Exhibit 99.1
FivePoint and City of Hope Complete Building & Land Sale for a $1B World-Class Cancer Care Center at FivePoint Gateway in Irvine, Taking Next Step in Strategic Healthcare Partnership
(IRVINE, Calif May 28, 2020)— 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 Five Point Gateway campus. The campus is part of Five Point’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 larger 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 forPhase 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.”
