Stockdale Commits $20M for Phoenix Life Science Conversion
Los Angeles-based real estate investment firm Stockdale Capital Partners is committing over $20 million on a major renovation plan to finish converting Ilume Innovation Center in Scottsdale, AZ to be a fully lab-enabled life science facility. The 15-year-old building, designed by famed architect Will Bruder, was the former North American Headquarters of chemical company Henkel.
The renovation of the 370,000-square-foot facility will include several move-in-ready wet lab suites, a fitness center, an auditorium and a 1.5-acre rooftop garden. Already ccupied by life sciences tenants such as Systems Oncology and GPS Insight, Stockdale has committed the capital spend to accommodate the growing demand and needs for life sciences users in the area as well as the current office tenants.
“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,” said Cushman & Wakefield Executive Managing Director Alexandra Loye. Scott Boardman and Kristina Cutillo along with Loye will handle leasing efforts for the transformed property.
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