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May 27, 2024
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Harbor Associates, in a joint venture with Platform Ventures LLC Closed $19 Mil Purchase of Office/R&D Building in Agoura Hills


Harbor Associates, in a joint venture with Platform Ventures LLC, has acquired a 118.9k sf commercial office/R&D building in Agoura Hills for $19.275 mil, or $162/sf. In addition, A2 Biotherapeutics (“A2 Bio”) signed an 11-year lease for 76k sf of space at the building, located at 30601 Agoura Rd. A2 Bio will use the space as its new global headquarters.

A2 Bio has invented the Tmod™ cell therapy platform to tackle the fundamental challenge in solid tumor treatment—the ability of cancer medicines to distinguish between tumor and normal cells. A2 Bio is expanding its presence in Agoura Hills as it will continue to occupy 30k sf in neighboring buildings. The new headquarters for A2 Bio will feature approximately 70% lab and R&D space with the remaining 30% devoted to collaboration space.

The two-story multi-tenant building is located at the eastern gateway of the Conejo Valley, which includes one of Southern California’s major life science clusters. Stretching from northwestern Los Angeles County to southeastern Ventura County, which includes Newbury Park, Thousand Oaks, Westlake Village and Agoura Hills, the Conejo Valley is home to one of the most significant life science clusters in Southern California. Nearly 70 life and bio science firms such as Amgen, Baxter, Allergan and Takeda currently occupy approximately 4.3 msf of space in the Conejo Valley.

“Located at the eastern gateway of the Conejo Valley, Agoura Hills is more convenient than Thousand Oaks for bio tech recruiting talent from the San Fernando Valley, Downtown and West Los Angeles. “We were able to identify a well-located building that was prime for multi-tenant life science conversion while helping A2 Bio meet its business objectives.” said Principal Rich McEvoy.

The lease with A2 Bio is an example of the demand for space by life science and bio-tech firms across the U.S. According to CBRE, at the end of 2021, office-to-lab conversions in the 12 largest U.S. life sciences markets, which includes Los Angeles, amounted to 9.9 msf, up 49% from the beginning of the year.

In January of 2020, Harbor acquired Agoura Hill Business Park, an adjacent 114.3k sf office project in Agoura Hills, and made improvements to the building to attract the life science groups expanding into the area, which included A2 Bio. Between 30601 Agoura Road and Agoura Hills Business Park, Harbor Associates is delivering a variety of market ready R&D / lab spaces, ranging in size from 2k sf -18k sf, readymade with appropriate infrastructure and designed to meet the growing demand in Agoura Hills.

A2 Bio, is expected to take occupancy in the second half of 2023. The Harbor-led joint venture will add relevant on-site amenities to create an attractive workplace environment that will help A2 Bio, and others, attract and retain talent. Improvements include an expansive outdoor meeting and social spaces, upgraded building lobby, drought tolerant landscaping, exterior building enhancements and signage.

Jay Rubin and Jared Smits of Lee & Associates advised the seller. Mark Perry of CBRE repped the buyer in the transaction. Rick Pearson of Cushman & Wakefield represented A2 in the lease negotiations.

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