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3/08/17
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In a big lease renewal out of north L.A. County, Boston Scientific Corp’s Neuromodulation Group agreed to a 10-year extension for its 342k sf space at Southern California Innovation Park, formerly known as Mann Biomedical Park, after a multi-million-dollar renovation of the campus. The lease value was not given out.
The property owner, Valencia Biomedical Park LLC, a venture between funds managed by Oaktree Capital Management L.P. 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 repped the landlord in the transaction. Boston Scientific was represented by Jack Burns and Allen Trowbridge of Cresa.
Set on nearly 160 acres, the Park currently encompasses 17 buildings totaling 612k sf, and more growth is on the way. The project is already approved for an additional 900k sf 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 180.1k sf, state-of-the-art office and engineering facility and a 161.6k sf office, training and warehouse facility.
The Park is surrounded by many restaurants and services and is situated within the city of Santa Clarita, the third 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.
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