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South Florida

Entrepreneur picks up Jupiter medical space to sublease to biotech start-ups

An individual biotech entrepreneur dropped $4.2 million on office space near the Scripps Research Institute in Jupiter, GlobeSt.com reported.

Vithalbhai Dhaduk bought the 19,582 square feet of office space in the Class A Greenwich Medical Building, in a deal brokered by Christie Simon and Danny Simon of FLF Real Estate for an unnamed seller.

Dhaduk plans to lease the space to early stage biotech firms.

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The transactions is just another sign of the strength of Palm Beach County’s life sciences market. Though it’s long been centered on Scripps, another cluster is developing in Jupiter and northern Palm Beach County, Danny Simon said.

In fact, the 61,000-square-foot Greenwich Medical Building, located at 224 Chimney Corner Lane, is 78 percent occupied even though construction was first completed in late 2011.

Last year, Jones Lang LaSalle named South Florida among the top emerging life science clusters. [GlobeSt]