IRVINE, Calif. & DENVER--(BUSINESS WIRE)--A joint venture between Los Angeles-based HATCHspaces® and Denver-based healthcare developer NexCore Group has acquired their first project together in Irvine, California. The 37,000-square foot industrial building was purchased fully vacant and will be repositioned as a purpose-built, multi-tenant life science wet lab building with delivery to the market in early Spring 2022.
“We are very enthusiastic about expanding our portfolio into Orange County,” says HATCHspaces® Co-Founder Allan Glass. “We have long viewed LA, Orange, Ventura, Riverside, and San Bernardino Counties as one region and have been looking for the right opportunity in Orange County for some time. Our goal is to bridge the LA and San Diego markets and build upon the tremendous science community that already exists in Orange County. There is an abundance of entrepreneurial activity fueled by places like the Cove at UCI, University Lab Partners Incubator, and Octane; we look forward to collaborating with those terrific teams.”
“We are excited about partnering with the HATCHspaces team and building on our growing portfolio of healthcare real estate,” says NexCore Chief Development Officer and Managing Partner Todd Varney. “The global pandemic shed a bright light on the importance and resilience of the life science industry, and we are determined to expand our footprint in this sector to further enhance healthcare solutions available for the betterment of the communities we serve.”
The project is located at 3 Burroughs in the City of Irvine, adjacent to the Irvine Spectrum, Irvine Research Center, Hoag Hospital, Kaiser Hospital, and the new 190,000 SF City of Hope Cancer Treatment Center. The recently renovated building will undergo a complete infrastructure overhaul to accommodate the specialized technical needs of life science companies and will be designed around two HATCHspaces concepts – HATCHx acceleration labs delivered as turnkey labs ready for immediate occupancy, and HATCHlabs customizable labs delivered as plug-and-play warm-shell spaces.
HATCHspaces® Co-Founder Howard Kozloff adds, “We are moving closer to our goal of one million square feet of dedicated life science real estate across Los Angeles, Orange, Ventura, Riverside, and San Bernardino Counties. Our strategic partnership with NexCore will expedite that process by providing incomparable healthcare real estate expertise and capital relationships.”
HATCHspaces® LLC is a Los Angeles-based real estate development platform focused on simplifying the process of scientific innovation by 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.
