Los Angeles’ regional bioscience industry might get a boost as n office complex will soon be converted into a life sciences campus at 123 Figueroa Street in Downtown, Los Angeles. The project proposal includes the redevelopment of an office complex built in the 1980s into a campus dedicated to life sciences and research.
BEP Helix, a company run by local biotech investor Ben Pouladian, is reportedly purchasing the leasehold interest in Park Downtown Los Angeles (Park DTLA). The land itself is owned by CRA/LA, and leased to Bunker Hill Park Ltd. under a deal which is scheduled to expire in 2077.
The project site is located next to the 110 freeway, at the intersection of 2nd Street and Figueroa Street.
The office complex consists of five office buildings spanning an area of 280,000 square feet. Following the conversion, the property will be rebranded as Helix LA.
Other private firms such as HATCHspaces and NexCore Group are also keenly planning on tapping into the same potential. Firms have recently announced plans for a life sciences-oriented office building near the intersection of Pico Boulevard and Sepulveda Boulevard in West Los Angeles.