LPC West, Angelo Gordon look for $200M flip in Pasadena

Bought life science complex earlier this year, added anchor tenant

Los Angeles /
Dec.December 27, 2021 11:51 AM
LPC West's Rob Kane and Angelo Gordon CEO Adam Schwartz with 465 North Halstead Street (LPC, Angelo Gordon)
LPC West’s Rob Kane and Angelo Gordon CEO Adam Schwartz with 465 North Halstead Street (LPC, Angelo Gordon)

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.





    Related Articles

    arrow_forward_ios
    GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
    Here’s how much tenants are paying at One Wilshire in DTLA
    Here’s how much tenants are paying at One Wilshire in DTLA
    Link Logistics' Luke Petherbridge with 5200 Sheila Street (Link Logistics, iStock)
    Aerospace outfit leases 115K sf warehouse in Commerce
    Aerospace outfit leases 115K sf warehouse in Commerce
    Bicycle Hotel and Casino (google Maps, iStock)
    Investor scores $210M for Bell Gardens casino deal
    Investor scores $210M for Bell Gardens casino deal
    Dollinger Properties' Dave Dollinger and Plaza at Golden Valley mall (Crexi, Getty Images)
    $54M for Santa Clarita retail center
    $54M for Santa Clarita retail center
    1633 Victory Boulevard, Glendale and Senior Planner at City of Glendale Dennis Joe (Google Maps, LinkedIn)
    New owner wants to enlarge controversial Glendale hotel project
    New owner wants to enlarge controversial Glendale hotel project
    Coretrust Capital Partners' Thomas Ricci, Randall Scott and John Sischo; 444 S. Flower Street, Los Angeles (444 South Flower, iStock, Coretrust Capital Partners)
    Coretrust leases 44K sf of offices to law firms in DTLA
    Coretrust leases 44K sf of offices to law firms in DTLA
    80 South Street (Wikipedia)
    Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
    Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
    Steve Soboroff and U.S. Rep. Karen Bass (Getty)
    Soboroff endorses Bass
    Soboroff endorses Bass
    arrow_forward_ios

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

    Loading...