Research Park at Florida Atlantic University celebrates multiple new real estate transactions and tenant expansions

Boca Raton Florida – The Research Park at Florida Atlantic University (FAU) is making significant strides in expanding its footprint as a leading innovation hub in South Florida, with recent transactions signaling continued growth and vitality. On August 6, Malema Engineering Corporation purchased Building IC7, a 26,056-square-foot facility, for $7.2 million, marking one of several recent lease and sale activities spearheaded by Banyan Development and PEBB Enterprises, which hold long-term ground lease interests in the Park’s office properties.

This acquisition follows approval from the Research Park’s governing authority and sets the stage for a promising collaboration between Malema Engineering and FAU’s College of Engineering. Malema intends to focus on advancing research in materials and corrosion, specifically targeting applications in the semiconductor and biopharma industries. This partnership highlights the Park’s role as a bridge between academia and industry, fostering innovative solutions with real-world impact.

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In addition to Malema’s purchase, the Park welcomed new tenants who have secured approvals to join the thriving community. JRM Construction Management Florida LLC leased 12,288 square feet in Building IC6, bringing approximately 30 new jobs to the Park. Meanwhile, South Florida Hand & Ortho took up 11,088 square feet across two spaces in Building IC2, further diversifying the range of companies benefiting from the Park’s supportive environment.

Ian Weiner, president and CEO of PEBB Enterprises, commented on the dynamic growth: “The Research Park at FAU continues to attract substantial activity from a wide variety of tenants. There is truly nothing like it in the local market, as new and established businesses alike benefit from the entrepreneurial ecosystem the Research Park and FAU have created.” This vibrant mix of companies reflects the Park’s unique ability to nurture both startups and established firms, leveraging proximity to the university and a collaborative community atmosphere.

Tenant expansions are also playing a crucial role in the Park’s momentum. Instrumentum, a rising player in surgical instrument sterilization, recently expanded its space by an additional 5,977 square feet less than a year after its initial occupancy. With a total of 16,029 square feet now under its control, Instrumentum is serving major hospital systems and ambulatory surgical centers nationwide, demonstrating how the Park supports companies scaling rapidly within their industries.

Overall, the combination of new leases, sales, and expansions has brought the Research Park’s occupancy rate to a robust 80 percent. This marks a substantial milestone, reflecting the appeal of the Park as a destination for innovative companies and entrepreneurs.

Andrew Duffell, president of the Research Park at FAU, expressed his enthusiasm for the Park’s progress: “It is always gratifying to see our tenants grow, especially so soon after initially arriving at the Park. We are unwavering in our commitment to provide these innovative companies and entrepreneurs with access to mentors, potential partners and funding sources. Banyan and PEBB continue to excel at curating our Park with the right complementary tenants.” This dedication to creating a supportive ecosystem is a key driver behind the Park’s sustained success.

The recent leases were brokered by Derek Baker, Gary Gottlieb, and the Colliers team, who represent both Banyan Development and PEBB Enterprises. Their involvement has been pivotal in aligning the right tenants with the Park’s vision for a thriving, collaborative community of innovators.

Situated at 3600-3998 FAU Boulevard, the Research Park encompasses 282,249 square feet of office space. It stands out as the only university-affiliated research park in South Florida, widely recognized as a premier incubator for technology businesses and startups in the region. The Park’s close ties with Florida Atlantic University offer companies unique access to academic resources, research opportunities, and a pipeline of skilled graduates eager to contribute to the region’s innovation economy.

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PEBB Enterprises, a privately held real estate investment and development firm founded in 1973 and headquartered in Boca Raton, has built a reputation on its entrepreneurial spirit and forward-looking approach. Specializing in high-quality retail, office, and mixed-use properties, PEBB manages over 10 million square feet of commercial real estate nationwide, demonstrating its capacity to support ambitious projects like the Research Park.

Similarly, Banyan Development focuses on commercial real estate investment throughout Florida, with a diversified portfolio that includes retail, industrial, medical office, residential, and multi-family assets across the United States. Their collaboration with PEBB at the Research Park exemplifies the power of strategic partnerships in cultivating vibrant business environments.

As the Research Park at Florida Atlantic University continues to evolve, its role as a catalyst for innovation and economic growth in South Florida is more evident than ever. With new tenants arriving, companies expanding, and strategic sales like that of Malema Engineering Corporation, the Park is poised to remain a cornerstone of entrepreneurial success in the years to come.