Pharma outfit sees R&D in 56K sf HQ near Marina del Rey

Montana Avenue Capital Partners bought warehouse for $22M in 2018

Los Angeles /
Nov.November 15, 2021 02:45 PM
Armata Pharmaceuticals CEO Brian Varnum and Montana Avenue Capital Partners Managing Partner Jeremy Rogers with 5005 McConnell Ave (Montana, Armata)
Armata Pharmaceuticals CEO Brian Varnum and Montana Avenue Capital Partners Managing Partner Jeremy Rogers with 5005 McConnell Ave (Montana, Armata)

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.





    Related Articles

    arrow_forward_ios
    Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
    CAA picks JMB Realty’s new Century City tower for HQ
    CAA picks JMB Realty’s new Century City tower for HQ
    Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick and 2701 Olympic Boulevard (Wikipedia, Loopnet)
    Here’s how Microsoft will expand its SoCal office footprint with Activision
    Here’s how Microsoft will expand its SoCal office footprint with Activision
    Rick Magnuson, founder, GI Partners, and One Wilshire (GI Partners, Council on Tall Buildings and Urban Habitat, iStock)
    DTLA tower gets $389M refi from Goldman Sachs
    DTLA tower gets $389M refi from Goldman Sachs
    Office specialist starts 2022 with deal for industrial park
    Office specialist starts 2022 with deal for industrial park
    Office specialist starts 2022 with deal for industrial park
    Sony Music Publishing plants flag in Hollywood
    Sony Music Publishing plants flag in Hollywood
    Sony Music Publishing plants flag in Hollywood
    Onni Group picks up Hollywood office property with big potential
    Onni Group picks up Hollywood office property with big potential
    Onni Group picks up Hollywood office property with big potential
    $200M refi for Century City office tower
    $200M refi for Century City office tower
    $200M refi for Century City office tower
    Here are LA’s top office sales in 2021
    Here are LA’s top office sales in 2021
    Here are LA’s top office sales in 2021
    arrow_forward_ios

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

    Loading...