Boston Scientific Inks 207 KSF Prelease in Atlanta – What is a Ground Lease?
Atlanta, Brokerage, Development, Industrial, News, Southeast, Bain Capital Real Estate, Boston Scientific, CBRE, Colliers, State Farm Life Insurance
Boston Scientific Corp. has signed a long-term lease for a life science manufacturing and supply chain facility to be constructed in Johns Creek, Ga., in the Atlanta area. A joint venture between US Realty Advisors and Bain Capital is the landlord, while Pure Development serves as development partner. CBRE represented the tenant and Colliers worked on behalf of the landlord.
The 206,686-square-foot building will be constructed on a lot currently occupied by a State Farm campus which was constructed in 1991 and spans 339,862 square feet, according to CommercialEdge data. The existing structure will be demolished and development costs are estimated at $62.5 million, according to a prior release issued by Governor Brian Kemp.
Located at 11350 Johns Creek Parkway, the 45-acre site is close to Highway 41 and roughly 30 miles north of Atlanta. Numerous retail, dining and fitness options are located within walking distance of the property. Emory Johns Creek Hospital is also situated about 1 mile away.
A budding life science market
Colliers Executive Vice President Jessica Doyle, along with Senior Vice President Deming Fish, facilitated the transaction, representing the landlord. US Realty Advisors President David Grazioli stated in prepared remarks that the development represents an initial step toward creating a larger city center in Johns Creek.
Doyle also mentioned that the life sciences industry is expected to keep growing in the state of Georgia. Last year, Trammell Crow Co. broke ground on a 13-story tower in Atlanta which will include 364,750 square feet of lab and office space, along with 280 residential units. It represents the first phase of Science Square, an 18-acre master-planned district to include multiple lab and R&D developments.
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The new building will replace an existing State Farm campus.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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