Cantor Fitzgerald pays record pricing for CA life science building

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Cantor Fitzgerald has paid a record $92 million for a
California life science property occupied by a leader in the sector.

Located at 25155 Rye Canyon Loop in Santa Clarita, the 180,415 s/f mission-critical life science building is fully occupied by Boston Scientific, a company that delivers life-saving medical devices and treatments.

The two-story building was completed in 2006 as a
build-to-suit for Boston Scientific’s neuromodulation division global
headquarters. In 2017, it underwent a major renovation which included the
addition of an Innovation Lab and upgrades were made to the onsite cafeteria,
floor-to-ceiling glass conference rooms, test labs, sterilization controls.

It is located with the greater Southern California
Innovation Park, a 15-building facility which offers tenants fitness and
daycare amenities within a 160-acre campus.

A team from Newmark that included co-head of U.S. Capital
Markets Kevin Shannon along with Ken White, Rob Hannan and Laura Stumm brokered
the sale of the Southern California Innovation Park in Valencia, CA, on behalf
of the seller, a partnership between Oaktree Capital Management and Intertex
Companies.

According to Stumm, “At $510 per-square-foot, this
transaction set a new pricing record for Valencia and is reflective of a
supply-demand imbalance for life science and single tenant investment
opportunities in the greater Los Angeles market.”

The Greater Los Angeles life science market features over
8.3 million square feet of life science inventory with a five percent vacancy
rate as of 1Q21, according to Newmark Research. Southern California has become
the dominant region for life science companies, employing 63 percent of the
state’s workforce.

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