US$ 85M construction loan for the development of a 102,000-square-foot Instil Bio life science campus with lab, office, and production space. On behalf of the borrower, CBRE secured a five-year, floating-rate, interest-only, non-recourse loan from Oxford Properties Group. The company specializes in developing clinical-stage cell treatments for the treatment of cancer.
The Tarzana neighborhood of the San Fernando Valley will be home to the Instil Bio life sciences campus. It will be located at 18404-18412 Oxnard Street. According to CBRE, the latest finance will help finish the commercial manufacturing plant once clinical manufacturing is operational.
The top 25 life sciences labour markets were recently identified by CBRE, and L.A.-Orange County ranked seventh for research talent. Most of the second-most graduates in biological and biomedical sciences each year.
Remarks on the Instil Bio Life Science Campus project
According to CBRE’s Jeff Pion, who assisted Instil Bio in purchasing the building in October 2020 with Andrew Riley, “This site will function as Instil Bio’s global manufacturing headquarters. Eventually, it will employ hundreds of scientists and research experts at the location.”
Oxford Properties‘ head of investments and credit, Nu Suwankosai, expressed excitement about the company’s involvement. According to Suwankosai, “For Oxford, this funding sits exactly at the convergence of two significant investment themes. Deploying into credit and into the life science industry.
Because of its top-tier research facilities and accessibility to skilled labour, Los Angeles has consistently been listed among the top 10 life sciences markets, Pion continued.
According to Greg Grant of CBRE, who handled the financing for Instil Bio, “there is an abundance of financing capital in the market for high-quality, purpose-built life sciences projects. It is exciting to see additional properties like this take shape in the Greater Los Angeles area.”