By Adrian Maties, Associate Editor
HeartLab, a leading specialty clinical laboratory and disease management company, has signed a 10-year lease for 27,000 square feet at the MidTown Tech Park. The new building, located in Cleveland’s emerging Health-Tech Corridor, was constructed to attract and retain fast-growing companies.
Cleveland HeartLab is currently in about 7,000 square feet on the Cleveland Clinic campus, but it is unable to accommodate the fast-growing company’s needs. HeartLab has grown from eight to 80 employees in the past two years and is approaching $20 million in annual revenues, with plans to double its number of employees by 2015. It recently rejected an offer from an East Coast buyer and chose to remain in Cleveland, securing $18.4 million in funding from two Boston-area investors. Cleveland HeartLab receives hundreds of blood, plasma and urine samples and conducts thousands of tests daily.
The state of Ohio has approved a six-year, $422,810 job-creation tax credit for Cleveland HeartLab. It is also evaluating the company’s request for a $200,000 grant. The city of Cleveland is also considering incentives for the company.
Midtown Tech Park was developed earlier this year by Hemingway Development. It is a 128,000-square-foot, LEED-certified building with state-of-the-art features. Located at 6700 Euclid Ave., the project received loans and grants from the city of Cleveland and the state of Ohio. Thus, Hemingway is able to offer tenants suburban-style office space at a competitive price, $14 per square foot.
Cleveland’s three-mile, 1,600-acre Health-Tech Corridor connects 12 vibrant neighborhoods. It is a prime location for biomedical, healthcare and technology companies wanting to take advantage of the close proximity to four world-class healthcare institutions, seven business incubators, three academic centers and more than 119 high-tech companies engaged in the business of innovation.
Cleveland HeartLab’s move to the corridor should allow it to operate more efficiently in state-of-the-art laboratories and give it access to the area’s highly skilled workers.