UCLA Health has renewed its 22,224-square-foot medical office lease at 2825 Santa Monica Blvd. in Santa Monica, Calif. JLL and Anchor Health Properties worked on behalf of the owner, Harrison Street Real Estate Capital, while an in-house team represented the tenant.
The 54,930-square-foot medical facility has been under the current ownership since 2022, when the company acquired it from The Carlyle Group for $58.6 million, according to CommercialEdge information.
The medical office building sector is set for a thriving year due to low vacancy rates, stable long-term tenants and a steady demand from the aging Baby Boomer population. Driven by these factors, the sector is also expected to experience a 26 percent increase in volume over the next decade, according to a Savills report.
A Los Angeles-area medical outpatient facility
The building is near interstates 10 and 405, as well as some 15 miles from downtown Los Angeles. Other medical providers in the area are Providence Saint John’s Health Center and Pacific Ocean Pediatrics. UCLA Santa Monica Medical Center is also 1 mile away.
Completed in 1983, the three-story property currently serves as a research laboratory and medical office space for UCLA Health Jonsson Comprehensive Cancer Center. Other tenants at the facility include Meta Health, Pinnacle Egg Bank and Pinnacle Surrogacy, Integrative Endodontics, Meridien Dental and Orthodontic Center of Santa Monica, the same source shows.
JLL Managing Directors Bryan Lewitt and Monica Enes, together with Executive Vice President Chris Isola, represented the landlord, alongside Anchor Health Properties as third-party asset management. In-house Senior Leasing Specialists Matt Ceragioli and Greg Park worked on behalf of UCLA Health.
Earlier this year, UCLA Health acquired the 162,554-square-foot West Valley Medical Portfolio comprising three medical office buildings in West Hills, Calif., another Los Angeles submarket. CBRE represented the seller.
