Real estate investment firm Stockdale Capital Partners is investing $20m to perform the renovation of the Ilume Innovation Center in Arizona, US.
The renovation features move-in-ready wet lab suites and upgraded tenant facilities and is set to transform the centre into a fully lab-enabled life science facility.
Some of the facilities include a fitness centre, an auditorium with a 110-person capacity, a meeting area, a tenant lounge, and a 1.5-acre rooftop garden.
The life sciences tenants of the four-storey building include System Oncology, CommonSpirit Health Reference Lab, INanoBio, and GPS Insight.
Acquired by Stockdale Capital Partners in 2019, the Ilume Innovation Center features an 82ft-high central atrium and a ‘breathable’ membrane skylight.
The site offers quick access to the motorway and close proximity to shopping malls, restaurants and hotels.
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Stockdale managing director Leo Divinsky was quoted as saying: “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.”
As part of the renovation plan, Stockdale has selected Cushman & Wakefield’s life sciences broker team to work on leasing efforts for the transformed property.
The team includes Alexandra Loye, Scott Boardman, and Kristina Cutillo.