Alexandria Real Estate Equities sold a vacant 30K SF research and development facility in Irvine for $11M.

The two-story building at 6 Thomas in the Irvine Spectrum development holds office and lab space, LA Business First reported. The buyer, MP Biomedicals, will occupy part of the building and lease the rest of the space.

NAI Capital Commercial Executive Vice President Steve Liu and senior associate Andrew Batcheller represented the buyer. CBRE Group Inc. represented Alexandria Real Estate.

“Irvine Spectrum is one of the most attractive business-friendly cities in the heart of the Orange County,” Batcheller told LA Business First. “R&D-flex buildings in this size range for sale are in short supply.”

A JLL report from earlier this year found that total Q2 2022 funding for tech and life sciences companies in Orange County fell by 44% quarter-over-quarter to the lowest level of the past two years.

Alexandria has shifted its portfolio lately, taking a $30M loss last month to pull out of a California project citing macroeconomic shifts that would negatively impact the financial viability of the development. It has been moving forward with other projects, such as its redevelopment of a life sciences campus in Thousand Oaks that Amgen left behind several years ago.