LOS ANGELES--(BUSINESS WIRE)--HATCHspaces®, a Los Angeles-based real estate development and investment company, recently closed on the acquisition of 1312-1314 Westwood Boulevard in the Westwood submarket of Los Angeles. The 11,480 sf Class B office building was owned by the Pick Family Trust, a longtime Los Angeles property owner.
Occupied primarily as medical office, the building benefits from close proximity to UCLA's main campus, as well as Google's recently announced lease of 580,000 sf at Westside Pavilion. The courtyard-style, two-story property will undergo cosmetic and systems upgrades and be repositioned as creative office focused primarily on the life sciences, with suites starting at 400 sf.
HATCHspaces® Principal Allan Glass says, "Westwood has been a focus due to demand from Westside life science users, especially those emerging from UCLA's Magnify incubator at the California Nanosystems Institute."
Adds HATCHspaces® Principal Howard Kozloff, "This new acquisition, which we're calling HATCHx @ Westwood, expands our platform as we continue to grow around key Los Angeles-region bioscience anchors."
Founded in 2018, HATCHspaces® focuses on creating purpose-built life sciences facilities for companies emerging from incubator networks. With properties in various regional submarkets, HATCHspaces'® mission is "to deliver the Los Angeles bioscience community state-of-the-art lab facilities at varying scales, allowing the region to retain early stage bioscience and biotechnology start-ups emerging from research environments."