FivePoint and City of Hope complete purchase for $1b care center

City of Hope has acquired a 190,000-square-foot, four-story building and adjacent land for $108 million from Five Point Office Venture I, a joint venture of Five Point Holdings, in the FivePoint Gateway campus in Irvine, Calif. 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, Calif. This is the beginning of a $1 billion 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