LOS ANGELES– LPC West, the West Coast arm of national real estate firm Lincoln Property Company, has partnered with Angelo Gordon to acquire 465 North Halstead, an office campus situated on 9.6 acres in East Pasadena just blocks from the Sierra Madre Villa Station along Metro’s Gold Line.
The 240,904 square-foot campus will be anchored by Xencor, Inc., a clinical-stage biopharmaceutical company developing potential treatments for cancer and autoimmune diseases. The building will be renovated with lab space to accommodate Xencor, and the company will lease approximately 148,000 square feet within the campus. Xencor will relocate to the campus from its current headquarters and lab space in Monrovia.
“Xencor has called Southern California home for more than two decades, and we are excited to return to Pasadena, where our company was first founded. Our new, modern and fully customized workspace will provide our scientists with ample room, as well as future optionality, to advance our innovative protein technologies and to engineer potential new therapies for patients,” said Bassil Dahiyat, Ph.D., President and Chief Executive Officer of Xencor. “We are also thrilled to work with LPC West, whose investment demonstrates leadership within the life sciences real estate sector and recognizes Pasadena as an exceptional, talent-rich community important for the growth of the life sciences industry across Greater Los Angeles.”
The campus underwent a multi-million-dollar renovation in 2015 and has been home to a diverse array of tenants in the science, engineering, technology, and financial industries, among others. Now, the property is transitioning to a predominately life sciences center with the addition of Xencor, which will account for half of the campus space.
“Xencor is doing important, life-saving work, and we are thrilled to acquire space for them in Pasadena, which has long attracted the world’s top science and technology companies,” said Rob Kane, Executive Vice President of LPC West. “The campus at 465 North Halstead is in a prime location in East Pasadena and is very well-suited to the life sciences industry, which is continuing to grow at a rapid pace in Los Angeles.”
The two-story property has efficient open-plan floor plates, allowing for tenant flexibility, as well as collaborative outdoor spaces and private entrances to tenant spaces. The property also has an abundance of surface parking for tenants and visitors.
The Pasadena office market continues to attract the blue-chip companies who are drawn to its access to transit as well as the recent mixed-use developments that have brought new housing and development to the City, creating many new options for employees. LPC West is developing 100 West Walnut, which will be a 200,000 square foot mixed-use development with office, retail, and housing near Old Pasadena.
Kevin Shannon of Newmark Knight Frank and his team represented the seller in the transaction. Chad Urie, Patrick Church and Josh Wrobel of JLL represented Xencor.
