March 31, 2016
Franklin Home Page
by Emily West
With the Cool Spring real estate market low on space, the newly rebranded Innovation Park hopes to alleviate some of the problem by offering up more than 60,000 square feet of office space.
Earlier this year, OakPoint Real Estate bought the Cool Springs Life Sciences Center for around $22 million. The campus, fit with two buildings, sits on Nichol Mill Lane off of Mallory Lane. Currently, Wright Medical Group and Vanderbilt Neurosciences Discovery Lab take up a portion of the existing space on the 10-acre campus.
Cool Springs has 74 buildings of market space consisting of a total 6.4 million square feet. Though, only 61,297 of that is now available, leaving the area with below a 1-percent vacancy rate.
Asking prices for rent range around $28.69 per square foot. An additional half million square feet is also under construction.
OakPoint officials said with rebranding the property, creating new space could ease that problem until more becomes available.
“You want to focus on the building and those bio-tech tenants,” OakPoint’s advisor, Jeremiah Pyron, said. “But you want to open the doors to allow creativity and innovation. It’s like iron sharpens iron. Whether it’s bio-tech or creating something from the start-up level, that’s what we would like to offer space to.”
With new ownership, the company has significant funds set aside for renovation. Landscaping and hardscaping by KV+D will improve the scenery when approaching the campus. New monument signage will offer identification for anchor tenants, while parking lot resurfacing will increase the capacity of spaces.
A pad site currently offers another opportunity for developers to create space for tenants specifically. The 1.8 acres will provide for expansion and potentially accommodate growth for businesses already there.
Like its structural counterparts, the space will offer lab space and can allow for more parking.
“Working with a tenant to build out their lab has some attraction,” Pyron said. “You could see some more bio-interests groups, and we have a couple of other small tenants who have shown a lot of interest recently in the life sciences world. We hope to attract some more companies that will benefit from what we can offer.”