Financial terms of the lease are not being disclosed; however, industry sources indicate that such a unique property--one with both office and high-end lab space--could fetch about $30 per sf on the open market. Jim Kibbe Jr. of Transwestern Commercial Services represented building owner Lake Waverly Associates. For Advanced Bioscience, the new lease agreement constitutes its second large expansion at the property, Kibbe tells GlobeSt.com. The company has been a tenant since 1983, starting out with 14,000 sf and expanding to 37,000 sf around 1987.
Developed in 1974, 5516 Nicholson Lane is known as Building A of a four-structure complex called Nicholson Research Center. The four-story structure features equal parts of office and lab space and is also home to offices of the US Public Health Service. The building now has only 12,000 sf of vacant space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
