[CBRE] – CBRE Group Inc. announced the multi-million dollar renovation of two buildings and the main entry at the Mann Biomedical Park in Valencia, California, as part of the more than 612,000 square-foot campus’s aim to attract more research and medical build-to-suit tenants.

SetPoint Medical, a biomedical technology company with a focus on inflammatory autoimmune diseases, just signed a 10-year lease for 14,292 square feet at the park.

The research and development campus, which is currently home to such biotechnology tenants as Boston Scientific, Bioness, Quallion, Alfred Mann Foundation as well as JEM FX and Wolf Creek Restaurant & Brewing Co., just broke ground on the next phase of upgrades to the park. The revamp includes moving the street entry and installing a new gate & guard building, according to CBRE’s Doug Sonderegger and Craig Peters who are providing leasing services for existing space, as well as numerous build-to-suit opportunities.

“This park is a very attractive location especially for biomed tenants looking for quality space at competitive rates,” said Sonderegger. “The campus atmosphere, open areas, mature landscaping, gym, walking trails and security have proven to be very desirable features.”

The 160-acre site, which sits near the 5 Freeway, currently houses 17 individual buildings and can accommodate an additional 600,000 to 900,000 square feet of structures on the campus’s entitled land. The Mann Biomedical project was purchased in 2014 by a joint venture between local investor Intertex Companies and funds managed by Oaktree Capital Management L.P.

“The continuation of our planned campus upgrades is part of our vision to make this very unique campus the premier biomed address in California,” said Intertex President Dale Donohoe.

The Valencia office and R&D market has been doing well. The vacancy rate in the area, also home to such firms as Sunkist, Princess Cruises and Honda Performance Development, has fallen dramatically in the past five years to 10.6 percent from 23.1 percent, according to CBRE research. This compares with the Los Angeles County rate of 14.3 percent.

About CBRE Group Inc.

CBRE Group Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.