UM Life Science & Technology Park Hits 60% Occupancy

MIAMI-Once a mere vision in the mind of Wexford Science & Technology, the University of Miami Life Science & Technology Park is filling up fast. The developer just inked a 20,000-square-foot lease with one of South Florida’s largest dedicated Phase I-IV clinical research facilities, Advanced Pharma CR.

Wexford got the deal done just a week before the park’s formal dedication ceremony. With its latest lease, the park is now 60% occupied just two months after opening its doors to tenants. The 252,000-square-foot facility houses wet and dry labs, offices, lab-ready development suites and retail space.

“The theme is a focus on commercialization, as well as a focus on the combination of technology and life sciences,” Bill Hunter, project leasing manager for UMLSTP, tells GlobeSt.com. “Most research parks talk of ‘bench to bedside’ but because we have such a robust medical cluster I am seeing a strong trend of ‘bedside to bench’ emerging. Technologies are being developed out of practical needs in the patient environment.”

The Jones Lang LaSalle team of Richard Schuchts, Catarina Jimenez and Gavin MacPhail represented Wexford Science + Technology. Jeff Sharmat and Jorge Morales, also of Jones Lang LaSalle, represented Advanced Pharma CR in lease deal.

Although most of the park’s tenants are local, regional or national, Hunter says he expects to see significant international presence take hold as the park matures. “We have great momentum with Andago and a few significant prospects, so our forward looking strategy will be to focus on prospecting in Latin America and Europe,” Hunter says. “I also feel that we will continue to see larger domestic life science and technology companies attracted to the tremendous research cluster so they can capitalize on the commercialization opportunities with the UM Health District and UM Engineering.”

Advanced Pharma’s move to the UMLSTP marks a significant expansion for the company, quadrupling its current capacity. The new space will include a 100-bed dedicated phase I clinical trial unit, a 16-bed Intensive Procedural Unit and 5,000 square feet of dedicated space for Phase II-IV clinical trials encompassing multi-specialty divisions. The company’s clientele includes the pharmaceutical, biotech and medical device industries as well as contract research organizations, among others.

“The UMLSTP provides the exact platform and amenities that we have been seeking,” Samantha Amaba, Advance Pharma president and CEO, said in a statement. “It will also prove key in helping us network with the University of Miami, its faculty, the Jackson Health System and the other major institutes of the Health District.”

The UMLSTP tenant roster also includes Community Blood Centers of South Florida, medical device firm Emunamedica, national intellectual property law firm Novak Druce + Quigg, Raphael Capital Partners, Spain-based technology firm Andago, medical device firm Daya Medicals, the University of Miami Tissue Bank, BioFlorida and the Enterprise Development Corporation of South Florida, among others. Retail tenants include Balan’s restaurant, the UPS Store and Quantum Fitness.