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7/11/16
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Kite Pharma Inc, a clinical-stage biopharmaceutical company, inked a $22.88 mil lease for 60k sf of space in supplement in El Segundo. The space, at 2383 Utah Ave, is in addition to the 43.5k sf of space the firm had just leased at the facility next door one year earlier.
Kite Pharma, which has a current market capitalization of approximately $2.5 bil, will use the extra space primarily for general office purposes. Including this latest lease, Kite now occupies 53 percent of the entire campus.
CBRE’s Andrew Riley and Jeff Pion represented Kite, a publicly traded company focused on the development and commercialization of cancer immunotherapy products to eradicate cancer cells. Jones Lang LaSalle represented the landlord, NSB Associates.
El Segundo, a 5.5 square-mile city next to the Los Angeles International Airport, has been buoyed by the general demand in the area. As aerospace companies and defense contractors – companies like Boeing, Raytheon and Northrop Grumman with large operations in El Segundo – have left leased facilities and moved into owned campuses, thousands of square feet of low-rise, well-parked large floor-plate buildings have become available to growing companies such as Kite.
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