The University of Southern California has agreed to purchase a life sciences building in Boyle Heights, rounding out ownership of its Health Sciences campus there.
USC purchased the four-story building at 1355 San Pablo Street from the Doheny Eye Institute for $57 million, according to the Commercial Observer.
The now-USC owned campus is home to the Keck Hospital, the LAC + USC Hospital, the Keck School of Medicine, and numerous other medical facilities in the heart of Los Angeles’ Eastside.
Fred Cordova at Corion Properties, which along with Newmark represented the Doheny Eye Institute, said the purchase “provides USC with multiple options on repositioning or redevelopment as part of their long-term strategic plan for the campus.”
The four-story building totals about 72,300 square feet, including about 14,100 square feet of specialized lab space.
It was custom built in 1976 for the Doheny Eye Institute and has served as its life sciences headquarter since then.
The non-profit organization, which specializes in eye care and related research, is moving to a 115,000-square-foot space in Pasadena. The organization aims to complete the move by the end of the year.
USC bought another campus property from Doheny in 2017 for $110 million.
USC had been leasing that property. The sale settled a lawsuit filed by Doheny against USC for using lab equipment and furniture at the building without permission.
USC in 2018 tapped American Campus Communities to build a 95-unit dorm at the north end of the campus near Lincoln Park.
Mayer Corporation recently completed and opened the only hotel on the campus — a 200-key Hyatt House Hotel at 220 Trojan Way. The developer refinanced the property last month with a $61.5 million loan from Westbrook Partners.
Developers are also building around the campus. Developer Hamid Yousefian filed plans early last year for an 85-unit residential building at the campus’ southern edge.
[CO] — Dennis Lynch