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6/08/15
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MicroVention Inc recently inked an agreement with Parker Properties for a new four-story, 205k sf office building at the Summit Office Campus in Aliso Viejo that will serve as MircroVention’s new world headquarters location. Cosntruction is set to begin this summer of 2015, with occupancy scheduled for the first half of 2017.
MicroVention will invest approximately $100 mil in the new facility, which will include an innovation/research and development center for MicroVention, a global neurovascular company, and Terumo Corporation, the parent company. Parker Properties will develop the project on behalf of MicroVention which will occupy and own the facility upon completion.
The new building, designed by Ware Malcomb Architects, will house in excess of 800 employees. The 5.13 acre site also includes an 822-stall parking structure.
“MicroVention, Inc. has been an innovation center for Terumo, consistently developing new products. Aliso Viejo, and the surrounding region, is one of the leading medical technology business clusters in the U.S. and offers access to a large pool of “med tech” experts. This move will allow Terumo to be firmly poised for accelerating interventional business growth worldwide,” said Richard Cappetta, president and CEO, MicroVention.
MicroVention is one of the leaders in its field focused on the development of catheter-based minimally-invasive neuroendovascular devices and technologies to treat cerebral aneurysms and other neurovascular diseases. The firm will consolidate facilities currently located elsewhere in Orange County into the new building which will house its worldwide headquarters, administrative functions, global sales, research and development center, manufacturing clean rooms and wet laboratories.
Jeff Cannon, corporate managing director, Savills Studley, represented MicroVention. A CBRE team led by Carol Trapani repped Parker Properties, in the transaction. HFF acted as the capital markets advisor representing Parker Properties.
Parker Properties began development of Summit Office Campus in 1996. Today the campus encompasses 14 buildings, totaling approximately 1.7 msf of space. Summit is home to well over 100 class-A tenants and 6,000 workers. The MicroVention build-to-suit will be the 15th building, seventh and final phase of Summit Office Campus. Other tenants at Summit include QLogic, TechSpace, Lennar Homes, Pacific Life Insurance Company, Marvell Semiconductor, Avanir Pharmaceuticals, Telogis, among others.
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