Instil Bio, a life sciences company based in Texas, has secured an $85 million loan to build a 102,000-square-foot laboratory and manufacturing plant in the west San Fernando Valley.
The Dallas-based firm, which develops clinical-stage cell therapies to fight cancer, aims to construct its campus at 18404-18412 Oxnard Street in Tarzana, the Commercial Observer reported.
The new manufacturing, lab and office building, designed with an upswept roofline and glass windows segmented by standing pillars along the curb, is located a half block from the Metro Orange (G) Line busway at Reseda Boulevard.
The five-year, $85 million loan from Oxford Properties Group was arranged by CBRE, and will finance completion of the manufacturing plant. Instil acquired the property in October 2020 for undisclosed terms.
Los Angeles and Orange counties together ranked seventh for research talent in the life science industry, with the second-highest number of graduates each year in biological and biomedical sciences, according to a recent report by CBRE.
Venture capital funding in life sciences in L.A. also jumped 566 percent in the last five years, compared to the national increase of 345 percent, according to the Commercial Observer.
“There is an abundance of financing capital in the market for high-quality, purpose-built life sciences projects – and it is exciting to see more properties like this take shape in the greater Los Angeles area,” said CBRE’s Greg Grant, who arranged the financing for Instil Bio.
– Dana Bartholomew
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