UCLA Health Expands Presence with New Lease and Major Redevelopment Plans
As part of its ongoing efforts to enhance healthcare facilities in Los Angeles, UCLA Health has solidified its commitment to growth by renewing its lease and planning significant redevelopment projects. These developments underscore the health network’s dedication to both sports medicine and cancer care.
Lease Renewal Details
Recently, UCLA Health extended its lease for a substantial 22,224 square feet at a three-story medical office building located at 2825 Santa Monica Boulevard in Santa Monica. The facility is primarily utilized for laboratory and office space associated with the Jonsson Comprehensive Cancer Center. This property is owned by Harrison Street, a Chicago-based investment firm that purchased it in 2022 for approximately $58.6 million.
The renewal was facilitated by JLL representatives Bryan Lewitt, Chris Isola, and Monica Enes, while UCLA Health was represented by its in-house team, including Matt Ceragioli and Greg Park.
Market Dynamics and Strategic Decisions
According to Lewitt, “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.”
Future Redevelopment Initiatives
In addition to the lease renewal, UCLA Health is embarking on several pivotal projects aimed at enhancing its service capabilities. Notable among these is a forthcoming $90 million redevelopment of the former Westside Pavilion mall into an expansive research park. This initiative reflects UCLA’s strategy to bolster its medical research presence in the region.
Furthermore, last fall, UCLA Health invested $55 million in acquiring a 170,000-square-foot facility situated just southeast of Los Angeles International Airport. This site will house the new UCLA Sports Medicine Institute, which is slated for a comprehensive upgrade, including the development of an ambulatory surgery center, a medical clinic, and a specialty pharmacy.
Conclusion
Through these lease renewals and significant redevelopment projects, UCLA Health continues to demonstrate its commitment to providing state-of-the-art medical facilities and care in Los Angeles County, reinforcing its role as a leader in healthcare innovation and patient services.
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