LOS ANGELES--(BUSINESS WIRE)--A joint venture between Chicago-based Singerman Real Estate and Los Angeles-based HATCHspaces® has successfully acquired the 160,980 SF Think Here campus located in the Conejo Spectrum from Harbor Associates.
The acquisition was closed on Wednesday, August 28, 2019, and will be rebranded as part of the growing HATCHspaces® portfolio of purpose-built life science facilities. The new HATCHcampus @Conejo Spectrum will build upon the current roster of science-based companies to foster a much-needed center of life science activity in the Conejo Valley. “We are very enthusiastic about the science industry’s momentum over the past 12 months in the Conejo Valley,” says HATCHspaces® Co-Founder Allan S. Glass. “It feels a lot like San Diego’s early years when Hybritech alumni began spinning out new companies, like seeds in a biotech forest. Amgen’s headquarter presence is having that same impact in the region.”
“The Los Angeles region is experiencing its moment in the life sciences,” says HATCHspaces® Co-Founder Howard Kozloff. “Over $1 billion of annual investment from the NIH alone flows into the hands of extraordinary researchers and supporting institutions in the Los Angeles region.” HATCHspaces® is now on their fifth science-focused acquisition in the greater Los Angeles region, including two buildings in the LA Bioscience HUB near the USC Keck School of Medicine and in Westwood near UCLA’s campus in West Los Angeles.
“We have found success with life science investments in San Diego and Raleigh-Durham and have been looking for other science-driven opportunities across the country,” says SRE principal Kiley Stevenson. “The Conejo Valley checks all of the boxes for us. It’s home to several mature life science companies and the quality of life in Thousand Oaks is really second to none. To find a campus style asset, adjacent to other high profile developments, with vacant space which we can reposition is ideal for us.”
HATCHcampus @Conejo Spectrum currently has approximately 25,000 square feet of vacant R&D space and another 18,000 square feet of office space immediately available for lease.
This purchase is the first joint venture between the two firms, however both companies plan to further expand their life science footprint throughout the Los Angeles market. “The HATCHspaces team has done a tremendous job connecting themselves within the life science ecosystem in LA,” says Stevenson.
Kozloff adds, “Finding such a high caliber institutional partner, accomplished across multiple markets and asset classes, amplifies our reach in Los Angeles. SRE has a tremendous reputation and has been an outstanding partner.”
Singerman Real Estate, LLC (“SRE”) is a Chicago-based opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE invests on behalf of institutional investors, including pension, endowment, foundation and money management firms. Since its formation in 2010, SRE has sourced and executed, with partners, over $2.5 billion of investments across all major property types.
HATCHspaces®, LLC is a Los Angeles-based real estate development platform focused on creating purpose-built life sciences facilities for both established companies and those emerging from incubator networks. With properties in various regional submarkets, HATCHspaces'® mission is "to deliver the life science community state-of-the-art lab facilities at varying scales, allowing regions to retain early stage bioscience and biotechnology start-ups emerging from research environments."