GoodRx, known for its app for tracking pharmaceutical deals, has its 130,000-square-foot headquarters at the Pen Factory, which previously housed the Papermate pen manufacturing facility. Īctivision Publishing moved its headquarters to the Pen Factory via a sublease deal with Kite Pharma for nearly 90,000 square feet. The deal for Pen Factory comes in more than three times above the average sales price of $231 per square foot in Greater Los Angeles so far this year, according to data from CommercialEdge. Īn institutional player like JPMorgan putting down nine figures for office space is an encouraging sign for a market watching its property values plummet and overall sales volume recede. CalSTRS had been asking $180 million for the property at 2701 Olympic Boulevard. Representatives for JPMorgan declined to comment. Kite has a portfolio of proprietary product candidates designed to stimulate the patient's own immune system to fight. Another source familiar with the deal confirmed the sale but did not disclose the sales price. Kite Pharma is a privately held development stage biotechnology company engaged in the design and development of pioneering immune-based targeted therapies to treat different cancer indications. One source told CO that JPMorgan agreed to pay the owner - the California State Teachers’ Retirement System (CalSTRS) - approximately $165.5 million, or roughly $745 per square foot, for the 222,000-square-foot Pen Factory property. SEE ALSO: BBX Logistics, PCCP Buy 40 Acres to Build Industrial Park
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