Despite its significant, $90 million redevelopment project for the Sports Medicine Institute, UCLA Health is maintaining its presence in other parts of Los Angeles County after recently renewing its lease for 22,224 square feet at the three-story medical office building located at 2825 Santa Monica Blvd. in Santa Monica, Calif.
The property — owned by Chicago-based Harrison Street — serves as lab and office space for UCLA’s Jonsson Comprehensive Cancer Center. The company acquired the Santa Monica property in 2022 for approximately $58.6 million as part of a larger portfolio transaction that also encompassed the 51,570-square-foot medical office building located at 9090 Wilshire Blvd. in Beverly Hills, Calif.
The lease transaction for 2825 Santa Monica Blvd. was brokered by JLL’s Bryan Lewitt, Chris Isola and Monica Enes representing the landlord (Harrison Street Real Estate) with Anchor Health Properties acting as the third-party asset manager. UCLA Health was represented internally by Matt Ceragioli and Greg Park.
JLL Executive Vice President, Chris Isola, stated, “This lease highlights the demand for well-located medical office properties in southern California.”
Echoing this sentiment, JLL Managing Director, Bryan Lewitt, noted that “compelling relocation options for tenants of this stature are limited in the Westside market, leading toward a higher likelihood of renewal and the ability for ownership to secure a competitive rental rate and favorable lease terms.”
UCLA has been strategically expanding its footprint across the LA Basin for years — a move highlighted by a significant, $700 million acquisition early last year to transform the Westside Pavilion mall into a substantial research park. Further demonstrating this growth, the university’s health system also invested $55 million last fall to acquire a 170,000-square-foot facility near Los Angeles International Airport that’s earmarked for the UCLA Sports Medicine Institute. It also has plans for a $90 million redevelopment to include an ambulatory surgery center, medical clinic and specialty pharmacy, among other enhancements.
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