Avison Young’s South Florida office closed 52,000 square feet of leases at the Research Park at Florida Atlantic University located on the Florida Atlantic University campus in Boca Raton.
The five transactions, which included two expansions, have increased the occupancy at the Park by 16 percent, stabilizing the asset at 82 percent.
Completed on behalf of the ownership, Florida Atlantic University and the FAU Research Development Authority (FARDA), the recent leases include:
- American Sugar Refining, Inc., the world’s largest cane sugar refining company, signed a new long-term lease for 16,000 square feet
- Electronic Payment Systems, one of the nation’s oldest and largest privately-held merchant service providers of electronic payment products to businesses, signed a new long-term lease for 12,500 square feet
- Modernizing Medicine, a company providing powerful electronic medical record systems to accommodate the specific needs of specialty practices, signed an expansion agreement for an additional 10,500 square feet, bringing its total in the building to 25,974 square feet
- FAU Simulation Center, a facility offering simulation and trainer technologies for medical and nursing students, signed an expansion agreement for an additional 7,400 square feet, bringing its total in the building to 7,970 square feet
- Life of Purpose, a treatment facility that provides a research-based solution for young adults who have had their academic careers disrupted by substance abuse, signed a new long-term lease for 5,600 square feet
“These transactions, in particular American Sugar Refining, Inc., and Modernizing Medicine, show that there is tremendous desire for new generation companies to form collaborative working relationships with local universities and the future workforce,” said Greg Martin, Principal at Avison Young who facilitated the transactions on behalf of the ownership. “The Research Park at FAU is the perfect location to accomplish this business synergy.”
Located on the north side of Florida Atlantic University’s main campus, the Research Park at FAU hosts 24 technology companies in approximately 310,000 square feet of buildings. Tenants enjoy immediate access to the amenities of the University, conference facilities, and close proximity to the I-95 and the Boca Raton executive airport. The majority of the remaining vacancy in the Park is a single user building of approximately 25,000 square feet.
“We are very pleased with the activity that we have seen in the park over the past 12 months. It shows that the collaborative efforts between ownership, FAU and FARDA, provide a positive impact on the overall Boca Raton Community,” said Andrew Duffell, President of FARDA. “It is truly a testament to have such tenants as Modernizing Medicine and American Sugar Refining taking space in the research park. The exposure they will bring to our community and the university on a national basis will be tremendous.”
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