According to the terms of the 10-year agreement, the biotech company will continue to occupy its space at 10933 N. Torrey Pines Rd. in La Jolla. The transaction is valued at $20 million.
Smith & Nephew was represented by David Y. Cantwell and Scott Granger from Studley Inc.'s Orange County office. Studley began negotiations on behalf of Advanced Tissue Sciences in the third quarter of 2000. When Advanced Tissue Sciences filed for Chapter 11 this past October and then sold its interest in the Dermagraft JV to its joint venture partner Smith & Nephew in November, Studley continued to hammer out a lease for the tenant.
According to Cantwell, the lease renegotiation started early enough that the renewal resulted in "a better market rate" than would have been possible had negotiations not begun until the original lease expired. "When a landlord realizes their costs associated with losing a tenant, terms can be achieved that save medical firms millions of dollars in long-term real estate expenses," Cantwell says.
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