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An $85M construction loan will bolster biomanufacturing and biotech in the growing Los Angeles life sciences market.
Instil Bio, a clinical-stage biopharma firm developing cell therapies to fight cancer, secured the funding to build a 102K SF lab, office and commercial manufacturing project in Tarzana, California. The site will be used for research and cell therapy.
CBRE arranged the five-year, floating rate, interest only, nonrecourse loan for the property, which Instil purchased in the fall of 2020.
The development underscores the significant national need for biomanufacturing facilities, especially in demand due to the growth of cell and gene therapy, and the emergence of Los Angeles as a biotech market.
The LA region received $1.9B in National Institutes of Health funding, and according to a recently released CBRE report exploring biotech talent across the country, Los Angeles was ranked seventh nationwide. The region produces the second-most graduates in biological and biomedical sciences.
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