It recently joined two other biosciences incubator vying for start up biotech companies in the Twin Cites — and is the first to open.
The facility has been named Menlo Park for the Menlo Park research facilities where Thomas Edison invented the light bulb, says Maree Cook, who works on leasing the building. About 40% of the former BCA building is wet lab space — equipped to handle liquids and gases used in research — so Reynolds decided to market it as incubator space.
Professional Rehabilitation Consultants is occupying about 10,000 sf at the building, with the rest available for rent, Cook explains. It already has two tenants, she reports.
Although the purchase price was not disclosed, the minimum bid on the site was $1.43 million.
The BCA recently moved its headquarters to a new building on St. Paul's East Side.
The St. Paul biosciences zone is expected to be amended to include the building, according to state officials. That would qualify it for biotech tax credits and other government incentives slated for biosciences firms in the zones.
The incubator may be able to attract some firms with rents lower than comparable space at the two other incubators starting up.
Reynolds has not yet decided if he will offer shared services, Cook says.
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