By Cushman & Wakefield
Stockdale Capital Partners is committing more than $20M on a major renovation plan to finish converting Ilume Innovation Center in Scottsdale to be a fully lab-enabled life science facility. The renovation will also include several move-in-ready wet lab suites, and upgraded tenant amenities including a fitness center, 110-person capacity auditorium, meeting space, tenant lounge, and 1.5-acre rooftop garden.
Ilume is a versatile 370KSF Class A, LEED-certified building able to serve life sciences, medical and office tenants. The building was originally designed by famed architect Will Bruder and served as the former Henkel North American headquarters.
In conjunction with its renovation plan, Stockdale also recently hired Cushman & Wakefield’s life sciences broker team comprising Alexandra Loye, Scott Boardman, and Kristina Cutillo in Phoenix to handle leasing efforts for the transformed property.
Stockdale originally acquired the property, located at 19001 N. Scottsdale Rd., in December 2019. The four-story building is primarily leased to life sciences tenants. Ownership recently committed new significant capital spend to accommodate the growing demand and needs for life sciences users in the area, together with synergistic office tenants.
Ilume features a special 82-foot-high central atrium including an energy efficient “breathable” membrane skylight that feeds textured light into the core of the building. This feature allows 75% of all employee workspace to receive abundant natural light, which is filtered by a custom-fitted glass facade to reduce light intensity. The unique atrium design is considered the first-of-its-kind in the Western U.S.
Situated on nearly five acres, Ilume is strategically positioned at the junction of North Scottsdale Road and Loop 101 and provides immediate freeway access and convenience to major shopping centers, retail services, dining, and hotels. The property is also near Mayo Clinic’s proposed development, Discovery Oasis, a 120-acre medical and research campus including as much as 3.3MSF of medical and life sciences space, along with Arizona State University‘s Health Futures Center. According to ASU materials, Discovery Oasis will provide direct connections with ASU faculty, students, and entrepreneurial research-based initiatives.
