LOS ANGELES & DENVER, November 3, 2021– (BUSINESS WIRE) – A joint venture between Los Angeles-based HATCHspaces® and Denver-based healthcare developer NexCore Group has acquired their second development project together in the Los Angeles region. The 100,000-square-foot building will be the first life science-focused new scale construction project in the region. The development site at Pico and Sepulveda in West Los Angeles marks the third project the group has acquired together, including science-focused projects in Irvine, California and Boulder, Colorado.
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HATCHspaces @ Pico and Sepulveda – 11071 Pico Boulevard, Los Angeles, CA – 100,000 SF wet lab activated life science facility (Photo: Business Wire)
“The larger Los Angeles market has matured to the point where large blocks of technically specific space are an immediate need,” said HATCHspaces® co-founder Allan Glass. “Most of our wet laboratory portfolio is at full capacity and there are several large block tenants active in the market.” The total vacancies for life science rooms are around 1.5% in the LA market. Glass continues, “We have had several major pharmaceutical and biotech companies contact us in hopes of expanding to LA from top clusters such as San Francisco, San Diego and Boston to leverage the deep and diverse pool of experienced talent already in the region.”
NexCore Chief Development Officer and Managing Partner Todd Varney says: “We have focused our efforts on providing critical infrastructure to science and health clusters that boast untapped innovation capacity. The Los Angeles region continues the momentum that began long before the pandemic,” and has strengthened its development capacity, reaching as an ecosystem. ” The venture capital community has increased investment in the LA region by over 60% since 2018 and is in fifth place in the country. With fourteen well-respected VCs actively invested in LA-based life science firms representing over $ 800 million in direct investment, Varney says: “The HATCH / NexCore partnership is focused on providing advanced facilities to sustain this momentum.”
The project is located on top of one of the most iconic intersections in the LA region and is adjacent to the Expo / Sepulveda Station in the Expo Line transit corridor. The Expo Line connects downtown Los Angeles with the Pacific Ocean and travels past academic, professional and cultural institutions such as the University of Southern California, the Los Angeles Coliseum and Exposition Park, Sony Studios, the Bergamot Station Arts Complex and the Santa Monica Pier. The light rail has also captured the attention of and large investments from some of the most well-capitalized and highly valued entertainment and technology companies in the country, including Google, HBO, Apple and Amazon.
“The city of Los Angeles and the neighborhood’s stakeholders have shown tremendous consideration from a planning perspective,” adds HATCHspaces® co-founder Howard Kozloff. “Without the zoning planned along major transit stops, it would have been difficult, if not impossible, to find an opportunity to build new facilities that promote job creation along the transit corridor.” The new STEAM-focused building will promote continued growth between technology, artificial intelligence, digital health and life science businesses along the transit corridor.
HATCHspaces® LLC is a Los Angeles-based real estate development platform that focuses on simplifying the process of scientific innovation by creating custom-built life science facilities for companies coming from academic networks and incubator networks. With properties in various regional submarkets, HATCHspaces’® The mission is to provide advanced laboratory facilities to the life science community on varying scales, enabling regions to maintain early life science and biotechnology start-ups coming from research environments.
NexCore Group LLC is a national real estate investment and development company in the healthcare sector that focuses on acquiring, developing, owning and managing healthcare facilities, including medical office buildings, wellness facilities, outpatient surgery centers, single and multi-specialist buildings, life sciences facilities and senior housing communities. NexCore works with top healthcare systems, hospitals, medical and nursing homes, memory care and post-acute care operators and reputable institutional investors and investors with high net worth to develop, acquire and own high quality assets that serve their communities through significant job creation and delivery. high quality healthcare. Since 2004, the NexCore team has developed and acquired over 13.9 million square feet of healthcare properties across the country and currently manages over $ 2.8 billion of healthcare facilities. The company has repeatedly been recognized as one of the best health real estate developers in the United States by Modern healthcare and HREI. NexCore is headquartered in Denver with regional offices in Chicago; Bethesda, Md .; Portland, Ore .; Dallas; Orlando, Fla .; Laguna Niguel, California; and Indianapolis.
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Allan S. Glass / Managing Partner – 213.952.9052 / email@example.com
Howard Kozloff / Managing Partner – 310.663.3534 / firstname.lastname@example.org
NexCore Group LLC
Kirstin Barbour / Marketing Director – 303.293.0693 / email@example.com