Ilume Innovation Center in Scottsdale to Transform into Life Sciences Hub
LA-based Stockdale Capital Partners has unveiled plans to transform the Ilume Innovation Center in Scottsdale, Arizona into a location for life sciences companies, and retained Cushman & Wakefield’s project leasing team.
The LEED-certified development was acquired by Stockdale in December 2019 and features an 82ft central atrium with a skylight and breathable membrane that allows two-thirds of lessees to receive natural light which is filtered to reduce its intensity. The unique atrium design is considered the first-of-its-kind in the Western United States.
At a projected cost of more than US $20 million, the renovation program will cater to growing demand for dedicated facilities from life sciences companies in the area by creating several move-in-ready wet lab suites, a fitness center, a 110-seat auditorium, meeting spaces, a tenants’ lounge, and a 1.5 acre rooftop garden to the 370,00 sq. ft LEED-certified building.
Originally designed by celebrated architect Will Bruder, Ilume Innovation Center is a former North American headquarters of German multinational chemical and consumer goods company, Henkel.
Executive Managing Director Alexandra Loye, Executive Director Scott Boardman, and Senior Associate Kristina Cutillo from Cushman & Wakefield’s life sciences brokerage team in Phoenix will oversee marketing of the transformed property to new tenants.
The four-story building is leased primarily to tenants from the life sciences sector, including Systems Oncology, CommonSpirit Health Reference Lab, INanoBio Inc., and 2023 BIG Innovation Award recipient, technology firm GPS Insight.
Ilume Innovation Center combines award winning design, best-in-class infrastructure, and abundant project amenities with a Scottsdale location that enables changemakers to thrive in a workplace curated for discovery and scientific advancement.
Stockdale Managing Director, Leo Divinsky, comments: “As the innovation and life sciences ecosystem continues to rapidly expand throughout the region, Ilume Innovation Center combines award winning design, best-in-class infrastructure, and abundant project amenities with a Scottsdale location that enables changemakers to thrive in a workplace curated for discovery and scientific advancement.”
Alexandra Loye says: “As the leasing team, Cushman & Wakefield is excited to be part of this spectacular project.
“We look forward to executing on Stockdale’s vision of converting Ilume to a fully-lab enabled life science building and growing the life science ecosystem in North Scottsdale.”
Scott Boardman says: “Labor demand for life sciences remained robust in 2022 in the U.S. led by pharmaceuticals, followed by good manufacturing, practices, biology, data analysis, and clinical trials. And despite some headwinds, underlying fundamentals for the life sciences sector remain healthy.
“Meanwhile the office sector has been impacted by the pandemic and a shift in remote and hybrid work.”
Ilume is a perfect example of creative ownership reimagining their asset from a single-user R&D/office building to a robust life science building with supportive office space.
Kristina Cutillo adds: “Ilume is a perfect example of creative ownership reimagining their asset from a single-user R&D/office building to a robust life science building with supportive office space.”
The center’s location at the junction of N Scottsdale Rd and Loop 101 provides immediate freeway access and is proximate to major retail centers, restaurant and dining facilities, and hotels. Situated within Scottsdale Airpark’s submarket, the property is also served by a robust labor pool, abundant corporate housing, and surrounded by corporate neighbors.
Its location is also within easy reach of the Mayo Clinic’s proposed 120 acre “Discovery Oasis” medical and research campus development which is expected to extend over 3.3 million square feet and incorporate Arizona State University’s (ASU) ‘Health Futures Center’.
Join our Newsletter
Keep up-to-date with the latest opportunities, industry and regulatory news, business events, and announcements from our partners.