PALM BEACH—In the latest in a string of life sciences activity in South Florida, medical office space near the Scripps Research Institute exchanged hands. The seller traded 19,582 square feet of shell medical office space at the class A Greenwich Medical Building in Jupiter for $4.2 million.
Christie Simon and Danny Simon of FLF Real Estate represented the unnamed seller. The buyer is an individual investor, Vithalbhai Dhaduk, M.D. Dhaduk is a biotech entrepreneur and who plans to lease the space to an early stage biotech firm.
“Over the last six to nine months, our calls from life science companies have increased dramatically,” Simon tells GlobeSt.com. “It is evident that a life science cluster, outside of just Scripps, is developing in the Jupiter and northern Palm Beach County markets.”
In fact, Simon reports, his clients tell him the evolving cluster of life science companies is making the recruitment of qualified employees easier. That, in turn, has allowed for new and growing companies to make the decision to invest in the area.
Greenwich Medical is located on Military Trail just north of Donald Ross Road and only a mile from Scripps Research Institute and the Max Planck Florida Institute. Construction was completed in late 2011 and Greenwich Medical has already obtained occupancy of over 78%.
“The Jupiter market already had a demographic profile that strongly supports medical office,” Simon says. “Beyond being world class institutions, what Scripps and Max Planck add to real estate in the area is world class employees with diverse back grounds. The addition of these life science employees are appreciated by businesses when they make their real estate decisions and this in turn has positively affected the real estate market in the area.”
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