The Los Angeles Biomedical Research Institute will be renamed the Lundquist Institute when it opens its new 78,000-square-foot building on March 30 following a $70 million contribution from Palos Verdes Estates philanthropists Richard and Melanie Lundquist.

The Lundquists have made several high-profile donations in recent years around the South Bay including sizeable gifts to Torrance Memorial in addition to donating toward and organizing fundraising efforts for the El Segundo Wiseburn Aquatics Center that opened in January.

LA BioMed said in a press release that the money would go toward more discoveries and launching more companies that will boost Southern California as a biotech center.

LA BioMed is located on an 11.5-acre campus next to Harbor-UCLA Medical Center in an unincorporated area of Los Angeles County east of Torrance. In existence for 66 years, the center is credited with launching 13 startups in the past 12 years. The new building expects to house about 20 to 30 startup companies.

“The Lundquists’ gift gives us the ability to compete for the top-tier scientists and researchers as we take our work to the next level,” said LA BioMed President and CEO David Meyer.

Richard Lundquist said when he first visited LA BioMed he was awestruck. Melanie Lundquist has served on its board of directors for the past six years.

“Melanie and I have invested both our time and financial resources at the institute,” Richard Lundquist said. “This gift is a natural extension of our longtime engagement.”

Contact Lisa Jacobs or follow her on Twitter @lisaannjacobs.

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