A defunct mall that was supposed to be a future Google campus is now becoming a research hub in a transformative deal for Los Angeles' Westside.
UCLA is converting the office space into its UCLA Research Park as part of a $700 million acqusition of the property. The real estate had been sitting vacant after Google decided not to occupy the campus it had previous leased.
The transaction was selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Awards Sale of the Year for Los Angeles.
The reserach hub is expected to create new jobs and inject billions of dollars into the local economy, supporters say. The UCLA Research Park will be a public-private, state-of-the-art hub of research and innovation that will bring together academics, corporate partners, government agencies and startups.
The research park also is expected to be home to the new California Institute for Immunology and Immunotherapy.
About the deal: The $700 million sale of former mall One Westside to UCLA is expected to result in a world-class research hub called UCLA Research Park. The deal also was beneficial for seller Hudson Pacific Properties in relieving debt.
What the judges said: "UCLA is making big moves to occupy office space. Getting new uses like these into office buildings is potentially a big part of how the sector recovers," said Elan Shore, director of economic development of DTLA Alliance. Added Richard Green, professor and Lusk Chair of University of Southern California, "Taking a dead shopping center and making it something sensible for neighborhood is a great accomplishment."
They made it happen: Eastdil Secured's Managing Director Stephen Somer, Managing Director Mark Penrod, Director Daniel Prendiville and Vice President Brooke Silver were involved in the deal.
CoStar Market Manager Brian DeHart contributed.