Alta West Partners, Glendon Capital Management and an affiliate of A2 Capital Management, have closed on the $21.4-million purchase of 3401 Del Amo in Torrance, an 83,000-square-foot flex research and development asset in the South Bay submarket of Los Angeles County. Originally purpose-built for Kubota Tractor Corporation, the property has never been publicly marketed for lease. 

A Cushman & Wakefield broker team led by Brett Racanelli, Nathan Piehl and Jeff Morgan represented the buyer as well as the seller in the all-cash trade. Cushman & Wakefield was also retained by the new owner to handle leasing efforts for the property going forward.

“This property aligns with Alta West’s investment strategy, and we were pleased to have supported them throughout a very smooth closing process,” said Racanelli. “Torrance continues to attract innovative companies in technology, aerospace, and advanced manufacturing, making this a prime location for R&D and flex users.”

The New York City Council has approved the Science Park and Research Campus (SPARC) Kips Bay and Innovation East projects. The vote completed the public review process for the two projects in Manhattan’s Kips Bay neighborhood, which the New York City Economic Development Corporation called key initiatives in advancing the goal of creating 10 million square feet of life sciences space locally.

“The state-of-the-art projects at SPARC Kips Bay and Innovation East will not only drive significant economic impact but also create a strong talent pipeline through the city’s academic institutions and organizations,” said NYCEDC president & CEO Andrew Kimball.

NYCEDC said SPARC Kips Bay will transform an entire city block with more than two million square feet of academic, public health and life sciences space. The Innovation East development, located at 455 First Ave., will replace the former and obsolete Public Health Lab with a new state-of-the-art life science hub.

Levin Johnston of Marcus and Millichap, among the top multifamily brokerage teams in the U.S., recently acquired a second Bay Area office in San Carlos to accompany its existing owned office in Los Altos. In addition, the team increased the annual number of deals it closed in 2024 by more than 50%, facilitating 80 transactions this past year as compared to 50 in 2023.

“The purchase of our San Carlos office highlights our team’s deep integration in this geographical market and projections for activity ahead in the region,” said Adam Levin, executive managing director of Levin Johnston. “While the economic landscape has presented challenges for the industry, Levin Johnston has thrived over the last two years and sees a bright future on the horizon.”

He continued, “The new office will allow us to better serve our clients and continue to be a market leader in Northern California. This expansion also sets a foundation to continue to grow our footprint outside the region as well.”

Center for Elders’ Independence (CEI) has signed a lease for approximately 23,000 square feet at Meridian’s recent medical office conversion, Broadway Medical Plaza in the Pill Hill area of Oakland. Sid P. Ewing of Colliers represented Meridian in the lease transaction, and Douglas Hubert and Steve Polito of Sabre Real Estate Group represented CEI for its sixth Bay Area location.

Located at 3901 Broadway, Broadway Medical Plaza was a former assembly hall within blocks of the UCSF Benioff Children’s Hospital, Sutter Health, and Kaiser medical campuses. Meridian acquired the 1.25-acre site and building in 2022 to convert it into a 60,000-square-foot medical facility along with a new parking structure.

“As soon as we toured this building, we knew it had the bones to repurpose for medical space,” said Meridian CEO Mike Conn. “It had great zoning and infrastructure, including the ability to house an ambulatory surgery center as well as the footprint to construct a 220-stall parking garage. We recently wrapped up construction of the shell and are eager to complete the CEI buildout.”

Boulder-based real estate investment and development firm Conscience Bay Company (CBC) completed the purchase of Industry Denver, located at 3001 Brighton Blvd, for $19 million. The 160,000-square-foot building will be rebranded as ‘Fabrica RiNo’. 

Conscience Bay Company purchased the property from Clarion Partners, who the Denver Business Journal reported had defaulted on two loans on the property valued at $28.67 million. CBRE represented the seller, and Conscience Bay Company was not represented. 

Originally built in the 1940s as a cold storage warehouse and later serving as the city’s primary food market, construction on the building to repurpose it for modern commercial use began in 2013. The building was one of the first major office developments in the RiNo Art District. 

The building offers private offices, common areas, and turnkey spaces ranging from 500 to 12,000 square feet. Over 20 companies currently call Fabrica RiNo home, including Core Power Yoga, Snooze and Will Call, encompassing nearly 4 acres of office and common spaces. 

Kidder Mathews has hired Will Ballowe as a VP in Pleasanton. With nearly a decade of experience, Ballowe specializes in representing office landlords and tenants across San Francisco’s East Bay market.

The company said Ballowe has a proven track record assisting a diverse clientele, from dynamic start-ups to established corporations, in navigating complex leasing and sales transactions to maximize market opportunities. He launched his brokerage career at Lee & Associates and was with Newmark before joining Kidder Mathews.

“Boutique firm splits alongside the branding strength of a large firm, Kidder Mathews offers a unique combination of benefits,” said Ballowe. “The firm provides support, advanced technology, and research resources that empower me to succeed in my role. Choosing Kidder Mathews has surpassed my expectations and is a pivotal point in my career.”

The New York City Economic Development Corporation (NYCEDC) on Wednesday announced a Request for Proposals (RFP) for a construction management firm to manage construction of the first phase of the Science Park and Research Campus (SPARC) Kips Bay project, intended to transform Hunter College’s Brookdale School of Nursing Campus into nearly two million square feet of academic, healthcare and life sciences space.

The total anticipated contract award is expected to be more than $1 billion, and the work will be governed under a Project Labor Agreement. Construction is expected to begin at the end of 2025 and to be completed in 2031. The RFP can be viewed here.

The construction manager will oversee deconstruction of the existing buildings on the current Hunter Brookdale School of Nursing campus, construction of the first phase of the SPARC Kips Bay development and reconstruction of the existing 25th Street pedestrian bridge over the FDR Drive.

“SPARC Kips Bay is a transformative and generational project that will cement New York City as the global leader in the life sciences industry while building a more vibrant and inclusive economy,” said NYCEDC president & CEO Andrew Kimball. “Securing a construction manager is a monumental step in turning this vision to reality and creating a first-of-its-kind campus that will create a diverse talent pipeline of students looking to enter the life sciences and health sectors.”

Cushman & Wakefield has hired Julie Rice as a director of laboratory planning, based in San Francisco. Rice will plan facilities infrastructure to support the laboratory environment and expand the firm’s relationship between third-party life science clients and the firm’s internal life science team.

Rice has more than 30 years of experience in the Bay Area biotechnology industry in addition to 10 years of experience in laboratory and facilities management. Her work includes laboratory operations as well as business operations specifically within biotech, supporting companies who have been focused on small and large molecule drug discovery, cell and gene therapy, genomics and AgBio.

“We are thrilled to welcome Julie to our team,” said Jason D’Orlando, Cushman & Wakefield’s Americas life & technology science lead. “With her extensive expertise in laboratory operations and facilities management, Julie brings invaluable insight to our organization. Julie’s arrival marks an exciting chapter for our life sciences division as we continue to drive innovation and support the growth of our clients in this dynamic industry.”

Leaders From Rialto Capital Management, AEW, CIM, Rexford Industrial, EQR and Cushman & Wakefield come together on the Capital Markets panel at Connect Los Angeles 2024 on May 1 at the InterContinental in DTLA. Register now to hear from these industry experts and more. 

Sterling Bay has listed a trio of properties near the stalled Lincoln Yards $6 billion megaproject site. The firm is selling the properties to pay off debt amid the firm’s search for a new financial partner for the 53-acre mixed-use development.

Sterling Bay has hired CBRE to market the three parcels at 1907 North Mendell Street, 1901 North Elston Street, and 1500 West Cortland Avenue, reported Crain’s. Sterling Bay has faced mounting financial pressure as it deals with the imminent need to pay off debt amid the search for a new financial partner.

Last year, the firm sold an industrial property near the Lincoln Yards site, a joint venture of Farpoint Development and Langdon Partners. The ambitious Lincoln Yards project was aimed to breathe fresh life into a former industrial site in Chicago’s North Side, with improved infrastructure and transportation, new businesses and residences, along with parks and open spaces.