Newmark: and Corion Properties complete $ 57 million sale of life sciences building on USC’s health sciences campus

November 15, 2021 9:00 AM

Newmark [1] announced that it has completed the sale for $ 57 million of an approximately 75,272 square foot four-story life sciences building in the heart of the University of Southern California’s health sciences campus, just outside next to USC Norris Hospital. This rare and highly specialized building provides a strong presence in the growing Los Angeles life sciences market for USC’s portfolio.

Newmark Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White and Senior Managing Director Laura Stumm, as well as Fred Cordova, Al Grazioli and JoAnn Horeni of Corion Properties Inc., represented the seller, Doheny Eye Institute. USC was represented by CBRE.

The building was constructed in 1976 for the Doheny Eye Institute and was available for sale for the first time since its delivery. The building comprises approximately 14,071 square feet of highly specialized laboratory space and has served as the life sciences headquarters in Doheny for the past 45 years. Doheny moves to a 115,000 square foot building located at 150 Orange Grove Blvd. in Pasadena and is expected to complete the move by the end of 2021.

“This was a very competitive bidding process reflecting Capital Los Angeles’s growing belief as a vibrant life sciences market,” said Shannon.

Cordova added, “Ownership of the building, which was the last remaining asset on campus that did not belong to USC, now offers USC several repositioning or redevelopment options as part of its strategic plan to long term for the campus.

Life sciences continue to be one of the most sought-after types of real estate products during the pandemic and are expected to expand across Los Angeles. LA County life science companies raised $ 1.7 billion in funding last year, the most of any county in California, according to Newmark Research. Landowners and tenants are converting existing properties due to the lack of land available for single storey development.

[1] Dba Newmark Knight Frank in California

About Corion Properties, Inc.
Corion Properties, Inc. is a Santa Monica, California-based investment management and advisory firm specializing in helping real estate owners accelerate the performance and monetization of their properties. https://www.corionenterprises.com/

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.5 billion for the twelve months ending September 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.

Discussion of forward-looking statements regarding Newmark

Statements contained in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.


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