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Wednesday, Aug 17, 2022
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Pasadena Office Complex Sells for $72.5 Million

Lincoln Property Co.’s West Coast arm, LPC West, and New York-based alternative asset firm Angelo Gordon have purchased an office campus in Pasadena for $72.5 million.

The 240,904 square-foot office campus sits on 9.6 acres at 465 N. Halstead St.
It will be anchored by Xencor Inc., a biopharmaceutical company working on cancer and autoimmune disease treatments.


The campus was updated in 2015. It is now transitioning into mainly a life sciences center.

 
Rob Kane, executive vice president of LPC West, said he was drawn to the property because of its location.

 
“We think Pasadena is a really unique submarket in L.A. given its great base of research and development and medicine and technology tenants,” he said. “We’ve always seen this as a hub for companies that are doing great work like Xencor. Kane added, “Xencor wanting to move their headquarters into Pasadena, into this location and create a life science hub, we thought was a really great opportunity.”


Kane said the property was well suited for life sciences because of its size and large floorplates.

 
The building will be renovated. Xencor will lease 148,000 square feet within the campus. The company will relocate from its current headquarters and lab space in Monrovia.


“Xencor has called Southern California home for more than two decades, and we are excited to return to Pasadena where our company was first founded. Our … fully customized workspace will provide our scientists with ample room,” Bassil Dahiyat, Xencor’s president and chief executive, said in a statement. 

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.
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