FAU Research Park Filling Up Fast

MIAMI—In line with the success at the University of Miami's Life Sciences & Technology Park, the Research Park at Florida Atlantic University just inked a slew of leases. The park, located on the Florida Atlantic University (FAU) campus in Boca Raton, is now 82% occupied.

Avison Young's South Florida office closed on 52,000 square feet of leases park. The five separate transactions, including two expansions, increased occupancy at the park 16%.

“These transactions, in particular American Sugar Refining, 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,” says Greg Martin, principal at Avison Young who facilitated the transactions on behalf of the ownership. “The Research Park at Florida Atlantic University is the perfect location to accomplish this business synergy.”

Completed on behalf of the ownership, the recent leases include: American Sugar Refining, Inc., which signed a new long-term lease for 16,000 square feet; Electronic Payment Systems, which signed a new long-term lease for 12,500 square feet; Modernizing Medicine, which 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, which signed an expansion agreement for an additional 7,400 square feet, bringing its total in the building to 7,970 square feet; and Life of Purpose, which signed a new long-term lease for 5,600 square feet.

Located on the north side of Florida Atlantic University's main campus, the Research Park at Florida Atlantic University hosts 24 technology companies in about 310,000 square feet of buildings. Tenants have access to universities amenities and conference facilities. The park is close to Interstate 95 and the Boca Raton executive airport. The majority of the remaining vacancy is a single user building of about 25,000 square feet.