Newmark Group announced on November 7, 2024, that it arranged the $55 million sale of 5210 Pacific Concourse, a Class A office building in the El Segundo submarket of Los Angeles, to The Regents of the University of California (UCLA Health). Newmark's team represented the seller, Karney Properties.
The 169,791-square-foot building includes a partial lab build-out and was 43% leased to Siemens through October 2024. UCLA Health intends to fully occupy the building upon the expiration of Siemens' lease, leveraging its existing lab infrastructure.
This sale exemplifies a growing trend of owner-users capitalizing on pricing dislocation in the market, acquiring properties with strong life science bones and future development potential. The 9.2-acre site allows for up to approximately 230,000 square feet of new construction, aligning with UCLA Health's long-term needs.
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