Los Angeles County has approved the Lundquist Institute’s plan to build a biotechnology park at the Harbor-UCLA Medical Center outside Torrance.
The deal granted the biomedical research nonprofit a 55-year ground lease to develop the 15-acre site and two 20-year extension options, according to the Los Angeles Business Journal.
The biotech park will replace World War II-era barracks, and development is planned in phases. The first phase includes developing three buildings totaling 250,000 square feet with lab, manufacturing and office space.
The institute is looking for a developer to “design the facility, build the facility, and run the facility,” according to CEO David Meyer said. The institute would sublease the development site to the developer.
“We don’t want to assume a lot of risk by getting into a business of real estate and real estate developer,” he said.
The institute — until last year called the Los Angeles Biomedical Research Institute — operates labs with hundreds of researchers and is connected to UCLA. The organization opened a lab complex at the campus last year.
The pandemic has led to a flurry of investment from the likes of Blackstone and Brookfield in real estate capable of accommodating biotech and medical research companies. Real estate investment trusts that specialize in the sector also saw an uptick in investment. [LABJ] — Dennis Lynch