Los Angeles, CA — Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Boston Scientific Neuromodulation Headquarters at Southern California Innovation Park in Valencia, California for $92 million.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented the seller, a partnership between Oaktree Capital Management and Intertex Companies. The buyer was Cantor Fitzgerald.
Shannon said, “This asset generated intense buyer interest due to the combination of WALT with credit and the life science angle.”
Located at 25155 Rye Canyon Loop, the 180,415-square-foot mission-critical life science building was completed in 2006 as a build-to-suit for Boston Scientific’s neuromodulation division global headquarters. The two-story building is nestled within the 160-acre, 15-building Southern California Innovation Park and underwent significant tenant and landlord capital investment, which included the addition of an “Innovation Lab” in 2017. Features include an onsite cafeteria, floor-to-ceiling glass conference rooms, test labs, sterilization controls, raised flooring and fitness and daycare amenities within the greater campus.
The Greater Los Angeles life science market continues to experience momentum driven by its surrounding world-class institutions, including UCLA, USC and Caltech, globally recognized hospitals, nearby leading biotech employers, expanding tenants and increased life science startups and venture capital funding. The market spans over 8.3 million square feet of life science inventory with a 5% vacancy rate as of 1Q21, according to Newmark Research. Southern California has become the dominant region for life science companies, employing 63% of the state’s workforce.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals.
