CBRE Brokers $11 Million Sale of 28,835 SF Life Sciences Building in Irvine, CA

CBRE negotiated the sale of a 28,835-sq.-ft. life sciences building located at 6 Thomas in the Irvine Spectrum Center neighborhood in Irvine, California, to MP Biomedicals LLC for approximately $11 million. CBRE’s Ross Bourne and Chip Wright represented the seller in the transaction.

“We identified a life science buyer who was attracted to the property’s existing lab infrastructure,” said Mr. Bourne, senior vice president with CBRE’s Life Sciences group. “This led to a successful off-market sale transaction where both the buyer and seller were pleased with the outcome.”

The building is situated on an approximate 1.5-acre parcel and is in close proximity to many other life science companies. It was converted from a light manufacturing building to a lab in 2005 and was leased to several life science tenants over the years, including Eagle Pharmaceuticals, Enevate Corporation, BIT Group and Planet Innovation.

According to CBRE research, a variety of megatrends (demographic, academic, economic, technological and investment) have boosted Orange County’s life sciences growth over the last decade.