UCLA Drops $55M On LAX-Adjacent Building For Sports Medicine
UCLA spent $55M to lock down a nearly 170K SF office property in the South Bay.
The university plans to spend roughly $90M to redevelop the property for the UCLA Health Sports Medicine Institute, the Commercial Observer reported.
Marketing materials for the site reviewed by Bisnow in May noted its developable space. The property is zoned to accommodate more than 230K SF of new development, enough to support an expansion of the existing building or the addition of a new one.
UCLA had been circling the Karney Properties-owned office for months, though it was unclear what the university had planned for the site at 5210 Pacific Concourse Drive.
The building was 43% occupied by Siemens until October, when its lease ended and it was scheduled to vacate completely.
Karney bought the building in unincorporated Del Aire in 2017 for $53M, public records show.
UCLA has invested heavily in Westside real estate in the last year, spending $700M to acquire the former Westside Pavilion from Hudson Pacific Properties. Google had been set to lease the property through 2036 but never moved in.
