• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Grant for $120M will fund anchor tenant at UCLA Research Park

Philanthropist Dr. Gary Michelson has pledged $120 million to found a medical institute, the anchor tenant at a UCLA research campus carved from the former Westside Pavilion in West L.A.

The billionaire surgeon-inventor and his wife, Alya, awarded the funds for the California Institute for Immunology and Immunotherapy at the UCLA Research Park at 10800 West Pico Boulevard, two miles south of UCLA’s Westwood campus, the Los Angeles Times and Urbanize Los Angeles reported.

The institute will occupy 360,000 square feet of the 700,000-square-foot medical research and engineering complex under construction in Rancho Park. Terms of the deal appear to avoid a traditional lease.

The institute will operate as a nonprofit medical research organization funded by a public-private partnership and governed by an independent board that includes UCLA representatives, according to a UC Regents document. The institute will pay UCLA 7.5 percent of any net revenues generated by the sale of new medicines and other inventions its scientists create.

In January, the University of California paid $700 million for the former indoor mall, which was in the middle of an office conversion by Hudson Pacific and Macerich, with Google as the target tenant.

Although its redevelopment into a UCLA research campus is expected to take three years, the immunology institute could be up and running in half that time, according to the Times.

Along with the California Institute for Immunology and Immunotherapy, the UCLA Research Park will also house the UCLA Center for Quantum Science and Engineering, plus other science and medicine programs, according to UCLA.

The former Westside Pavilion includes a 12-screen theater that could be converted into lecture halls or performance stages.

The park’s first tenant, the California Institute for Immunology and Immunotherapy, aims to prevent and cure diseases such as cancer, heart disease and Alzheimer’s.

The $120 million award, through the Michelson Medical Research Foundation, includes $100 million to be divided within the institute between vaccine development and microbiome research. The remaining $20 million will seed an endowment offering research grants for young scientists.

The institute will contain different size laboratories for biotech researchers who can start small, then step up to larger labs. 

“We’re going to create an entire ecosystem of biotech startups and they’re going to stay right here” and attract other players to the neighborhood, Michelson told the Times.

The immunology institute had been planned for years, while a full-scale research park was something “we’ve always dreamed of having … but we always recognized we could never find a piece of property that big close to campus,” former UCLA Chancellor Gene Block, who was instrumental in the purchase of the former Westside Pavilion, told the Times. “We had sort of given up on the idea many years ago — and it came alive.”

Block said an earlier plan to build the institute on campus called for tearing down a parking garage, digging a hole deep enough to replace the parking and erecting a new building on top.

In addition to the former Westside Pavilion, the University of California bought two other properties to be used as satellites by landlocked UCLA in Westwood. 

The purchases include the historic Trust Building in Downtown Los Angeles and the former Marymount California University campus in Rancho Palos Verdes.

— Dana Bartholomew

Read more

  • UCLA pays $700M for Hudson Pacific’s planned Google campus in West LA
  • Philanthropist Michelson buys Brentwood estate
  • UCLA in deal to buy Westside mall-to-office redevelopment from Hudson Pacific

The post Grant for $120M will fund anchor tenant at UCLA Research Park appeared first on The Real Deal.

Powered by WPeMatico

  • 29 August 2024
  • The Real Deal
  • Uncategorized
  •  Like
SHB proposes eight-story affordable complex in North Hollywood →← Altman Brothers Team looks to replicate LA business in OC
  • Recent Posts

    • Mayor Karen Bass blasts everyone but herself for wildfire mishandling May 7, 2025
    • WEA, Beverly Hills Estates cut deal on $27M Malibu Colony home May 7, 2025
    • Oil firm eyes homes, hotel near Bolsa Chica wetlands in Huntington Beach May 7, 2025
    • Bankrupt Rite Aid to market 1.3K stores, including dozens in LA County May 7, 2025
    • Carolwood flexes with new LA pocket listings portal, boasting $1B+ in inventory May 7, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM