City of Hope buys site for $1B cancer hospital, research center

Duarte, Calif.-based City of Hope has purchased a 190,000-square-foot building and 11 acres of land as part of a $1 billion investment in a new hospital and cancer research center in Irvine, Calif. 

Culminating nearly two years of talks, City of Hope acquired the four-story building and adjacent land from Five Point Office Venture for $108 million. City of Hope plans to build a new hospital on the site and convert the building into a center for cancer research and treatment.

"Orange County called out to us for our presence, and we are responding in a big way," Annette Walker, president of City of Hope Orange County, said in a news release. " 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."

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