With its nearly 650 employees moved in and settling into Phase I of its headquarters expansion, Health Diagnostic Laboratory, Inc. started construction this week on Phase II of the 283,000-square-foot complex.
Located at the corner of East Jackson and North Fifth streets and bordered to the southeast by Navy Hill Drive, Phase II will be a mirror image of Phase I and connect to it, and when completed in April 2014 will contain 95,000 additional square feet of office and wet laboratory space. One of the nation's fastest-growing companies, HDL, Inc. is a prominent anchor tenant of the Virginia BioTechnology Research Park.
"Our ability to expand so quickly and immensely, from both a real estate and employment perspective, is due to the demand for HDL's advanced testing and health consulting and our ability to deliver high-value services at a low cost to millions of Americans," said Tonya Mallory, HDL, Inc.'s CEO, President and Co-Founder. "It is our mission to prevent and reverse heart disease and related diseases, and this real estate expansion is allowing us to do so as a team in a values-based, innovative environment in downtown Richmond."
Phase I of HDL, Inc.'s expansion was announced in November 2011. Construction required demolition of the former BioTech Three building at the corner of East Jackson and North Fifth streets. Phase I's 112,000-square-foot, six-story complex added to HDL, Inc.'s existing 76,000-square-foot, three-story building – known as BioTech Eight – and construction was completed in February 2013.
At a cost of $25 million, Phase II requires tearing down the small, two-story BioTech Five on Navy Hill Drive, a process that started this week. The building was used by HDL, Inc.'s sales support, client services, and technology teams, and demolition will make way for the remainder of the headquarters. When complete, HDL, Inc.'s offices and laboratories will encompass 283,000 square feet (approximately five football fields) and hold an additional 400 employees. Features of the headquarters include a rooftop park and green space, a 24/7 gym for employees, and the building's atrium will eventually contain spiral slides connecting the sixth, fifth, and fourth floors. The real estate is valued at roughly $80 million, and with equipment costs HDL, Inc.'s total investment in the biotech park will reach more than $100 million.
Robert T. Skunda, President and CEO of the Virginia BioTechnology Research Park, said Phase II of the Biotech Eight expansion will increase total development at the park to more than 1.25 million square feet of space, representing a capital investment exceeding $560 million. "Few believed that the research park could grow to become such an economic powerhouse when it was first launched 20 years ago. It has put Virginia on the map in biotechnology and the life sciences, and is helping us to compete globally to attract and grow this important sector of our region's economy," he said.
Phase II's financing is provided by Fulton Bank, based in Pennsylvania with a major Virginia presence, as well as Virginia-based banks StellarOne and Xenith Bank. The Lingerfelt Companies, a Richmond-based developer, has been involved with the project since its inception.
"Since partnering with HDL in 2009, it has been a fast-paced development cycle and we are pleased to assist HDL in its expansion. HDL is a significant complement to our growing healthcare development portfolio," Lingerfelt Companies Principal Ryan Lingerfelt said. "It's good to partner with such a quality and successful company. This project is a prime example of how a growing healthcare provider, coupled with resources and development talents, comes together to ultimately benefit our community and many others worldwide."
About Health Diagnostic Laboratory, Inc.
Health Diagnostic Laboratory, Inc. (HDL, Inc.) is a leader in health management offering a comprehensive test menu of risk factors and biomarkers for cardiovascular disease, diabetes, and related diseases. HDL, Inc.'s systematic approach identifies factors contributing to disease and provides a basis for effective treatment, allowing physicians to more effectively manage patients. Individuals receive a personalized overview of their risk factors along with intensive counseling from expert Clinical Health Consultants at no additional cost, improving compliance and enhancing satisfaction. HDL, Inc. is a CLIA-certified, CAP-accredited laboratory. For more information, visit myhdl.com.
About the Virginia BioTechnology Research Park
The Virginia BioTechnology Research Park is currently home to a unique mix of over 60 public and private bioscience companies, research institutes affiliated with the VCU Medical Center, and major state and national medical laboratories. The Park is now constructing its tenth building representing total development of nearly 1.5 million square feet since the Park was launched in 1994. The current employee base exceeds 2,700. The Park's nationally recognized biosciences business incubation program, the Virginia Biotech Center, has successfully graduated more than 40 client companies, including three publicly traded firms. Client companies and graduates have attracted more than $400 million in equity, grant and strategic capital. The Park's Virginia Biosciences Commercialization Center was created to assist international life sciences companies locating at the Park with commercialization activities through M&A or IPO, giving these Park's tenants full-scale business assistance as they enter the US market. The Commercialization Center is working with 9 bioscience companies with technologies ranging from medical devices to diagnostics and therapeutics. www.vabiotech.com.
About The Lingerfelt Companies
The Lingerfelt Companies have a proven history of meeting clients' needs and challenges through successful quality real estate solutions backed by over 12 million sq. ft. of development and acquisition valued at over $1 billion. Customizing design and structure to meet each client's specific development requirements, the Lingerfelt Companies specialize in build-to-suit projects, working with the client to exceed their objectives. From initial concept to project completion, the Lingerfelt Companies bring a full range of in-depth planning and a proven track record to every project. www.lingerfeltco.com.
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