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LPC West, Angelo Gordon look for $200M flip in Pasadena
Bought life science complex earlier this year, added anchor tenant
LPC West and Angelo Gordon are looking to flip a life science complex in Pasadena less than six months after the duo bought it.
The partners put the 241,000-square-foot campus at 465 North Halstead Street up for sale, sources familiar with the deal told The Real Deal. Newmark is marketing the property.
LPC West — the West Coast wing of Lincoln Property Company — teamed up with Angelo Gordon to buy the property from EverWest for $72.5 million in July.
The new owners immediately signed an anchor lease with biopharmaceutical company Xencor, which took 148,000 square feet. The deal was by far the largest life sciences lease this year as of the beginning of December, according to CBRE. The second largest lease was Impact Bio taking 26,229 square feet of space in the San Fernando Valley.
With the new lease, sources told TRD, the property could fetch up to $200 million, or around $829 per square foot. LPC West declined to comment.
If it goes through, the deal would be a sign of high demand for life science product across Los Angeles. Demand for lab space across greater Los Angeles has increased by 7 percent in the last six months, with 20 firms currently looking for space, according to a December report from CBRE. Only three life sciences facilities are currently under construction across the region.
In West L.A., HATCHSpaces and NexCore are planning to build a 100,000-square-foot life science project.
Few life sciences projects have traded hands in recent months across Los Angeles, the most recent being the University of Southern California’s purchase of a 72,300-square-foot building in Boyle Heights for $57 million. That deal came out to around $788 per square foot.