USC buys Boyle Heights medical facility for $110M
For $110 million, the University of Southern California is killing two birds with one stone.
USC acquired a 150,000-square-foot medical facility from an affiliate of its rival, the University of California, Los Angeles, for $110 million. The deal also served to settle legal disputes between USC and the seller, Doheny Eye Institute, the Los Angeles Business Journal reported.
The university was the sole tenant of the building at 1450 N. San Pablo Street in Boyle Heights, which is home to the Keck School of Medicine’s clinical practices and research facilities, Laurie Stone, USC associate senior vice president for real estate, told the Journal.
Doheny, an ophthalmology nonprofit, sued USC last June for allegedly breaching the terms of its lease by using Doheny’s equipment and furniture without permission.
While it attracted bids as high as $125 million, or $833 per square foot, the 1976-built property went to USC for just $110 million because the deal settled the legal dispute between the two, sources told the Journal.
Charles Dunn and Kennedy Wilson represented Doheny in the deal. [LABJ] — Cathaleen Chen