{"id":1004577276,"date":"2022-04-21T02:53:09","date_gmt":"2022-04-21T10:53:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004577276"},"modified":"2022-12-08T09:04:02","modified_gmt":"2022-12-08T17:04:02","slug":"vestar-adds-new-biotech-tenant-to-mixed-use-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/","title":{"rendered":"Vestar Adds New Biotech Tenant to Mixed-Use Property"},"content":{"rendered":"
\"The<\/a>

The Gateway. Image courtesy of Vestar<\/p><\/div>\n

Perfect Day<\/strong>, a Berkeley, Calif.,-based biotechnology company that developed the world\u2019s first animal-free milk protein, has leased nearly 60,000 square feet of space at The Gateway\u2019s BioHive hub in Salt Lake City, where it will open its second location in the U.S.<\/p>\n

Founded in 2014 by bioengineers Ryan Pandya and Perumal Gandhi, Perfect Day will join Recursion<\/strong>, a biotech company that has its headquarters at The Gateway and currently leases more than 200,000 square feet of office and lab space. Recursion first announced in December 2017 that it would be taking space <\/a>at The Gateway in 2018 when a $100 million redevelopment of the 1.4 million-square-foot downtown lifestyle and entertainment property was completed by Vestar<\/strong>, which owns and manages the mixed-use asset.<\/p>\n

In July 2021, Recursion inked<\/a> a new lease agreement with Vestar for an additional 100,000 square feet, effectively doubling its occupancy. Recursion\u2019s life science space was created by redeveloping a former Dick\u2019s Sporting Goods retail location. Recursion, a clinical-stage company industrializing drug discovery by decoding biology, is also adding 50,000 square feet of manufacturing space at INDUSTRY, a repurposed former silver foundry in Salt Lake City\u2019s growing Granary District.<\/p>\n

\n

READ ALSO<\/strong>: Health-Care Real Estate\u2019s Positive Prognosis<\/a><\/p>\n

\n

Jenny Cushing, vice president of leasing for Phoenix-based Vestar, told Commercial Property Executive<\/em> The Gateway has approximately 22,000 square feet of space available for life science tenants to join Perfect Day and Recursion.<\/p>\n

Construction is starting immediately on the state-of-the-art facility for Perfect Day. In addition to being Perfect Day\u2019s second U.S. location, it will be a critical base for its fast-growing Enterprise Biology business. The company\u2019s flagship product, the world\u2019s first precision fermentation protein, debuted in 2020. Instead of relying on cows, Perfect Day works with microflora to create proprietary animal-free cow whey protein. The product reduces blue water consumption by up to 99 percent, greenhouse gas emissions by up to 97 percent and non-renewable energy use by up to 60 percent compared to conventional production methods. Perfect Day\u2019s ingredients will help companies improve and scale their sustainability efforts across the supply chain and meet consumer demands.<\/p>\n

Life Science Expansions<\/strong><\/h2>\n

TM Narayan, Perfect Day\u2019s chief of business operations, said in a prepared statement the second U.S. base will expand and diversify the company\u2019s technology capabilities and allow it to accelerate its impact and business reach with new infrastructure, resources and connection to the biotech talent in Salt Lake City. Perfect Day plans to add more than 60 high-paying jobs to its Salt Lake City team over the next four years.<\/p>\n

The expansion to Salt Lake City is in partnership with the Utah Governor\u2019s Office of Economic Opportunity for an EDTIF tax credit.<\/p>\n

Salt Lake City Mayor Erin Mendenhall said in prepared remarks Perfect Day is an exciting addition to the city\u2019s fast-growing life science industry. She said The Gateway has evolved into a dynamic campus for life science companies to grow and innovate and is a valuable partner in the city\u2019s efforts to expand the biotech and life science ecosystem in Salt Lake City.<\/p>\n

In February, Mendenhall released a health-care innovation blueprint to continue to build the life science industry and create more job opportunities. Plans call for building a global brand, increasing investments and maximizing industry partnerships, creating education-to-workforce partnerships and removing or reducing barriers in regulations and zoning and ensuring lab and office space is available.<\/p>\n

In addition to highlighting Recursion\u2019s expansion at The Gateway and INDUSTRY, she also called attention to Denali Therapeutics<\/strong>, which develops therapies for neurodegenerative diseases and plans to open approximately 65,000 square feet of office and manufacturing space at INDUSTRY, adjacent to Recursion\u2019s new space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Perfect Day is opening its second U.S. location in Salt Lake City. <\/p>\n","protected":false},"author":1068,"featured_media":1004577296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,22251,21754,21752,21742,21747,15],"tags":[38511,35655],"class_list":["post-1004577276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-in-focus","category-medical-office","category-mixed-use","category-latest","category-office","category-west","tag-recursion-pharmaceuticals","tag-vestar"],"acf":[],"yoast_head":"\nVestar Adds New Biotech Tenant to Mixed-Use Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Perfect Day, a biotech firm that developed the world\u2019s first animal-free milk protein, will open its second U.S. location in Salt Lake City.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vestar Adds New Biotech Tenant to Mixed-Use Property\" \/>\n<meta property=\"og:description\" content=\"Perfect Day, a biotech firm that developed the world\u2019s first animal-free milk protein, will open its second U.S. location in Salt Lake City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-21T10:53:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:04:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/Gateway-Tower.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"828\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/\",\"name\":\"Vestar Adds New Biotech Tenant to Mixed-Use Property - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/Gateway-Tower.jpg\",\"datePublished\":\"2022-04-21T10:53:09+00:00\",\"dateModified\":\"2022-12-08T17:04:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"Perfect Day, a biotech firm that developed the world\u2019s first animal-free milk protein, will open its second U.S. location in Salt Lake City.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-adds-new-biotech-tenant-to-mixed-use-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/Gateway-Tower.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/Gateway-Tower.jpg\",\"width\":828,\"height\":600,\"caption\":\"The Gateway. 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