LA firm commits $20M for major renovation of Scottsdale's Ilume Innovation Center – Phoenix Business Journal

Los Angeles-based Stockdale Capital Partners is committing more than $20 million for a major renovation plan to finish converting Illume Innovation Center in Scottsdale.
The renovation will help transform the 370,000-square-foot building into a fully lab-enabled life science facility.
Plans call for building several move-in-ready wet lab suites. Upgraded tenant amenities include a fitness center, auditorium meeting space, tenant lounge and 1.5-acre rooftop garden.
Designed by famed architect Will Bruder, the building at 19001 N. Scottsdale Road originally served as the headquarters for Henkel North American.
Stockdale bought the four-story building in December 2019, paying $65 million to Henkel Corp., according to Tempe-based Vizzda LLC real estate database.
Current tenants include Systems Oncology, CommonSpirit Health Reference Lab, INanoBio Inc., along with 2023 BIG Innovation Award recipient technology firm GPS Insight.
Now the real estate investment firm has hired the Cushman & Wakefield (NYSE: CWK) life sciences broker team of Alexandra Loye, Scott Boardman, and Kristina Cutillo in Phoenix to handle leasing efforts for the transformed property.
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 the total 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.
Built on more than five acres, the property at the northeast corner of Scottsdale Road and Loop 101 is near Discovery Oasis, Mayo Clinic’s 120-acre medical and research campus under development.
In other recent health care sector construction news, Phoenix-based Banner Health also closed on a 48-acre parcel at the southwest corner of Hayden Road and Loop 101, paying $57.56 million to an entity tracing to Van Tuyl Cos., according to Vizzda.
Banner plans to build a $400 million hospital campus on that site called Banner Scottsdale Medical Center. The goal is to open in 2026 with 106 licensed patient beds and 20 observation beds and employ 1,000 people over the next five years as the need grows.
Meanwhile, Scottsdale-based HonorHealth won a 48-acre parcel of land at the northeast corner of Hayden and Loop 101 in a state land auction — snatching the parcel from Banner Health. HonorHealth is holding that property for now.
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