FAU Research & Development Park Leases 52,000 SF

Written by on 06.26.13 in Industrial - No comments

Avison Young’s South Florida office closed 52,000 square feet of leases at the FAU Research and Development Park located on the Florida Atlantic University campus in Boca Raton.

The five transactions, which included two expansions, have increased the occupancy at the Park by 16 percent, stabilizing the asset at 82 percent.

Completed on behalf of the ownership, Florida Atlantic University and the FAU Research Development Authority (FARDA), the recent leases include:

  • American Sugar Refining, Inc., the world’s largest cane sugar refining company, signed a new long-term lease for 16,000 square feet
  • Electronic Payment Systems, one of the nation’s oldest and largest privately-held merchant service providers of electronic payment products to businesses, signed a new long-term lease for 12,500 square feet
  • Modernizing Medicine, a company providing powerful electronic medical record systems to accommodate the specific needs of specialty practices, 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, a facility offering simulation and trainer technologies for medical and nursing students, signed an expansion agreement for an additional 7,400 square feet, bringing its total in the building to 7,970 square feet
  • Life of Purpose, a treatment facility that provides a research-based solution for young adults who have had their academic careers disrupted by substance abuse, signed a new long-term lease for 5,600 square feet

“These transactions, in particular American Sugar Refining, Inc., 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,” said Greg Martin, Principal at Avison Young who facilitated the transactions on behalf of the ownership. “The FAU Research and Development Park is the perfect location to accomplish this business synergy.”

Located on the north side of Florida Atlantic University’s main campus, the FAU Research and Development Park hosts 24 technology companies in approximately 310,000 square feet of buildings.

“We are very pleased with the activity that we have seen in the park over the past 12 months. It shows that the collaborative efforts between ownership, FAU and FARDA, provide a positive impact on the overall Boca Raton Community,” said Andrew Duffle, President of FARDA. “It is truly a testament to have such tenants as Modernizing Medicine and American Sugar Refining taking space in the research park. The exposure they will bring to our community and the university on a national basis will be tremendous.”

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