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September 1, 2023

Ilume Innovation Center attracts Arizona HQ of biotech entrepreneurship organization

Ilume Innovation Center, a 370,000-square-foot life sciences and medical building at 19001 N. Scottsdale Road, Scottsdale, has attracted a new tenant.

Nucleate, a nonprofit organization composed of rising biotech entrepreneurs, has selected Ilume Innovation Center as its headquarters for its Arizona chapter.

Illume Innovation Center, which sits on nearly five acres at 19001 N. Scottsdale Road in Scottsdale, is 30% occupied, said Leo Divinsky, managing director of Los Angeles-based Stockdale Capital Partners, owner of the 370,000-squarefoot medical and life sciences building. Divinsky said he’s in active lease negotiations on both life science and tech spaces throughout the building. “In addition, substantial capital investments are being made in building infrastructure, life science spec suites and a shared lab incubator space at the project,” he said.

While Nucleate won’t actually lease any office space at Ilume, the Arizona chapter will be able to use the common areas for educational, networking and workforce development opportunities, including the 110-seat auditorium, conference facilities and rooftop garden, he said.

The leaders of Nucleate Arizona are graduate students from Arizona State University and University of Arizona. They are planning several initiatives at Ilume, including conferences, speaker panels, networking events, mentor connections, expert industry guidance and other building and educational programs. The student-led organization represents a global community of bio-innovators.

The life sciences broker team at Cushman & Wakefield (NYSE: CWK) Alexandra Loye, Scott Boardman, and Kristina Cutillo in Phoenix represented Stockdale in the transaction.

“This transaction aligns our vision for an innovation hub focused on tech and life sciences at Ilume,” Divinsky said. “The idea is to continue emphasizing the project’s unique attributes as a modern workplace for innovators, game changers and disruptors in bioscience and tech, while helping to expand the biotech ecosystem along the 101 Highway.”

Illume situated near health care, bioscience cluster Mayo Clinic, which is in the midst of a $748 million expansion to double its north Phoenix campus and add 2,000 high-wage jobs, also is developing the 120-acre Discovery Oasis biotech innovation hub right next to that hospital campus near 56th Street and Loop 101 in Phoenix.

Meanwhile, Phoenix-based Banner Health plans to build a $400 million hospital campus on a 48-acre parcel at the southwest corner of Hayden Road and Loop 101 in north Scottsdale.

Scottsdale-based HonorHealth still owns another 48-acre parcel nearby at the northeast corner of Hayden Road and Loop 101, after it outbid Banner in a state land auction in November 2022.

“Our location in north Scottsdale situates Ilume at the center of health care and biotech growth including the Mayo Clinic, Discovery Oasis, HonorHealth, Banner Health and the ASU Health Futures Center,” Divinsky said.

Earlier this year, Stockdale committed more than $20 million for a major renovation plan to help transform Ilume Innovation Center into a fully lab-enabled life science facility.

That building originally served as the headquarters for Henkel North America.

Stockdale bought the four-story building in December 2019, paying $65 million to Henkel Corp., according to Tempebased Vizzda LLC real estate database.