Florida Turbine Technologies, which is owned by Kratos Defense & Security Solutions, is the largest tenant – with more than 64,000 square feet – and has occupied space at the building since 2005. Jupiter Medical also occupies 40,000 square feet there. The property's proximity to Scripps Florida Research Facility, the Max Planck Florida Institute of Neuroscience and United Technologies' brand-new $115 million technology showcase center add appeal for both life sciences and R&D prospective tenants.

"The combination of warm weather and sunshine year-round, a sense of community, economic benefits and job opportunities, no personal state income tax, strong, pro-business local government, educated, trained and diverse workforce, all play a role in the massive influx of business and industry leaders relocations to South Florida and Palm Beach County," Tortoise Properties CEO Jake Geleerd tells GlobeSt.com.

PEBB and Tortoise said they will have significant opportunities to add value to the property through the execution of a leasing strategy, building enhancements and the future ground-up medical office component. Longtime tenant GE Medical Systems moved out in January 2020, freeing up more than 83,483 square feet of research and office space to lease at current market rents. Jupiter has a 6% office vacancy rate and no new construction east of I-95 in the pipeline, so the available space at Jupiter Innovation Center is especially desirable.

The property is also fully entitled for the ground-up development of a 50,000-square-foot, two story medical and professional office building with an accompanying two-level, 175-space structured parking garage.