{"id":1004571483,"date":"2022-03-10T08:18:11","date_gmt":"2022-03-10T16:18:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004571483"},"modified":"2022-12-09T01:38:11","modified_gmt":"2022-12-09T09:38:11","slug":"hatchspaces-nexcore-nuveen-to-develop-rd-facility-in-west-la","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hatchspaces-nexcore-nuveen-to-develop-rd-facility-in-west-la\/","title":{"rendered":"HATCHspaces, NexCore, Nuveen to Develop R&D Facility in West LA"},"content":{"rendered":"
\"\"<\/a>

5005 McConnell Ave. Photo by Jonathan Ramirez – Archlenz Photography<\/p><\/div>\n

HATCHspaces,<\/strong> a Los Angeles-based life sciences real estate platform, has partnered once again with NexCore Group <\/strong>and Nuveen Real Estate <\/strong>for the development of a new R&D facility in West Los Angeles. The venture has acquired an industrial property, which will be redeveloped for Armata Pharmaceuticals<\/strong>.<\/p>\n

Armata Pharmaceuticals first announced it entered a build-to-suit lease agreement for its new space in November last year. The developer venture will redevelop the existing building as a cGMP critical manufacturing facility\u2014Armata specializes on treatments for antibiotic-resistant and difficult to treat bacterial infections.<\/p>\n

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READ ALSO: <\/strong>E-commerce Powers the Rise of Multistory Industrial Projects<\/a><\/p>\n

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According to CommercialEdge data, the building at 5005 McConnell Ave. was previously owned by Montana Avenue Capital Partners<\/strong>. Armata is currently headquartered on Glencoe Avenue, less than two miles west from its future location on McConnell. The 56,300-square-foot facility was originally constructed in 1969.<\/p>\n

In the initial lease announcement, Armata CEO Brian Varnum said that the new facility \u201cis essential for our novel product form given the scarcity of phage-specific manufacturing capacity. Building out multiple manufacturing lines also positions us to evaluate potential strategic partnerships and collaborations.\u201d<\/p>\n

Robust demand for the sector<\/h2>\n

This represents the fifth such asset that HATCHspaces and NexCore have worked on. Last year, the partnership announced another life science project in Los Angeles: a 100,000-square-foot development also in West Los Angeles. Similarly, Nuveen and NexCore also expanded their venture in the sector\u2014notably, last year\u2019s $620 million portfolio acquisition<\/a> from IRA Capital<\/strong>, targeting life sciences and medical office properties across 11 states.<\/p>\n

\u201cSignificant companies in the industry have invested in Southern California. They have trained a skilled workforce and are now investing in the core infrastructure to continue growing the industry,\u201d noted HATCHspaces co-founder Allan Glass in a prepared statement.<\/p>\n

Life sciences development is estimated to grow at a strong pace this year, according to CBRE<\/strong>. Los Angeles is numbered among several markets that are faced with strong demand and have seen new developers commit to its growth. Among these, Oxford Properties <\/strong>announced in September its debut in Los Angeles\u2014a $133.5 million acquisition<\/a> in Santa Clarita, where it plans to develop a new campus.<\/p>\n","protected":false},"excerpt":{"rendered":"

The build-to-suit biomanufacturing facility will be occupied by Armata Pharmaceuticals.<\/p>\n","protected":false},"author":1284,"featured_media":1004571488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,1594,21742,15],"tags":[51563,34722,37491],"class_list":["post-1004571483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-los-angeles","category-latest","category-west","tag-hatchspaces","tag-nexcore-group","tag-nuveen"],"acf":[],"yoast_head":"\nHATCHspaces, NexCore, Nuveen to Develop R&D Facility in West LA - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"HATCHspaces, Nuveen and NexCore will redevelop an industrial facility into biomanufacturing for Armata Pharmaceuticals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hatchspaces-nexcore-nuveen-to-develop-rd-facility-in-west-la\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HATCHspaces, NexCore, Nuveen to Develop R&D Facility in West LA\" \/>\n<meta property=\"og:description\" content=\"HATCHspaces, Nuveen and NexCore will redevelop an industrial facility into biomanufacturing for Armata Pharmaceuticals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hatchspaces-nexcore-nuveen-to-develop-rd-facility-in-west-la\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-10T16:18:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:38:11+00:00\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/5005-mcconnell-ave-jonathan-ramirez-archlenz-photography-e1646919677446.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hatchspaces-nexcore-nuveen-to-develop-rd-facility-in-west-la\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hatchspaces-nexcore-nuveen-to-develop-rd-facility-in-west-la\/\",\"name\":\"HATCHspaces, NexCore, Nuveen to Develop R&D Facility in West LA - 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