In a big boost to Miami’s Health District and the continued diversification of the city’s economy, University of Miami Life Science & Technology Park developer Wexford Science & Technology has finalized a lease with the project’s first new-to-market tenant: Daya Medicals, Inc. (DayaMed). The Palm Beach County-based medical device company will locate its 15,000 square foot corporate office in the UM LSTP’s first building, a 252,000 square foot facility that will house wet and dry labs, offices, and lab-ready development suites – all intended to help knowledge-based research and product development teams foster innovation and commercialize technology for public use and benefit. The phase one building is scheduled for completion in mid-2011.
DayaMed is a manufacturer and distributor of medical diagnostic products and laboratory diagnostic equipment, focusing on infectious diseases and cardiovascular and cerebrovascular pathologies. News of DayaMed’s lease follows the recent announcement that the University of Miami will occupy 80,000 square feet in the park’s first building.
“Attracting the first new-to-market tenant is an important step forward in realizing the potential of the University of Miami Life Science & Technology Park as a place where academic and industry entities collaborate,” said Joe Natoli, the University of Miami’s senior vice president for business and finance and chief financial officer. “Establishing the University of Miami as a magnet for research-based companies and organizations and elevating Miami’s standing as a life science and technology hub are key components of our institutional mission. The addition of Daya Medicals marks the first of what will be a lengthy roster of companies at the Life Science & Technology Park that are new to our regional economy.”
Already home to one of the nation’s largest concentrations of healthcare facilities and the University of Miami Miller School of Medicine, the Miami Health District is poised to become a global center for the development and commercialization of new life science products and technologies following the 2011 debut of the UM LSTP. Among the factors drawing tenant interest to the project: Miami’s proximity to Latin America and the Caribbean, which have seen dramatic growth in the life science sector; the park’s association with UM’s medical and engineering schools, both of which have emerged as leaders in the areas of research and innovation; and the community’s large multicultural population, which is an asset for researchers conducting clinical trials.
“For Daya Medicals, the decision to take space at the UM LSTP came down to creating new opportunities for our firm on both the business and research collaboration fronts,” said Dr. Kanti Daya, CEO and Medical Director of Daya Medicals. “On a micro level, we will have direct access to the faculty and resources of the University of Miami, one of the most active research institutions in the nation. On a macro level, we are confident that Miami’s international ‘gateway’ status will open doors to new markets in countries outside the U.S.”
In an example of how UM LSTP tenants will collaborate with University faculty, DayaMed is already structuring pilot programs with the University of Miami Miller School of Medicine’s Departments of Cardiology, Internal Medicine, Infectious Diseases – HIV/AIDS & Tuberculosis, Oncology, Ophthalmology, Nephrology and Hypertension.
The first phase of the UM LSTP is pegged for delivery in the summer of 2011. The project’s current master plan includes five buildings comprising between 1.6 and 2 million square feet of space. In addition to lab and office space, the park will contain restaurants and retail to serve the Miami Health District and residents of nearby neighborhoods. Developer Wexford Science & Technology has experienced success building similar research parks in association with universities in Baltimore, Philadelphia, Chicago, and other U.S. cities. The development of the park’s first building is projected to create more than 1,150 direct and indirect jobs, with an additional 2,700-plus direct and indirect positions created by ongoing operations, according to a recent study by the Washington Economics Group.
“Much more than a standalone research and development complex, the University of Miami Life Science & Technology Park has the capacity to transform Miami into a global epicenter for life science and technology research and commercialization that will impact the lives of people around the world,” said Joseph Reagan of Wexford Science & Technology. “Closer to home, we expect the park to have a positive long-term effect on the Miami Health District and its surrounding areas while simultaneously contributing to the diversification of the region’s economy.”