LPC West, Angelo Gordon pay $73M for office complex
Duo will target 240K sf campus as life sciences center
LPC West and Angelo Gordon teamed up to buy a 241,000-square-foot office campus, which the intend to market to the booming life sciences sector.
The duo — LPC is Lincoln Property Company’s West Coast wing — paid $72.5 million for the complex at 465 N. Halstead Street, according to the Los Angeles Business Journal. The seller was EverWest Realty Partners.
In a statement on the deal, LPC also announced a new anchor lease with biopharmaceutical company Xencor Inc. That company signed a lease for 148,000 square feet, some of which will be renovated with lab space.
LPC and Angelo Gordon plan to transition the complex into a “predominantly life sciences center,” according to a release.
The complex was last renovated in 2015, when DivcoWest Real Estate Investments and Edgewood Realty Partners owned it. That partnership sold a year later to EverWest for around $67 million.
LPC and Angelo Gordon two have invested in L.A. together before. The pair bought the 509,000-square-foot Campus @ Warner complex in 2017, and last year sold it to Globan Mutual for $211 million.
LPC has made large acquisitions in L.A. since the pandemic, including one of the priciest office sales of 2020.
Just before the pandemic, the firm partnered with Clarion Partners to buy the seven-acre Jefferson Creative Campus in Culver City for $169 million.
And earlier this year, the firm partnered with Geyser Holdings on the $186 million acquisition of the Hollywood 959 office complex from J.H. Snyder Co.
[LABJ] — Dennis Lynch