Cushman & Wakefield Selected to Lease Life Science Facility in Phoenix

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) has been selected by Wexford Science & Technology to provide leasing services for the 850 Phoenix Biomedical Campus (PBC) in Phoenix, Arizona. This LEED Gold-certified facility spans 227,113 square feet and is currently 65% leased, with Arizona State University as an anchor tenant. A new lab/incubator space will be available in Q3 2022, catering to life science and biotech companies. The project aims to enhance Phoenix's position as a life sciences hub, offering scalable opportunities for tenants up to 2 million square feet as development progresses.

Positive

• Secured leasing services for a significant biolab facility, enhancing CWK's portfolio.
• The 850 PBC facility is 65% leased, indicating strong demand and tenant interest.
• The project supports economic growth within the life sciences sector in Phoenix.

Negative

• None.

PHOENIX--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) has been engaged by Wexford Science & Technology, LLC to provide leasing services for its recently constructed life science and biolab facility, 850 Phoenix Biomedical Campus (PBC), in downtown Phoenix, Arizona.

The LEED Gold-certified 850 PBC is a 227,113-square-foot (SF), seven-story Class A building located at 850 N Fifth St and situated within the larger 30-acre PBC. Completed in late 2020, the building is 65% leased to multiple tenants and anchored by Arizona State University (ASU).

The entire fifth floor of the building will also feature a market-ready lab/incubator space known as Wexford Innovation Labs. Currently under construction, the specialized space is designed as a shared work environment for life science, biotech or other industry-related users from 100 to 15,000 SF. It will be available for occupancy in the third quarter of 2022.

The Cushman & Wakefield Leasing team is led by Alexandra Loye with Scott Boardman and Kristina Cutillo. Cushman & Wakefield also provides facility management for Wexford’s local and national portfolio. Wexford is managing and leasing the Wexford Innovation Labs.

“850 PBC is an innovative project offering an opportunity for both small and large life science tenants to cultivate new relationships, collaborate and thrive,” said Loye. “Already with a strong foundation in diagnostics and medical device, Phoenix is an emerging hub for life science and biotech. Cushman & Wakefield is thrilled to have been selected to represent this project, and in helping to further advance Phoenix’s future in an important sciences-driven sector.”

Maricopa Community Colleges’ CEI LabForce program, located on the first floor, provides onsite life science workforce development training. Furthermore, the building is designed with multiple open common areas for meetings and collaboration, an activated lobby, outdoor plazas, a variety of sitting areas, local art, a stage for events and a ground floor restaurant.

Loye added, “In addition to 850 PBC, Wexford’s development on the Phoenix Biomedical Campus will offer scalability, flexibility and growth opportunities for tenants up to approximately 2 million SF when all phases of development are completed.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Wexford Science & Technology

Wexford Science & Technology, LLC, is a real estate company exclusively focused on partnering with universities, academic medical centers and research companies to develop vibrant, mixed-use communities. Wexford’s communities are built on a foundation of discovery, innovation and entrepreneurial activity that creates visible outcomes in the form of substantial economic growth, new and diverse jobs, and community transformation. Wexford targets strategic opportunities with top-tier research universities that are directly on or contiguous to dense, urban campuses. Presently Wexford has developed 15 Knowledge Communities across the United States.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005502/en/

Joshua Deale

Cushman & Wakefield

Communications Manager

+1 415 677 0423

joshua.deale@cushwake.com

Source: Cushman & Wakefield

FAQ

What is the significance of Cushman & Wakefield's engagement with Wexford Science & Technology?

Cushman & Wakefield's engagement signifies its role in facilitating leasing services for a key life sciences facility, enhancing its market presence in the growing biotech sector.

How much of the 850 PBC facility is currently leased?

The 850 Phoenix Biomedical Campus facility is currently 65% leased to multiple tenants.

What type of facility is the 850 PBC and who is its anchor tenant?

The 850 PBC is a life science and biolab facility, anchored by Arizona State University.

When is the Wexford Innovation Labs expected to be available for occupancy?

The Wexford Innovation Labs is expected to be available for occupancy in the third quarter of 2022.

How does the 850 PBC project impact the Phoenix economy?

The 850 PBC project is designed to stimulate economic growth in Phoenix by attracting life science tenants and fostering collaboration within the biotech sector.