Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) - representing seller Doheny Eye Institute, one of the world's most prestigious vision research organizations - has helped close the $57 million sale of a 75,272-square-foot, four-story life science building located within the University of Southern California (USC) Health Science Campus. The building was sold to USC, bolstering the university's life science portfolio.
Located at 1355 San Pablo Street in downtown Los Angeles, adjacent to the USC Norris hospital, the facility also houses 14,071 square feet of lab space.
According to David Swartz, the CGS3 partner who handled the deal, the building served as the life science headquarters for Doheny for over 45 years and was constructed in 1976 for the institute, a non-profit at the forefront of vision science. "This was the last remaining building on campus not owned by USC, and its sale marks the first time the building has been on the market since it was constructed," Swartz said. Doheny is moving its headquarters to 150 North Orange Grove Boulevard in Pasadena - a seven-acre campus containing a115,895-square-foot building - and should complete the relocation by the end of 2021. CGS3 represented Doheny in connection with the acquisition of the Pasadena property in 2017.
Corion Properties and Newmark were the brokers for Doheny, and USC was represented by CBRE in the transaction.
About Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3)
CGS3 is a new generation commercial real estate law firm with practice areas covering the full commercial real estate life cycle, including finance, acquisition/disposition, entity formation, tax, development, land use, leasing, distressed asset workouts and dispute resolution. Earning a reputation as one of California's leading commercial real estate law firms, CGS3 has recruited some of the state's top real estate attorneys from both large corporate firms and senior in-house positions. CGS3 is located at 12750 High Bluff Drive, Suite 250, San Diego, California 92130 and 10940 Wilshire Boulevard, Suite 2200, Los Angeles, California 90024. For more information, visit http://www.cgs3.com.