USC expands in Arcadia with 33K sf lease
The lease brings the medical office property to full occupancy
The University of Southern California is expanding its presence in the San Gabriel Valley.
The university signed a 10-year lease for 33,000 square feet at a two-building medical office at 125 W. Huntington Drive in Arcadia, according to CoStar. The lease brings the 40,000-square-foot property, owned by VG Property Investments LLC, to full occupancy.
Terms of the deal were not disclosed. CoStar reported that asking rents were around $2.95-per-square-foot, which would make the deal worth about $11.7 million. VG Properties lists its address at the property, which it developed on spec and completed in mid-2016, according to Arcadia Weekly.
USC will use the space as an oncology infusion center and for general medical uses. USC will renovate its new offices for occupancy early next year.
USC is expanding elsewhere in the valley. The Ratkovich Company announced last week that the USC Keck School of Medicine expanded its lease at the firm’s “The Alhambra” complex in Alhambra. [CoStar] – Dennis Lynch