Los Angeles – CBRE Group, Inc. announced a 342,000 square-foot lease extension at Southern California Innovation Park (the “Park”), formerly known as Mann Biomedical Park, after a multi-million-dollar renovation of the campus. The landlord is planning additional development to accommodate the rising demand from biomedical and technology companies.
The owner Valencia Biomedical Park LLC, a venture between funds managed by Oaktree Capital Management L.P. (“Oaktree”) and Intertex Cos., started a multi-million-dollar renovation of the Park, including significant upgrades to several buildings and is now completing work on a new main entry and guard house at the campus. Formerly the Lockheed Martin Development and Test Center, today the project is a hotbed for biomedical, technology and entertainment companies such as Bioness, Quallion and the Alfred Mann Foundation.
CBRE’s Craig Peters and Doug Sonderegger represented the landlord in the new ten-year lease deal to Boston Scientific Corp.’s Neuromodulation Group. Boston Scientific was represented by Jack Burns and Allen Trowbridge of Cresa.
“This is a state-of-the art campus in a very attractive location which has been a hub for innovation since Lockheed Martin’s occupancy in the 1960’s to Boston Scientific today,” said Mark Jacobs, Managing Director of Oaktree. “We feel the Park offers an unmatched atmosphere, providing functional work environments, natural open areas, mature landscaping, a newly constructed fitness center, walking trails, basketball and volleyball courts, all in a secure business campus.”
Set on nearly 160 acres, the Park currently encompasses 17 buildings totaling 612,075 square feet, and more growth is on the way. The project is already approved for an additional 900,000 square feet of new development, and the ownership team and CBRE are aggressively pursuing additional companies for build-to-suits.
The lease by Boston Scientific’s Neuromodulation Group, a division that focuses on microelectronic implantable technology for chronic pain or neurological disease, includes two buildings within the Park – a 180,145 square-foot state-of-the-art office and engineering facility and a 161,569 square-foot office, training and warehouse facility.
The Park is surrounded by many restaurants and services and is situated within the City of Santa Clarita, the 3rd largest City in Los Angeles County. The City was recently recognized by the LAEDC as the Most Business Friendly City in the County. Further, it was recently ranked as one of the best cities to live as well as one of the safest cities in the country.
“By continually upgrading the Park and attracting innovative tenants, we have succeeded in our vision to make this very unique campus one of the premier addresses for innovation in Southern California,” said Intertex President Dale Donohoe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.