Are Biotech Industrial Tenants Moving into Jupiter

Are Biotech Industrial Tenants Moving into Jupiter?

Jupiter, Florida, is well-known for its glorious landscapes, excellent dining and shopping, and sought-after luxury homes. Recently, this picturesque seaside community has also been seeing increased interest in its available biotechnology industrial real estate. As more companies lease and inquire about biotech space, it raises the question: Are biotech industrial tenants moving into Jupiter?

Biotechnology

Biotechnology is a field where researchers and scientists create new technology and products based on biological materials. Biotech has been used to develop approximately 250 health care products and vaccines. Research from this field has also been essential to developing sustainable farming practices and preventing crop damage. Additionally, biotech researchers and companies are making efforts to produce fuels that are focused on reducing greenhouse gas emissions.

Scripps Research

Jupiter is the home of the Florida location of Scripps Research. The bioscience research and teaching institution opened its Jupiter campus in 2009. According to its website, Scripps Research is focused on expanding basic knowledge in the biosciences and using these fundamental advancements to develop profound innovations that improve wellbeing. Scripps leads research studies and offers an advanced science education and training program. There is a 500-member group on the Jupiter campus comprised of scientists, executives, graduate students, and administrative assistants. The Scripps faculty focuses on chemistry, infectious disease, immunology, molecular medicine, neuroscience, infectious disease, and structural biology.

Jupiter Biotech Real Estate Activity

Since the outbreak of the coronavirus pandemic, Jupiter has seen increased interest in industrial spaces suited to biotech research. Throughout 2020, multiple northeastern biotechnology companies were reportedly making inquiries regarding available operation spaces in Jupiter.

In January of 2020, Jupiter town officials voted to award $1 million in taxpayer money to Beacon Pharmaceuticals for a planned biotech development. According to the agreement, Jupiter will pay the company up to $600,000 over ten years for the jobs it creates. The town will also pay Beacon $500,000 when it issues the Beacon facility its certificate of occupancy.

In December of 2020, the Palm Beach Innovation Center, a biotech incubator building, sold and was quickly leased to a significant biotech tenant. The $5.5 million, 45,000 square-foot facility has wet lab space on its ground floor and office space on its second. The new tenant, Marizyme Inc., leased 10,200 square feet of space. The company plans to use 3,200 feet of the leased space for its wet lab.

Recently, preparations to begin work on the $150 million Beacon Pharmaceuticals biotech incubator and manufacturing center began to get underway. Plans for the Beacon operation include developing a biotech accelerator with office space and wet and dry labs for product development. The company also intends to build a manufacturing area for clinical trial samples.  Beacon’s executive chairperson, Nancy Torres Kaufman, commented that the company selected Jupiter after learning that Scripps Florida was in the county.

The company hopes to begin building the facility around June of 2021. Construction is expected to take twelve to fourteen months. According to a recent report, town officials are reviewing the building’s design plans, and Jupiter’s chief financial officer Mike Villella expects that construction will start by the year’s end. The facility will be located on Indiantown Road, west of Florida’s Turnpike.

According to a recent report, last year, Beacon identified 38 multi-million-dollar companies with which to work “ranging in size from $30 million to $100 million in market capitalization.” According to Torres Kaufman, the list has now grown to 42 companies. She also stated that Beacon’s new facility will be able to house approximately 50 to 70 companies.  Beacon anticipates that there will be significant interest from larger corporations as well as smaller companies.

The company is also reportedly looking for an additional, larger manufacturing site in Palm Beach County. Torres Kaufman indicated that the next structure will be approximately 200,000 square feet and designed for use by a single unnamed manufacturer.

In related news, Alphazyme, an enzyme development and production company, recently leased 22,000 square feet of research space at the Institute for Healthy Living in Jupiter.  The newly constructed Institute for Healthy Living is an unoccupied senior living and rehab center located north of Donald Ross Road on the east side of Central Blvd.

Contact the Florida Board Certified Real Estate Attorneys of Rabideau Klein

At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end commercial real estate in the Town of Palm Beach and Palm Beach County. David E. Klein, Esq. and Guy Rabideau, Esq. are also Florida Bar Board-Certified Real Estate attorneys with the expertise and experience you need to protect your interests during your Palm Beach real estate matter. Contact Rabideau Klein today to discuss your Palm Beach real estate legal needs.

 

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