Complex HQ and Laboratory Relocation and Expansion Completed in Three Months
Illumina was experiencing rapid growth and sought to identify suitable expansion opportunities within a single centralized corporate-campus location that would also provide for future growth. Its existing campus lease had 12 years remaining, which created very complex tax, financial, and legal risks that would need to be analyzed and mitigated. Due to the highly competitive nature of the company’s operations, conducting any real estate transaction needed to be done in complete confidentiality. Accordingly, identifying relocation alternatives with the ability to provide over 500,000 square feet of office and laboratory space was challenging, given the limited number of options and the difficulties associated with concealing such a large and unique requirement.
Cushman & Wakefield identified the single off-market opportunity in the marketplace at 5200 Research Place in San Diego and facilitated a complex relocation transaction within an extremely abbreviated time period.
The 20-year transaction involved a long-term lease of over 350,000 square feet of existing office and laboratory space, and the construction of an additional 120,000-square-foot office and laboratory building with the ability to construct 297,000 square feet of future buildings. This complex transaction was completed by the Cushman & Wakefield team in just three months.