South Florida’s real estate market has been waiting for a jolt of new-to-market lease activity for many months now and it’s looking more and more like the University of Miami Life Science & Technology Park is going to be just the catalyst for that positive absorption. The first sign came today when UMLSTP developer Wexford Science & Technology announced that it has finalized a lease with Daya Medicals, a Palm Beach County-based medical device company. The news is significant on a few fronts, among them:
- Daya Medicals will be moving from its current location up in the Palm Beach County area, making it the UMLSTP’s first tenant to establish a wholly new presence in Miami.
- A 15,000 SF lease is particularly significant in a commercial real estate market that has been suffering from negative absorption for the past 2 years – with little to no ‘new to market’ tenant activity. The new lease brings the total amount of square footage leased in Building One to roughly 40 percent.
- DayaMed is making this move in large part because of the University of Miami’s association with the project, as well as Miami’s standing as a true gateway city, two traits that set the UMLSTP from other research parks in the US. From the release: “On a micro level, we will have direct access to the faculty and resources of the University of Miami, one of the most active research institutions in the nation. On a macro level, we are confident that Miami’s international ‘gateway’ status will open doors to new markets in countries outside the U.S,” said Dr. Kanti Daya, CEO and Medical Director of Daya Medicals.
Here’s the full announcement via a detailed press release:
University of Miami Life Science & Technology Park Finalizes 15,000 Square Foot Lease with Daya Medicals, Inc. Medical device company is the research park’s first new-to-market tenant.
MIAMI, FL – October 5, 2010 – In a big boost to Miami’s Health District and the continued diversification of the city’s economy, University of Miami Life Science & Technology Park developer Wexford Science & Technology has finalized a lease with the project’s first new-to-market tenant: Daya Medicals, Inc. (DayaMed). The Palm Beach County-based medical device company will locate its 15,000 square foot corporate office in the UM LSTP’s first building, a 252,000 square foot facility that will house wet and dry labs, offices, and lab-ready development suites – all intended to help knowledge-based research and product development teams foster innovation and commercialize technology for public use and benefit. The phase one building is scheduled for completion in mid-2011.
DayaMed is a manufacturer and distributor of medical diagnostic products and laboratory diagnostic equipment, focusing on infectious diseases and cardiovascular and cerebrovascular pathologies. The Company’s flagship product, the Daya Clinical Protocol (DCP) and its Chronic & Acute Disease Management modality, is founded on the science of “Translational Medicine.” Patented and FDA approved, the product is recognized as essential for mitigating national heart attack and stroke mortality, morbidity, and health care economic burden. DayaMed’s additional proprietary infectious disease products include the Daya Syphilis Test (DST), and the D-Mantoux Test, along with diagnostic tools and consumer products.
News of DayaMed’s lease follows the recent announcement that the University of Miami will occupy 80,000 square feet in the park’s first building. “Attracting the first new-to-market tenant is an important step forward in realizing the potential of the University of Miami Life Science & Technology Park as a place where academic and industry entities collaborate,” said Joe Natoli, the University of Miami’s senior vice president for business and finance and chief financial officer. “Establishing the University of Miami as a magnet for research-based companies and organizations and elevating Miami’s standing as a life science and technology hub are key components of our institutional mission. The addition of Daya Medicals marks the first of what will be a lengthy roster of companies at the Life Science & Technology Park that are new to our regional economy.”
Already home to one of the nation’s largest concentrations of healthcare facilities and the University of Miami Miller School of Medicine, the Miami Health District is poised to become a global center for the development and commercialization of new life science products and technologies following the 2011 debut of the UM LSTP. Among the factors drawing tenant interest to the project: Miami’s proximity to Latin America and the Caribbean, which have seen dramatic growth in the life science sector; the park’s association with UM’s medical and engineering schools, both of which have emerged as leaders in the areas of research and innovation; and the community’s large multicultural population, which is an asset for researchers conducting clinical trials.
“For Daya Medicals, the decision to take space at the UM LSTP came down to creating new opportunities for our firm on both the business and research collaboration fronts,” said Dr. Kanti Daya, CEO and Medical Director of Daya Medicals. “On a micro level, we will have direct access to the faculty and resources of the University of Miami, one of the most active research institutions in the nation. On a macro level, we are confident that Miami’s international ‘gateway’ status will open doors to new markets in countries outside the U.S.”
In an example of how UM LSTP tenants will collaborate with University faculty, DayaMed is already structuring pilot programs with the University of Miami Miller School of Medicine’s Departments of Cardiology, Internal Medicine, Infectious Diseases – HIV/AIDS & Tuberculosis, Oncology, Ophthalmology, Nephrology and Hypertension. The first phase of the UM LSTP is pegged for delivery in the summer of 2011. The project’s current master plan includes five buildings comprising between 1.6 and 2 million square feet of space. In addition to lab and office space, the park will contain restaurants and retail to serve the Miami Health District and residents of nearby neighborhoods.
Developer Wexford Science & Technology has experienced success building similar research parks in association with universities in Baltimore, Philadelphia, Chicago, and other U.S. cities. The development of the park’s first building is projected to create more than 1,150 direct and indirect jobs, with an additional 2,700-plus direct and indirect positions created by ongoing operations, according to a recent study by the Washington Economics Group.
“Much more than a standalone research and development complex, the University of Miami Life Science & Technology Park has the capacity to transform Miami into a global epicenter for life science and technology research and commercialization that will impact the lives of people around the world,” said Joseph Reagan of Wexford Science & Technology.
“Closer to home, we expect the park to have a positive long-term effect on the Miami Health District and its surrounding areas while simultaneously contributing to the diversification of the region’s economy.”
Pre-certified as a LEED® Gold (Leadership in Energy and Environmental Design) facility by the U.S. Green Building Council, R&D One has been designed in line with environmentally conscious factors intended to reduce energy use and improve environmental stewardship. To learn more about the park or to inquire about leasing opportunities, contact Bill Hunter of Wexford Science & Technology at (305) 298-4578 or the Miami-based Jones Lang LaSalle team of Richard Schuchts, Catarina Jimenez and Gavin Macphail at email@example.com or (305) 728-8999.
About the University of Miami Life Science & Technology Park The University of Miami Life Science & Technology Park is a predominantly privately-funded endeavor developed by Wexford Miami, LLC, a subsidiary of Wexford Science & Technology, LLC, in partnership with the University of Miami. Located in Miami’s Health District and adjacent to the University of Miami Leonard M. Miller School of Medicine, the park will be home to best-in-class research facilities that bridge academia and industry, thereby fostering collaboration and innovation that positively affects people around the world. Development of the park will also make a direct impact on the South Florida economy, resulting in the creation of jobs and further diversifying the region’s economic landscape. UM LSTP is located on an 8.8 acre site bounded by Interstate-95 on the east, NW 7th Avenue on the west, NW 17th Street on the south and NW 20th Street on the north. Construction of phase one of the park began in late 2009 and is scheduled for completion in summer 2011. Learn more at www.umlstp.com.
About Daya Medicals, Inc. Daya Medicals, Inc. (DayaMed) is a pharmaceutical company with the prime directive of Sanitas Pro Omnibus – Health for all. The company empowers and partners with patients to address diseases and mitigate debility by ameliorating the experiences of aging. These objectives are achieved by minimizing the invasiveness of treatments and enhancing compliance, by expanding access to and integration of data and information on a patient customized basis, by utilizing patient customized clinical information to drive care delivery and minimize errors, and by recognizing and reducing the role of cost to customized patient outcomes. The company is fortified with three proprietary products, two of which have earned FDA approval and a third pending phase one trials. The DayaMed portfolio includes cardiovascular products, infectious disease products, more than 200 generics, laboratory equipment and diagnostic products. Learn more at www.dayamed.com.
About Wexford Science & Technology, LLC Wexford Science & Technology, LLC is a Maryland based, privately held real estate developer and investment company that specializes in the planning, development, construction and sophisticated financial structuring of complex research space for non-profit clients including universities, university affiliated research parks, and healthcare systems and corporations. Please visit www.wexfordequities.com for additional information.