Boston Scientific Renews Valencia Lease

Boston Scientific Corp. has renewed its current lease in Valencia and extended it for 10 years with plans to add employees, according to CBRE Group Inc. The medical device manufacturer leases 342,000 square feet at 25129 and 25155 Rye Canyon Loop at the Southern California Innovation Park, originally named the Mann Biomedical Park. The park is owned by Valencia Biomedical Park, a joint venture between Oaktree Capital Management and Intertex Cos. The venture has recently renovated the park and is planning additional work on the campus, CBRE said. CBRE’s Craig Peters and Doug Sonderegger negotiated the deal on behalf of Valencia Biomedical. Boston Scientific was represented by Jack Burns and Allen Trowbridge of Cresa. Peters said the deal was significant because the division, which had 750 workers at CBRE’s last survey, plans to add more people to fill the space. Boston Scientific, headquartered in Marlborough, Mass. has been operating its neuromodulation group at the site for nine years, a division that focuses on microelectronic implantable technology for chronic pain or neurological disease. It currently leases a 180,145-square-foot office and engineering facility and a 161,569-square-foot office, training and warehouse facility, according to CBRE. The medical device maker said in its 2016 annual report that adjusted worldwide net sales for products made by the neuromodulation group grew 12 percent compared to the prior year. The nearly 160-acre Southern California Innovation Park is made up of 17 buildings totaling 612,075 square feet, with another 900,000 square feet approved for build-to-suit units.