Skip Ribbon Commands
Skip to main content

News release

Miami

Jones Lang LaSalle Named Exclusive Leasing Agent for the University of Miami Life Science & Technology Park


MIAMI, Oct. 1, 2010 — Jones Lang LaSalle has been named as exclusive leasing agent for phase one of the University of Miami’s Life Science & Technology Park (UM LSTP) in Miami, Florida. Upon completion in mid-2011, the 252,000-square-foot building will be a Research and Development facility housing wet and dry labs, offices, lab-ready development suites and retail space.

The Miami-based Jones Lang LaSalle team including Catarina Jimenez, Gavin Macphail and Richard Schuchts will lead leasing and marketing efforts on behalf of real estate development and investment firm Wexford Science + Technology, LLC.

“In marketing the University of Miami Life Science & Technology Park to prospective tenants around the world, we will be providing the unique opportunity for new tenants to partner with the University and advance the development and commercialization of new scientific discoveries,” said Richard Schuchts, Senior Vice President at Jones Lang LaSalle. “The innovative research that will unfold at the UM LSTP – along with the important work already underway at the University of Miami’s Miller School of Medicine and its College of Engineering – will help elevate Miami’s status as a global hub for the life science and technology sectors.”

The current UM LSTP master plan includes five buildings totaling approximately 1.6 to 2 million square feet of lab and office space, making it the largest facility of its kind in South Florida. The phase one building has been designed to adhere to sustainable criteria set by U.S. Green Building Council  and has been pre-certified as a LEED Gold® (Leadership in Energy and Environmental Design) facility.  Additionally, the design will focus on the pedestrian experience and include indoor/outdoor community spaces and street-level retail that will serve local Miami Health District residents and neighborhoods.

In June 2010, the UM LSTP announced the completion of its first major tenant lease: the University of Miami’s decision to occupy 80,000 square feet of space in the first building. The University’s space will include office and lab facilities for several disciplines, including the UM Tissue Bank, which will occupy approximately 50,000 square feet of the space.
 
News of the Jones Lang LaSalle assignment marks the start of an aggressive marketing effort targeting prospective tenants, including local and global knowledge-based companies and organizations seeking to bridge the academic and private industry sectors to develop valuable life science and technology products, services, and treatments.

Joe Reagan of Wexford Science + Technology, LLC, the developer engaged by UM to build, finance, and own R&D building one said, “After a thorough search process and careful consideration, the University of Miami Life Science & Technology Park development team concluded that Jones Lang LaSalle would be the right partner in the leasing and marketing of this project.

“The firm’s depth of expertise in the life science and biotechnology arena, coupled with its far-reaching network of contacts in the South Florida and international broker and business communities, will enhance the park’s visibility and ensure we are marketing the project to the right audiences,” he concluded.

The UM LSTP development and leasing team is optimistic that the University’s presence in the building, combined with the park’s location within the burgeoning Miami Health District and its strategic proximity to Latin America, will serve as a ‘magnet’ for other collaborative research entities and companies. Daya Medicals, Inc., an out-of-market company has also signed a lease for 15,000 square feet.

Jones Lang LaSalle has approximately 380 employees providing real expertise across all major markets in Florida including agency leasing, property management, project and development services, capital markets and tenant representation.  The firm is responsible for the leasing and management of nine million square feet of Class A office space across the state.

About the University of Miami Life Science & Technology Park

The University of Miami Life Science Park is a predominantly privately-funded endeavor developed by Wexford Miami, LLC, a subsidiary of Wexford Science & Technology, LLC, in association with the University of Miami. Located in Miami’s Health District and adjacent to the University of Miami Leonard M. Miller School of Medicine, the park will be home to best-in-class research facilities that bridge academia and industry, thereby fostering collaboration and innovation that positively affects people around the world. Development of the park will also make a direct impact on the South Florida economy, resulting in the creation of jobs and further diversifying the region’s economic landscape. UM LSTP is located on an 8.8 acre site bounded by Interstate-95 on the east, NW 7th Avenue on the west, NW 17th Street on the south and NW 20th Street on the north. Construction of Phase One of the Park began in late 2009 and is scheduled for completion in summer 2011. Learn more at www.umlsp.com.

About Wexford Science + Technology, LLC

Wexford Science + Technology, LLC is a Maryland based, privately held real estate developer and investment company that specializes in the planning, development, construction and sophisticated financial structuring of complex research space for non-profit clients including universities, university affiliated research parks, and healthcare systems and corporations. Please visit: www.wexfordequities.com for additional information.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $38 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.