Boston Scientific has signed a ten-year lease renewal for 342,000 square feet of space in the former Mann Biomedical Park in Valencia.
Boston Scientific’s Neuromodulation Group focuses on microelectronic implantable technology for chronic pain or neurological diseases. It is leasing two buildings: a 180,000 square-foot office and engineering facility originally built for Advanced Bionics, and a 161,000 square-foot office, training and warehouse facility.
Renamed Southern California Innovation Park, the 160-acre complex is the former site of Lockheed Martin’s Development and Test Center. In addition to Boston Scientific, other current tenants include biomedical, technology and entertainment companies such as Bioness, Quallion and the Alfred Mann Foundation.
The industrial park is owned by Valencia Biomedical Park LLC, a venture between funds managed by Oaktree Capital Management and Intertex Cos.
Soon after buying the property from biotech pioneer Alfred Mann in 2014, they launched a multi-million-dollar renovation project, including significant upgrades to several buildings and a nearly complete new main entry and guard house.
“By continually upgrading the park and attracting innovative tenants, we have succeeded in our vision to make this unique campus one of the premier addresses for innovation in Southern California,” Intertex President Dale Donohoe said in a statement.
The property has 17 buildings totaling 612,075 square feet, and has received approval for 900,000 square feet of new development.
The landlord is planning additional development to accommodate the rising demand from biomedical and technology companies.
CBRE’s Craig Peters and Doug Sonderegger represented the landlord in the new ten-year lease deal to Boston Scientific Corp.’s Neuromodulation Group. Boston Scientific was represented by Jack Burns and Allen Trowbridge of Cresa.
