Los Angeles, CA (November 15, 2021) — Newmark announced it has completed the $57 million sale of an approximately 75,272-square-foot, four-story life sciences building in the heart of University of Southern California’s Health Science Campus, directly adjacent to USC Norris Hospital. This highly specialized, rare building provides a strong presence in the growing Los Angeles life sciences market for USC’s portfolio.
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 the seller, Doheny Eye Institute. USC was represented by CBRE.
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 approximately 14,071 square feet of highly specialized lab space and served as the life science headquarters for Doheny for the last 45 years. Doheny is moving to a 115,000-square-foot building located at 150 Orange Grove Blvd. in Pasadena and should complete the relocation by the end of 2021.
“This was a very competitive bid process reflecting the growing conviction by capital in Los Angeles as a vibrant life science market,” said Shannon.
Cordova added, “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 billion 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.
About Corion Properties, Inc.
Corion Properties, Inc. is a boutique investment management and advisory services firm based in Santa Monica, CA specializing in helping property owners accelerate the performance and monetization of their properties.
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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30,2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.