A life sciences property in Santa Monica has sold for $11 million. The asset, at 1756 Cloverfield Blvd., contains a 15,770-square-foot building.

Brentwood-based Cypress Equity Investments purchased the property from Encino-based HSJ Properties. Fred Aframian of Kidder Mathews represented the buyer while Charles DeSantis, also of Kidder Mathews, represented the seller.

The property was built and owned by the same family since 1958.

It only occupies about half the site, which Kidder Mathews said leaves development potential.

It is leased to biotechnology company TAE Life Science and has lab space.

“Fully equipped lab space is extremely difficult to find in Santa Monica,” DeSantis said in a statement.

“This deal highlights the strong demand for specialized facilities that are ready to occupy, especially in top-tier locations where barriers to new development remain high,” he added.

High demand for lab space

Life sciences properties have been in high demand. Lab and research and development leasing activity increased 41% year over year as of the third quarter of last year nationwide, according to a study by CBRE Group Inc. Demand is expected to continue to improve this year. Annual venture capital funding in the sector increased and FDA novel drug approvals in 2024 were the sixth highest annual on record, according to CBRE, which plays into demand for the properties.

Still, the brokerage found an oversupply of spaces which will persist as millions of square feet is under construction.