LOS ANGELES--(BUSINESS WIRE)--A joint venture between Chicago-based Singerman Real Estate and Los Angeles-based HATCHspaces® has successfully acquired their second project together in Thousand Oaks. The 50,000-square foot small molecule manufacturing facility was purchased off-market from local biotech giant Amgen. The all-cash transaction was completed on October 29, 2020.
“Manufacturing capabilities are essential to the continued growth of any life science cluster,” says HATCHspaces® Co-Founder Allan Glass. “The Greater Los Angeles market has continued to mature over the past few years, and we have seen renewed interest in this market from companies interested in relocating to Southern California as they grow. We are currently working with over 150,000 square feet of active science-driven space requirements from companies currently in other clusters across the country.”
“We are thrilled to partner with HATCHspaces again”, says SRE principal Kiley Carter. “SRE sees strong secular growth in the life science sector and, in 2020, has successfully closed or is actively pursuing over 700,000 square feet of life science space across most of the major U.S. clusters.”
The building was acquired by Amgen in 1991 and later retooled into a state-of-the-art clinical stage small molecule production facility for drug development. Over $30 million was spent on the cGMP production areas which will be retained by the SRE / HATCHspaces JV and made available for lease to the burgeoning life science industry in greater Los Angeles and abroad. The turnkey facility should prove to be a valuable asset to pharmaceutical companies as the industry searches for ways to onshore production and respond to the goals of Operation Warp Speed and the Covid-19 pandemic.
HATCHspaces® Co-Founder Howard Kozloff adds, “We are proud to have grown HATCHspaces into the leading owner and operator of multi-tenant life science and STEAM facilities in the Los Angeles region in just over two years.” Kozloff continues, “The industry has proven its resilience and importance over a very tumultuous 2020. Our goal is to grow our portfolio to one million square feet of purpose-built science facilities across Los Angeles, Orange, Ventura, Riverside, and San Bernardino Counties.”
Singerman Real Estate, LLC (“SRE”) is a Chicago-based opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans, and operating companies. SRE invests on behalf of institutional investors, including pension, endowment, foundation, and money management firms. Since its formation in 2010, SRE has sourced and executed, with partners, over $1 billion of investments across all major property types
HATCHspaces®, LLC is a Los Angeles-based real estate development platform focused on creating purpose-built life sciences facilities for companies emerging from academic and incubator networks. With properties in various regional submarkets, HATCHspaces'® mission is to deliver the life science community state-of-the-art lab facilities at varying scales, allowing regions to retain early stage bioscience and biotechnology start-ups emerging from research environments.
