Off-Plan Leasing Opportunity at UC Davis Medical Center
Cushman & Wakefield has been engaged by Wexford Science & Technology, LLC to provide leasing services for life sciences development Aggie Square at the UC Davis Medical Center in Sacramento, California.
The 25-acre mixed-use development is situated at the corner of Stockton Boulevard and 2nd Avenue. Cushman & Wakefield has been initially tasked in the leasing efforts for the 500,000 SF of life sciences, laboratory and technology buildings that make up the commercial core of the project’s first phase.
The University of California Davis selected Baltimore-based Wexford as the developer of Aggie Square based upon its unparalleled experience with creating innovation districts that blend university research, entrepreneurial activity, corporate engagement, and community inclusion.
A ground-breaking is scheduled for the first quarter of 2021, with delivery of the first phase anticipated by late 2023.
Doug Woodruff, Senior Vice President and Western Region Executive for Wexford Science & Technology which partners with universities, academic medical centers and research companies to develop vibrant, mixed-use communities, comments: “The creation of Aggie Square is a transformational milestone that continues the research growth of the UC Davis health campus and establishes a center of gravity and congregation for university research, start-up activity, corporate innovation, lifelong learning, and community engagement and inclusion.”
“Our leasing efforts will greatly benefit from the addition of Cushman & Wakefield to the team and their high-quality national life science brokerage experience.”
Retained by Wexford Science & Technology, the Cushman & Wakefield leasing team features a veteran group of specialists led by local office/technology brokers Ron Thomas, Bruce Hohenhaus, and Kris Kalmbach in Sacramento together with Marc Pope and Greg Bisconti who are leading members of the firm’s National Life Sciences Practice Group in Northern and Southern California.
“We are extremely excited to have been selected to team with Wexford Science & Technology and UC Davis on this monumental and game-changing project in Sacramento,” says Ron Thomas, Executive Managing Director. “Wexford’s exceptional experience in creating best-in-class ‘Knowledge Communities’ like Aggie Square around the country will be the catalyst to finally, in scale, bring industry and the university together to serve as an economic engine in our community.”
Greg Bisconti, Executive Managing Director with Cushman & Wakefield’s Life Sciences Practice Group, adds: “We are very honored to be part of this special team, and recognize the unique opportunity to help lead the arrival of Sacramento to the country’s leading biotech hubs, and a natural extension of the rapidly expanding Bay Area life sciences market.
“Aggie Square has all of the cornerstones we generally look for in a biotech hub, including a demonstrated source of STEM talent, robust research and medical programs, and a burgeoning entrepreneurial base—all of which are sponsored by one of California’s premier research universities and one of the nation’s proven life sciences developers.”
Situated on 8.25 acres, Phase 1 of Aggie Square will total approximately 1.2 million SF and in addition to the 500,000 SF of science and technology buildings, it will consist of a 250,000 SF lifelong learning office and classroom building; 200 housing units, primarily for students; community-serving uses; a parking structure; and public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment, and robust “innovation infrastructure” for startups, as well as community-based partnerships.
Based on analysis from an economic research firm, Aggie Square is projected to add nearly US $5 billion to the Sacramento region’s economy each year and support 25,000 ongoing jobs.