Press Releases

 October 1, 2007

Mann Research Center, LLC inks contract for 22-acre life sciences complex in Port St. Lucie, FL

Editor's Note: The announcement that follows provides information about a contract that has been signed by Mann Research Center, LLC for property in the Florida Center for Innovation at Tradition, a research park under development by Core Communities. As the contract is contingent upon due diligence research being conducted by both Mann and Core Communities, neither organization will have further comment until closing.

PORT ST. LUCIE, Fla. (October 1, 2007) - Mann Research Center, LLC has entered into a contract to purchase a 22-acre property in the Florida Center for Innovation at Tradition (FCI), on which it intends to build a major life sciences complex. The contract is contingent upon a due diligence review now underway.

Pending the outcome of that review, Mann Research Center could close later this year on the property in FCI, a 120-acre research park under development in the master-planned community of Tradition. The property under contract is adjacent to the headquarters building for the Torrey Pines Institute for Molecular Studies (TPIMS), which is expected to open in early 2009.

Though final plans for the property are contingent upon due diligence reviews performed by Mann Research Center and Tradition developer Core Communities, preliminary plans call for a five- to six-building complex with a mixture of medical office, research and development, corporate office, and support retail space.

The complex, which would be built in phases with development plans submitted in early 2008, would be marketed to life sciences organizations and associated companies interested in the fast-growing biotech market in Port St. Lucie and Florida's Treasure Coast. A similar complex in Valencia, Calif., the Mann Biomedical Park, today offers more than 600,000 square feet of industrial, office and R&D space housing such companies as Advanced Bionics, Boston Scientific and Bioness Inc.

"We believe Tradition is an ideal location for a life sciences complex where the sharing of facilities, equipment and expertise can advance the development and commercialization of cutting-edge research," said John DelRusso, vice president of real estate operations for Mann Research Center. "The proximity to the Torrey Pines Institute, easy access to Interstate 95 and the live, work and play mix unique to Tradition are components attractive to life sciences organizations and the workers they employ."

Mann Research Center is a single-purpose LLC formed by noted biotech entrepreneur and philanthropist Alfred E. Mann to develop the life sciences complex in Tradition. It is unaffiliated with other Mann companies, including the Alfred E. Mann Foundation.