Cushman & Wakefield: Stockdale fuels Scottsdale life sciences development
Staff Reports | Digital Free Press
Stockdale Capital Partners, a Los Angeles-based real estate investment firm, is committing over $20 million on a major renovation plan to finish converting Ilume Innovation Center in Scottsdale to be a 100% lab-enabled life science facility.
The renovation will also include several move-in-ready wet lab suites, and upgraded tenant amenities including a fitness center, 110-person capacity auditorium, meeting space, tenant lounge, and 1.5-acre rooftop garden, officials at Cushman & Wakefield report.
Ilume is a versatile 370,000 square-foot Class A, LEED-certified building able to serve life sciences, medical and office tenants. The building was originally designed by renowned architect Will Bruder and served as the former Henkel North American HQ, according to a press release.
In conjunction with its renovation plan, Stockdale also recently hired Cushman & Wakefield’s life sciences broker team comprising of Alexandra Loye, Scott Boardman, and Kristina Cutillo in Phoenix to handle leasing efforts for the transformed property, the release states.
Stockdale originally acquired the property found along Loop 101 at 19001 N. Scottsdale Road, in December 2019.
Cushman & Wakefield: Stockdale fuels Scottsdale life sciences development
The four-story building is primarily leased to life sciences tenants such as Systems Oncology, CommonSpirit Health Reference Lab, INanoBio Inc., along with 2023 BIG Innovation Award recipient technology firm GPS Insight. Ownership recently committed the new significant capital spend to accommodate the growing demand and needs for life sciences users in the area, together with synergistic office tenants.
“As the innovation and life sciences ecosystem continues to rapidly expand throughout the region, Ilume Innovation Center combines award winning design, best-in-class infrastructure, and abundant project amenities with a Scottsdale location that enables changemakers to thrive in a workplace curated for discovery and scientific advancement,” said Stockdale’s Managing Director Leo Divinsky.
Cushman & Wakefield’s Executive Managing Director Alexandra Loye echoed a similar sentiment.
“As the leasing team, Cushman & Wakefield is excited to be part of this spectacular project!” she said. “We look forward to executing on Stockdale’s vision of converting Ilume to a fully-lab enabled life science building and growing the life science ecosystem in North Scottsdale.”
Ilume features a special 82-foot-high central atrium including an energy efficient ‘breathable’ membrane skylight that feeds textured light into the core of the building. This feature allows 75% of all employee workspace to receive abundant natural light, which is filtered by a custom-fitted glass facade to reduce light intensity. The unique atrium design is considered the first-of-its-kind in the Western U.S.
Situated on nearly ±5 acres, Ilume is positioned at the junction of North Scottsdale Road and Loop 101 and provides immediate freeway access and convenience to major shopping centers, retail services, dining and hotels. Situated in the Scottsdale Airpark submarket, the property is also accessible to a robust labor pool, corporate housing, and surrounded by corporate neighbors.
“Labor demand for life sciences remained robust in 2022 in the U.S. led by pharmaceuticals, followed by good manufacturing, practices, biology, data analysis, and clinical trials. And despite some headwinds, underlying fundamentals for the life sciences sector remain healthy,” said Cushman and Wakefield’s Executive Director Scott Boardman. “Meanwhile the office sector has been impacted by the pandemic and a shift in remote and hybrid work.”
