City of Hope Buys 52 Acres in Orange County for $89M
The cancer treatment network paid $108M in 2020 for 11 acres and a 190K-SF building in the area to build its Lennar Foundation Cancer Center
By Nick Trombola December 18, 2024 3:16 pm
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One of the largest cancer treatment and research institutes in the country is set to significantly expand its presence in Orange County.
Duarte, Calif.-based City of Hope has acquired 52 acres of land and a four-story building adjacent to its Lennar Foundation Cancer Center in Irvine, Calif., for $88.5 million, a spokesperson for the seller confirmed to Commercial Observer. City of Hope purchased the property and its accompanying development rights from longtime partner and Irvine-based developer FivePoint.
“City of Hope has a long history of addressing the pressing needs of the communities it serves, and this latest milestone in our partnership will prepare them to further accelerate access to nationally recognized cancer care and breakthrough research,” Dan Hedigan, FivePoint CEO, said in a statement.
The Orange County Business Journal first reported the deal.
The building, dubbed 2000 FivePoint after its address, houses both City of Hope’s Orange County administrative offices and FivePoint’s corporate headquarters. FivePoint plans to maintain its headquarters at the property and will partner with City of Hope on new lease deals once the current ones expire, the development firm said.
It’s not the first time City of Hope has acquired land from FivePoint in the area. The health network in 2020 paid $108 million for 11 acres and a 190,000-square-foot building for the Lennar Center, which opened in 2022.
City of Hope is also developing Hope Plaza, a new eight-story, 350,000-square-foot cancer outpatient facility set to open next to the Lennar Center next year.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
