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11/17/21
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The purchased a four-story, 75.3k sf life sciences building in the heart of USC’s Health Science Campus, directly adjacent to USC Norris Hospital, for $57 mil ($757/sf). It was sold by Doheny Eye Institute.
The building was constructed in 1976 as a build-to-suit for the Doheny Eye Institute and was available for sale for the first time since its delivery. The building features 14.1k sf of highly specialized lab space and served as the life science headquarters for Doheny for the last 45 years. Doheny is moving to a 115k sf building located at 150 Orange Grove Blvd in Pasadena and should complete the relocation by the end of 2021.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White and Senior Managing Director Laura Stumm, together with Fred Cordova, Al Grazioli and JoAnn Horeni of Corion Properties Inc, represented Doheny Eye Institute. USC was repped by CBRE.
Cordova commented, “Ownership of the building, which was the last remaining asset on campus that was not owned by USC, now provides USC with multiple options on repositioning or redevelopment as part of their long-term strategic plan for the campus.”
Life sciences continues to be one of real estate’s most desirable product types during the pandemic and is projected to grow throughout Los Angeles. L.A. County life sciences companies raised $1.7 bil in financing last year, the most of any county in California, according to Newmark Research. Property owners and tenants are converting existing properties due to lack of available land for ground-up development.
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