Lundquist Institute approved to build 15-acre biotech park outside Torrance

LA County grants 55-year ground lease; developer now being sought for project

Los Angeles /
Nov.November 19, 2020 01:00 PM
Landquist's David Meyer and a rendering of the project (Lundquist, LA County via LABJ)
Landquist’s David Meyer and a rendering of the project (Lundquist, LA County via LABJ)

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 


Related Articles

arrow_forward_ios
The bowling alley that will be demolished in Torrance (Credit: Google Maps)

Bowling alley won’t be spared if proposed Torrance retail center is approved

Bowling alley won’t be spared if proposed Torrance retail center is approved
Torrance’s Gateway Towers trade for $107M

Torrance’s Gateway Towers trade for $107M

Torrance’s Gateway Towers trade for $107M
Prologis spends $49M to acquire 31 acres of industrial land

Prologis spends $49M to acquire 31 acres of industrial land

Prologis spends $49M to acquire 31 acres of industrial land
Developer Sares-Regis sells portion of its 110-acre Torrance office campus

Developer Sares-Regis sells portion of its 110-acre Torrance office campus

Developer Sares-Regis sells portion of its 110-acre Torrance office campus
Torrance office campus sells for $124M

Torrance office campus sells for $124M

Torrance office campus sells for $124M
Morgan Stanley buys Torrance warehouse for $103M

Morgan Stanley buys Torrance warehouse for $103M

Morgan Stanley buys Torrance warehouse for $103M
Morgan Stanley fund acquires Torrance warehouse for $100M

Morgan Stanley fund acquires Torrance warehouse for $100M

Morgan Stanley fund acquires Torrance warehouse for $100M
Miramar Capital picks up Torrance office building for $19M

Miramar Capital picks up Torrance office building for $19M

Miramar Capital picks up Torrance office building for $19M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...