Santa Monica biotech firm Kite Pharma Inc. has signed a lease for a commercial manufacturing facility in El Segundo near Los Angeles International Airport.
The company plans to use the 44,500-square-foot space, along with another recently leased clinical manufacturing facility in Santa Monica, to support clinical trials and prepare Kite for the anticipated 2017 commercial launch and supply of its lead drug candidate. The firm is working on therapies that extract a cancer patient’s immune system cells and engineer them to recognize cancer.
The building, at 2355 Utah Ave., is part of a creative office campus owned by NSB Associates Inc. Kite has an option to take 17,000 more square feet in the form of an addition that would have to be built.
“If we continue to grow we’ll be able to add some more manufacturing,” said broker Andrew Riley of CBRE Group Inc., who along with Jeff Pion represented Kite during lease negotiations. “Break down a wall and, boom, you have a 60,000-square-foot building.”
Along with clinical manufacturing, the recently leased 18,000-square-foot facility in Santa Monica will provide space for research and development as well as offices. Kite will still maintain its Santa Monica headquarters at 2225 Colorado Ave.
By the Beach
Boulevard Partners and Arris Investments have plunked down $11.5 million for a 25,000-square-foot mixed-use building on Lincoln Boulevard at Rose Avenue in Venice.
The building, at 316-26 Lincoln, was just 30 percent leased at the time of sale. It will undergo a renovation of a couple of million dollars and be repositioned to cater to the area’s creative tenant market, according to Scott A. Ginsburg, Boulevard managing partner. He added that the new co-owners would aim for a retail tenant mix that will include “creative” shops, likely in food and coffee.
Included in the sale was an adjacent 55-stall surface parking lot.
The seller, a limited liability corporation formed by three investors, included Louis Magur, an attorney whose office is listed at the property. Magur did not return a call seeking comment. According to CoStar Group Inc., the sellers purchased the property in 1993 for $1.6 million.
CBRE’s Pion represented Boulevard and Arris in the purchase, and the co-owners have retained Industry Partners to handle leasing for the property. Sklar Kirsh advised the buyers on the purchase and acquisition financing, provided by Latitude Real Estate Investors.
One of America’s most historic and iconic broadcasting landmarks is for sale.
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