Life sciences company Instil Bio will spend $85 million to build a new headquarters campus in the San Fernando Valley, according to multiple published reports.

The company, which is development clinical-stage cell therapies to treat cancer, is planning a 102,000-square-foot complex featuring offices, labs, and manufacturing space just south of the G Line busway at 18404-1812 Oxnard Street in Tarzana, reports Commercial Observer.

The project will be built thanks to financing arranged by CBRE, with a loan coming from Oxford Properties Group.

18404-18412 Oxnard StreetGoogle Maps

Instil Bio reportedly acquired the in 2020, with city records listing a sales price of approximately $36.7 million. Prior to the life sciences company's acquisition of the site, the land on Oxnard Street was expected to be packaged with adjacent properties to the east into a nearly 100,000-square-foot office campus.

The Instil Bio project will be a boost to life sciences employment in Los Angeles County, which local officials have hoped to grow by opening new incubator spaces and bioscience hubs in Culver City and the South Bay.