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Lease reflects growth for Inovio’s research and development activities
SAN DIEGO, May 7, 2013 — The 26,500-square-foot lease recently executed between Wateridge Summit owner BioMed Realty Trust and Inovio Pharmaceuticals brings Sorrento Mesa’s premier life science campus to nearly 100 percent leased, one more indicator of the strength of the biotech sector in San Diego.
Inovio moved from 13,000 square feet in Sorrento Valley and will now occupy more than twice the amount of space at 10480 Wateridge Circle Drive. The migration from Sorrento Valley to Sorrento Mesa is a trend many of San Diego’s life science companies are adopting as they grow and develop a more mature product pipeline.
“Our local life sciences industry is supported by collaboration, cohesiveness and outstanding academic resources,” says Chad Urie, Executive Vice President at Jones Lang LaSalle. “San Diego is a place where life science firms can incubate, grow and headquarter, and our life science real estate resources reflect this life cycle.”
Inovio develops cancer and chronic infectious disease vaccines for preventative and therapeutic purposes. The firm is headquartered in Pennsylvania, but relies on its San Diego office for its R&D operations.
BioMed Realty acquired Wateridge Summit, a three building, 8.64-acre property with 106,490 square feet of Class A laboratory campus space, in the fourth quarter of 2011. The property is located within the Wateridge Business Park, San Diego’s first and largest master-planned corporate community. The central location is close to the I-5 and I-805 Freeways and in close proximity to restaurants, hotels and residential communities.
“BioMed Realty has an established reputation for making selective acquisitions of high-quality assets,” said Urie. “The modern, functional research environments at Wateridge Summit are very much in line with the requirements of our region’s leading life science firms.”
JLL brokers Chad Urie, Executive Vice President and Grant Schoneman, Vice President, represented both parties in this transaction.
JLL is a leader in the San Diego commercial real estate market. The firm employs approximately 165 of the area’s most recognized industry experts offering services in brokerage, capital markets, facility management and project development services. In 2012, the San Diego team completed 4.58 million square feet in lease transactions, directed $57 million in project management, currently leases 10.5 million square feet and has 5.5 million square feet under management.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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Jennifer Whitelaw, TW2 Marketing, Inc.
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