GIC and Magdalen College Oxford have signed the Ellison Institute of Technology, Oxford, founded by United States technology billionaire Larry Ellison, for the remaining 28,900 square feet of wet lab and office space at the Iversen Building on The Oxford Science Park.
The letting means the building is now fully leased 12 months after practical completion at what are understood to be record rents for a shell-and-core building in the city.
CoStar News revealed at the end of last year that Novo Nordisk, advised by Colliers, had completed a deal to pay around £60 per square foot for the space at the 96,695-square-foot building. Rents of £80 per square foot have been achieved at The Oxford Science Park, where it is located, but £60 per square foot is thought to be a record for shell-and -ore space.
The lettings success will add to GIC and Magdalen College's confidence in their 450,000 square feet of speculative labs and offices development as part of The Daubeny Project due to deliver in 2026.
Matt Smith, head of science and technology at DTRE, said: “To fully let the Iversen Building within a year of completion is a testament to The Oxford Science Park’s reputation as a leading hub for innovation. Securing Novo Nordisk – the largest deal of its kind in the Golden Triangle last year – alongside the Ellison Institute further reinforces its role in driving scientific progress and attracting world-class research to the UK.”
DTRE and Cushman & Wakefield advised GIC and Magdalen College while Ellison Institute of Technology acted for itself.
The building is described in marketing material as the first speculative lab-ready space in the city.
Magdalen College announced a strategic partnership with an affiliate of GIC for the development of The Oxford Science Park in 2021.
TOSP was founded by the College in 1991 and had been owned outright by Magdalen since 2016. It is home to more than 100 medical and life science technology firms.
The Ellison Institute of Technology is already developing a research and development facility bridging the Oxford Science Park and the Littlemore area that will comprise 300,000 square feet of research laboratories, an oncology and preventative care clinic, plus educational and meeting spaces. The new facility will support EIT’s partnership with the University of Oxford and become the new home for Ellison Scholars.
EIT was founded by Larry Ellison, the co-founder of technology group Oracle and as of mid-November the third-wealthiest person in the world, according to Bloomberg Billionaires Index, with an estimated net worth of $208 billion.
At the end of last year it emerged Ellison had agreed to buy a prime London West End office for £162 million from Hong Kong listed investor Chinese Estates. It is understood that 11-12 St James's Square has been bought for occupation by Ellison companies.