Boston Scientific last month signed a ten-year lease renewal for 342,000 square feet of space in the newly rebranded Southern California Innovation Park, formerly Mann Biomedical Park.
The company’s Valencia operations are part of its Neuromodulation Group, which makes microelectronic implantable technology for treating chronic pain or neurological diseases. The group had 2015 sales of $512 million, about six percent of the Marlborough, Mass.-based company’s total revenue of $8.06 billion, according to its annual report.
Boston Scientific is staying in two buildings: a 180,000 square-foot office and engineering facility originally built for Advanced Bionics, and a 161,000 square-foot building that houses offices, a training center and warehouse space.
The 160-acre Southern California Innovation Park was originally built by Lockheed Corp. as an outpost of its Burbank-based top-secret Skunk Works. Later, biotech pioneer Alfred Mann launched Advanced Bionics and other projects on the site. Mann sold the property in 2014 to Valencia Biomedical Park LLC, a venture between funds managed by Oaktree Capital Management and Intertex Cos., a local developer.
In addition to Boston Scientific, other current tenants include biomedical, technology and entertainment companies such as Bioness, Quallion and the Alfred Mann Foundation.
Soon after buying the property, the current owners 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. The new name “reflects the context of the park and really emphasizes that this has grown to encompass more than biomedical innovation.”
The innovation park is the only property in the SCV with full-time security and a guarded entrance, daycare, jogging trails, a gym, and a campus-like setting with mature trees, Donohoe said, noting that Oprah Winfrey’s “A Wrinkle in Time” did exterior location shooting on the property last year.
The property has 17 buildings totaling 612,075 square feet, and has received approval for 900,000 square feet of new development. Donohoe is planning additional development to accommodate the rising demand from biomedical and other technology companies.
CBRE’s Craig Peters and Doug Sonderegger represented the landlord Boston Scientific’s lease renewal. Boston Scientific was represented by Jack Burns and Allen Trowbridge of Cresa.