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4/18/23
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Stockdale Capital Partners plans to spend $20 mil on a major renovation plan to finish converting Ilume Innovation Center in Scottsdale, AZ into a fully lab-enabled life science facility. The renovation will also include several move-in-ready wet lab suites, and upgraded tenant amenities including a fitness center, 110-person capacity auditorium, meeting space, tenant lounge, and 1.5-acre rooftop garden.
Ilume is a versatile 370k sf, Class A, LEED-certified building able to serve life sciences, medical and office tenants. The building was originally designed by famed architect Will Bruder and served as the former Henkel North American headquarters.
In conjunction with its renovation plan, Stockdale also recently hired Cushman & Wakefield’s life sciences broker team comprising Alexandra Loye, Scott Boardman, and Kristina Cutillo in Phoenix to handle leasing efforts for the transformed property.
Stockdale originally acquired the property, located at 19001 N Scottsdale Rd, in December 2019. The four-story building is primarily leased to life sciences tenants such as Systems Oncology, CommonSpirit Health Reference Lab, INanoBio Inc, along with 2023 BIG Innovation Award recipient technology firm GPS Insight. Ownership recently committed the new significant capital spend to accommodate the growing demand and needs for life sciences users in the area, together with synergistic office tenants.
Ilume features a special 82-foot-high central atrium including an energy efficient “breathable” membrane skylight that feeds textured light into the core of the building. This feature allows 75% of all employee workspace to receive abundant natural light, which is filtered by a custom-fitted glass facade to reduce light intensity. The unique atrium design is considered the first-of-its-kind in the Western U.S.
Situated on nearly five acres, Ilume is strategically positioned at the junction of N Scottsdale Rd and Loop 101 and provides immediate freeway access and convenience to major shopping centers, retail services, dining, and hotels. Situated in the Scottsdale Airpark submarket, the property is also accessible to a robust labor pool, corporate housing, and surrounded by corporate neighbors.
The property is also near Mayo Clinic’s proposed development, Discovery Oasis, a 120-acre medical and research campus including as much as 3.3 msf of medical and life sciences space, along with alliance Arizona State University's (ASU) Health Futures Center. According to ASU materials, Discovery Oasis will provide direct connections with ASU faculty, students, and entrepreneurial research-based initiatives.
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