March 29. 2016
by Getahn Ward
Two months after buying the Cool Springs Life Sciences Center, OakPoint Real Estate has rebranded the property Innovation Park as it begins a marketing push to fill 64,682 square feet of vacant space.
That vacancy at the campus, which was developed to be a hub for the Nashville area’s life sciences industry, represents roughly 30 percent of available space in the tight Cool Springs office market. The location at 389 and 393 Nichol Mill Road in Franklin is U.S. Food and Drug Administration compliant for high-level, bioscience-related research and development, something OakPoint cites among its appeals.
“The fact that we have a property that can accommodate those kinds of tenants is exciting to the economic development community because you’re talking about Ph.D.-level jobs,” said OakPoint Principal Rick Helton.
‘We’re still targeting biotech companies, but we’re also making the property available to a wider base of tenants,” Helton added about the rebranding to Innovation Park.
OakPoint paid $22 million in January for the Cool Springs Life Sciences Center, which was developed by a partnership that included Sam Lynch. Lynch founded the former, once publicly traded BioMimetic Therapeutics Inc., which was an anchor tenant for the 10-acre Franklin biotechnology park and research center.
Arlington, Tenn.-based Wright Medical Group, which acquired BioMimetic three years ago, occupies half of the two-story, 32,000-square-foot Building A at Innovation Park. That building has 16,000 square feet of vacant space.
Wright Medical also occupies half a floor in the three-story, 90,000-square-foot Building C at Innovation Park where Vanderbilt’s Neurosciences Discovery Lab occupies half a floor. That building has 48,000 square feet of space available, Helton said.
The overall 10-acre Innovation Park includes a vacant pad site for a third building.
“We can build as a build-to-suit for a new tenant, or we can accommodate the expansion of existing tenants,” Helton said. “It allows companies to expand on the campus, which is a feature that a lot of office campuses can’t offer.”