A pharmaceutical company has moved into a new research and development warehouse near Marina del Rey.
Armata Pharmaceuticals signed a 56,300-square-foot lease at 5005 McConnell Avenue from Montana Avenue Capital Partners, according to an announcement from Stream Realty Partners, which brokered the deal for the tenant. Terms of the deal were not disclosed.
The firm, which focuses on developing clinical-stage biotechnology, was previously headquartered at 4503 Glencoe Avenue — a 35,000-square-foot facility in Marina del Rey, according to its website.
Armata plans to build out a new research and development facility at the warehouse, according to the announcement.
Montana Avenue Capital Partners bought the warehouse for $22.3 million in 2018. The property was previously leased to aerospace electronics contractor Teledyne Reynolds, which relocated to Torrance.
Life-science and biotech real estate boomed during the pandemic as companies researched treatments for the coronavirus. Working from home proved difficult for biotech companies, given the need for in-person research and development–which helped keep space tight.
In Los Angeles, around 1.5 percent of lab space is currently vacant, according to Cushman & Wakefield. Though L.A.’s life sciences market isn’t as prominent as Boston, San Francisco or San Diego, top firms including Kite Pharma, Xencor and Celgene all have research and development space in the city. And the sector is still growing.
In June, telehealth firm GoodRx added 57,000 square feet of space to Lincoln Property Company West’s Pen Factory complex in Santa Monica.