Cantor Fitzgerald paid a record $ 92 million for an industry-leading life science property in California.
Located at 25155 Rye Canyon Loop in Santa Clarita, the life sciences critical building 180 415 s / f is fully occupied by Boston Scientific, a company that supplies life-saving medical devices and treatments.
The two-story building was built in 2006 as a superstructure for the global headquarters of Boston Scientific’s neuromodulation division. In 2017, it underwent a major overhaul with the addition of an innovation lab, as well as upgrades to the cafeteria, floor-to-ceiling glass conference rooms, testing laboratories, sterilization controls.
It is located adjacent to the large Southern California Innovation Park, a 15-building facility that offers tenants a fitness center and daycare services on a 160-acre campus.
The Newmark team, which included US co-head of capital markets Kevin Shannon, as well as Ken White, Rob Hannan and Laura Stumm, brokered the sale of Southern California Innovation Park in Valencia, California on behalf of the seller, Oaktree Capital Partnership Management Companies and by Intertex.
According to Stumm, “This deal at $ 510 per square foot set a new price record for Valencia and reflects an imbalance in biosciences supply and demand and a single tenant investment opportunity in the large Los Angeles market.”
The Greater Los Angeles life sciences market includes over 8.3 million square feet of life sciences stock with a 5 percent vacancy rate for Q1 21, according to Newmark Research. Southern California has become the dominant region for life sciences companies, employing 63 percent of the state’s workforce.
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