Los Angeles and Denver, March 09, 2022–(BUSINESS WIRE)– A joint venture between Los Angeles-based HATCHspaces®, Denver’s NexCore Group, and Nuveen Real Estate Inc. has acquired a 56,300-square-foot manufacturing facility in the Playa Vista area of West Los Angeles. The project will be redeveloped as a cGMP biomanufacturing facility and will serve as the headquarters for Armata Pharmaceuticals (NYSE: ARMP). The building, located at 5005 McConnell, will serve as an important manufacturing facility for treatments for antibiotic resistance and hard-to-treat bacterial infections.
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5005 McConnell (Photo: Jonathan Ramirez – Archlins Photography)
“The Greater Los Angeles life sciences industry has moved beyond the point of being an emerging market, and quickly created a need for modern biofabrication facilities,” says Alan Glass, co-founder of HATCHspaces. “We’ve seen significant manufacturing projects being built by growing biotech companies, and respected CDMs gaining operational capability at existing facilities.” Glass continues, “Important companies have invested in the industry in Southern California. They have trained a skilled workforce and are now investing in basic infrastructure to continue growing the industry.”
The McConnell deal represents the fifth asset in the HATCH/NexCore project, adding manufacturing capabilities along with prefabricated laboratory facilities and appropriate construction. HATCHspaces now controls over 500,000 square feet of dedicated life sciences space with tenants ranging from promising privately funded startups to publicly traded companies.
“Los Angeles continues to be an essential market for us and our equity partners,” says Todd Varney, director of development and managing partner at NexCore. According to industry trade group Biocom, twenty percent of all life sciences jobs in California are in the Los Angeles County area, more than any other area in the state. Varney adds, “Life sciences innovation has always been present in Southern California. The industry understands that. Now everyone is discovering it and we’re focused on creating the right spaces to support continued growth.”
Local universities and community colleges have invested heavily in programs that train critical workers for jobs in the pharmaceutical and biotechnology industries. The area has also historically been home to significant manufacturing from companies such as Amgen, Grifols Pharmaceuticals, Takeda, and Edwards Lifesciences. Areas like South Bay have also seen generations of technical workers learn at Boeing, Raytheon, Northrup Grumman, Tesla and Space X.
Derek Parker, Senior Director at Nouven, added, “We are keen to continue investing in the communities and industries that foster economic growth. The life sciences industry is a job creator, and Los Angeles has more of these jobs than anywhere else in the state.”
5005 McConnell is located along a bike path that connects two emerging sub-groups of activity in Playa Vista and Culver City. The path connects some of the most lucrative and highly valued entertainment and technology companies in the country, including Google, HBO, Apple, Sony Studios and Amazon; and a few of the region’s most respected science companies such as Science 37, Appia Bio, industry advocacy group Bioscience LA and now Armata Pharmaceuticals.
Howard Kosloff, co-founder of HATCHspaces adds, “Through our portfolio, we connect our buildings and our tenants together as a community.” Some of the most creative people in the world come to study at local universities, and innovative companies have recognized this and built a presence in Los Angeles to keep these creative people going. here. Our goal is to help companies do this on our premises.”
HATCHspaces® LLC is a Los Angeles-based real estate development platform focused on simplifying the scientific innovation process by creating purpose-built life sciences facilities for startups from academic and incubator networks. With properties in various regional sub-markets, HATCHspaces’® The mission is to offer state-of-the-art laboratory facilities to the life sciences community at various levels, allowing regions to retain early stages in the field of biosciences and biotechnology emerging from research environments.
NexCore Group LLC is a national healthcare investment and development company focused on acquiring, developing, owning and managing healthcare facilities including medical office buildings, wellness facilities, ambulatory surgery centers, single and multi-specialty physician buildings, life sciences facilities, seniors inhabiting communities and transitional rehabilitation centers. NexCore partners with top healthcare systems, hospitals, physician groups, assisted living, memory care, post-acute care operators, reputable institutions and high net worth investors to develop, acquire and own high-quality assets that serve their communities through important functions. High quality healthcare. Since 2004, the NexCore team has completed $4.7 billion in healthcare real estate transactions in 29 states, developed and acquired more than 14.3 million square feet of healthcare real estate across the country, and currently manages more than $2.9 billion in healthcare facilities over a space. 7.3 million square feet. The company has been repeatedly recognized as one of the top US healthcare real estate developers by modern health care And the HREI. NexCore is headquartered in Denver with regional offices in Chicago. Bethesda, Maryland; Portland, ore; Dallas. Orlando, Florida; Laguna Niguel, California; and Indianapolis.
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Contacts
HATCHspaces® LLC
Allan S. Glass / Managing Partner – 213.952.9052 / [email protected]
Howard Kozloff / Managing Partner – 310.663.3534 / [email protected]
NexCore Group LLC
Christine Barbour / Director of Marketing – 303.293.0693 / [email protected]
