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Repurposing a Former Medical Device Company’s HQ

06.01.2021, 17:41

Repurposing a Former Medical Device Company’s HQ

Cushman & Wakefield has represented commercial real estate firm Graymark Capital estate firm during the acquisition of a vacant single-story office/R&D asset in Palo Alto, California.

The property was recently vacated by a medical device company which was engaged in developing a digital surgery platform.

Graymark plans to reposition the two-building that occupy the 24,000 SF complex located at 3960-3980 Fabian Way as Life Sciences-focused with a flexible design to equally accommodate emerging sectors such as Automotive Tech, Food Tech and/or Robotics/Artificial Intelligence.

The company acquired the Silicon Valley property for an undisclosed price and has announced plans to invest several million dollars in effecting its conversion.

Kalil Jenab, Ben Paul and Steven Jenab with Cushman & Wakefield represented the buyer in the acquisition and have also been retained to provide Leasing Services for the newly designed project. The seller was represented by Brad Martin with Stetson Earhart.

“Graymark’s plans for this strategic location come at the right time and will fulfill a critical need for market -ready and flexible lab space deliverable very soon. Demand is now a four-legged table and Graymark will meet that demand,” explains Ben Paul, Executive Managing Director and Managing Principal. “The Life Sciences industry is performing well overall, with this submarket also displaying increased demand particularly from auto tech, food tech and AI companies. Furthermore, most of the significant leasing activity we have tracked in our region this year has stemmed from the Life Sciences sector.”

“Palo Alto and the surrounding Peninsula area have been a hot bed for Life Sciences activity, with the three largest such Bay Area deals in 2020 all located within just a few miles of this subject property,” adds Vice Chairman Kalil Jenab. “The Fabian buildings reside within this vigorous cluster of highly influential global tech and life sciences users and world class developers accelerating the improvement in this submarket.”

3960-3980 Fabian Way is surrounded by amenities, food service and fitness/health facilities. The property also provides convenient access to Highway 101, Alma/Central Expressway and transportation services including Caltrain.

CAMFIL HVAC Filtration Solutions

Staff Reporter covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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