UVA Foundation Purchases Biotage Building; Leases Half to NIITEK, Inc.
The University of Virginia Foundation purchased the Biotage Building located in the UVA Research Park last month for $5.5 million. The 51,700 square foot building is a Class “A” facility and is one of eight buildings currently located in the Park. The Foundation will lease half of the building to NIITEK, Inc.
“This building is one of the nicest multi-purpose facilities in the area and one we are pleased to have in our portfolio,” says Tim Rose, the Foundation’s CEO. “The building was designed by NBJ Architects and contains office space, wet and dry laboratories, light manufacturing and warehouse space with shipping and receiving areas.”
NIITEK, Inc. is a leading developer of robot and vehicle-mounted mine detection systems using advanced ground penetrating radar and metal detection technologies. NIITEK is currently located outside of the Park and will occupy the first floor of the building to accommodate its growing space needs. NIITEK works directly with the federal government to provide mine and buried explosives detection systems that are being deployed in the current theater of operations.
“We are delighted to be joining the Research Park family of tenants and expanding our operations in the Charlottesville area,” says Juan Navarro, NIITEK’s Executive Vice President and General Manager. “Our mission is to provide technology that saves lives. Since we began our high volume production operations in October of 2008, we have more than doubled our capacity and we have hired an additional 80 employees in the Charlottesville area. We look forward to working with the University on future opportunities to help us continue this very important mission.”
“We are extremely pleased that the University can assist NIITEK with its mission to safeguard our troops overseas,“ says Leonard Sandridge, UVA’s Executive Vice President and Chief Operating Officer. “We are fully engaged with companies supporting the US Army at the National Ground Intelligence Center (NGIC) and the soon-to-be-relocating Defense Intelligence Agency (DIA). Their ability to leverage the expertise and knowledge of our faculty and students is very important to the University. These partnerships enhance the University’s research standing and our ability to attract innovative faculty and students.”
“The UVA Foundation is committed to the development of the UVA Research Park,” says Sandy Fitz-Hugh, the Foundation’s Board Chair. “The connections being made between industry, government, and the University are critical to the continued economic well-being of the community and our region. Given the size of our land holdings and the growth in both the University and the intelligence community in Charlottesville, we see a very bright future ahead.”
The Foundation owns and develops the 562 acre University of Virginia Research Park (Park) located on US Route 29 North. Currently, there are eight buildings in the Park totaling 491,000 square feet of building area. Zoning is in place for development of up to 3 million square feet.
The Foundation represented itself in the transaction and Bob Kahn, Bob Kahn Realty Investment, represented Biotage in the sale of the property.
The University of Virginia Foundation helps to promote and accommodate the University of Virginia’s future academic and related activities through acquisitions, development and management of real property.