Keck Medicine of USC, the University of Southern California’s medical school, has leased the entirety of 330 Old Newport, a 30,000-square-foot medical office building that wrapped construction at the start of the year.
Newport Beach-based Advanced Medical Properties, a physician-owned development firm specializing in high-end medical office, owns the two-story Newport Harbor Medical Plaza, which is on the other side of Newport Boulevard from the nearly 500-bed Hoag Memorial Presbyterian Hospital.
Newmark Knight Frank brokered the deal on behalf of Advanced Medical.
The deal more than triples Keck Medicine’s Orange County footprint. The company will use the site “as a state-of-the-art cancer clinic and treatment center with brand new construction,” according to a spokesperson.
“USC plans to use the facility as a multi-modality clinic and will start on tenant improvements to meet its needs in Q2 2020,” said Newmark Managing Director John Scruggs, who brokered the deal along with Executive Managing Director Garth Hogan.
“We received a considerable amount of interest in this asset as it presents medical office tenants a unique opportunity in one of the most-coveted, coastal locations in Southern California,” Scruggs said.
Keck Medicine initially scheduled on opening the clinic by next winter, though it may be delayed due to the coronavirus pandemic.
The organization is involved in efforts regarding the coronavirus pandemic, most recently announcing the launch of a clinical trial to evaluate the use of baricitinib against the virus. The anti-inflammatory drug is approved by the Food and Drug Administration to treat rheumatoid arthritis.
OC Presence
Keck Medicine largely established its local presence in 2014 with its acquisition of Orange Coast Oncology Hematology Medical Associates.
The practice, now known as USC Oncology/Hematology, has locations in Newport Beach and Irvine and at the USC Oncology/Hematology Infusion Center in Newport Beach, close to the new location in the city.
In 2013, Keck partnered with Hoag Memorial Hospital Presbyterian to develop a comprehensive cancer program at Hoag Family Cancer Institute.
