FivePoint & City of Hope Complete Building & Land Sale for a $1B World-Class Cancer Care Center at FivePoint Gateway in Irvin...
May 28 2020 - 8:30AM
Business Wire
Culminating nearly two years of ongoing discussions and
planning, City of Hope acquired a 190,000-square-foot, four-story
building and adjacent land for $108 million from Five Point Office
Venture I, LLC, a joint venture of Five Point Holdings, LLC (NYSE:
FPH), in the FivePoint Gateway campus. The campus is part of
FivePoint’s Great Park community.
City of Hope plans to immediately begin converting the building
at 15161 Alton Parkway into its first comprehensive cancer center
outside of its main campus in Duarte, California. This is the
beginning of a $1B investment by City of Hope to build a
world-class comprehensive cancer center. The center, along with a
future acute care cancer hospital to be built by City of Hope on
the same site, will anchor what FivePoint and City of Hope believe
will one day become a regional hub for a larger wellness campus in
the heart of Irvine with blue-chip physician groups, wellness
specialists and related research and innovation activities. It is a
healthcare model FivePoint eventually plans to introduce in
partnership with City of Hope into its other California
communities.
“City of Hope is second to none when it comes to delivering on
the vision of cutting-edge care and research. The outpatient cancer
treatment and research center and the cancer hospital will be
world-class additions to the campus and the wider community,” said
Lynn Jochim, FivePoint’s Chief Operating Officer. “We are honored
and excited to join hands with such a renowned partner.”
The cancer center is intended to offer diagnostic imaging and
screenings, precision medicine and early detection, medical
oncology, chemotherapy, radiation therapy, surgical oncology and
ambulatory surgery. In addition, a clinical research center for
Phase 1-3 clinical trials will be located in the building. The
adjacent hospital, which City of Hope plans to construct, will be
Orange County’s only specialty cancer hospital focused exclusively
on treating and curing cancer.
“Orange County called out to us for our presence, and we are
responding in a big way. We are ‘all in’ for the region, fulfilling
a promise that will deliver pioneering research and lifesaving
treatment in 21st century, next-generation patient-centered
settings,” said Annette Walker, President, City of Hope Orange
County. “As we begin to break ground, we are energized by our
FivePoint partnership and the tremendous support of local leaders,
community members, and philanthropic friends.”
The growing partnership between FivePoint and City of Hope
positions two of the biggest and most respected names in their
industries as leaders on a singular mission to accelerate the
future of healthcare in FivePoint’s Great Park community and the
region. Together, FivePoint and City of Hope will design and
facilitate innovate health services, programs, products and a
re-engineered patient and family experience. However, the vision
for a wellness and health centric community, one that offers equal
access for all to vital care, treatment and research, goes well
beyond Orange County. It is now powering FivePoint’s planning for
the future of its communities.
“There has never been a moment in history more important than
now to act boldly to make wellness and health care the foundation
of every sustainable community of the future. This partnership with
our trusted partner, City of Hope, is truly a game changer,” said
Emile Haddad, FivePoint Chairman and CEO. “One day, we will look
back at this moment and remember those who took a leap of faith to
help ensure the future health and well-being of others through
innovation. I believe FivePoint and City of Hope are taking a vital
step to be part of this story.”
Robert Stone, President and Chief Executive Officer, City of
Hope agreed: “It takes visionary partners to bring about incredible
change, and we are fortunate to have found collaborators with an
aligned mission. This is not about buildings. It's about developing
a nexus of unsurpassed medical expertise, future-focused
communities, groundbreaking technology, and innovation.”
About Five Point
Five Point, headquartered in Irvine, California, designs and
develops large mixed-use, master-planned communities in Orange
County, Los Angeles County, and San Francisco County that combine
residential, commercial, retail, educational, and recreational
elements with public amenities, including civic areas for parks and
open space. Five Point’s communities include the Great Park
Neighborhoods® in Irvine, Valencia® (formerly known as Newhall
Ranch®) in Los Angeles County, and Candlestick® and The San
Francisco Shipyard® in the City of San Francisco. These communities
are designed to include approximately 40,000 residential homes and
approximately 23 million square feet of commercial space.
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Steve Churm Executive Vice President, Public Affairs Five Point
Holdings, LLC 714.914.0611 steve.churm@fivepoint.com
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