plates.
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