Biotech accelerator finishes construction

Now, the program begins looking for tenants

The VABeachBio Accelerator finished construction in February and is now accepting lease applications.

A Virginia Beach biotech accelerator program announced more than five years ago as a way to attract a booming, high-salary industry to the area has completed lab construction and is finally looking for tenants.

The VABeachBio Accelerator finished construction in February and is now accepting lease applications. The 5,700-sqaure-foot office and lab space is in the Convergence II office near the intersection of Independence Boulevard and Interstate 264.

In addition to the expected amenities for offices, including conference rooms, a kitchen area and high-speed internet, the accelerator space includes wet and dry labs and a biosafety level 2 lab space — a safety rating that allows the study of moderate risk infectious agents or toxins, according to the U.S. Department of Health & Human Services.

“This is the first lab of its kind in Virginia Beach,” said Virginia Beach Economic Development Director Taylor Adams at a January development authority meeting, noting that other labs were attached to either health care or higher education organizations.

Monthly rent rates for labs are $22 to $25 per square foot, and office rent is $20 per square foot. The program will also have affiliate and conference room rent rates, said David Couch, the economic development employee who presented the project to authority members.

Construction, programming, property management and design have all been handled by Facility Logix, a Maryland-based biotech consulting firm. At the meeting, the development authority approved a yearlong programming and property management contract with the firm with three one-year extension options. Facility Logix will receive $5,500 a month through June 2022 as part of the agreement. At that time, the company can elect to switch to $5,000 per month, plus a percentage of program revenue.

Programming associated with the accelerator includes mentoring opportunities, access to capital, sponsorships, networking events, professional services and other opportunities.

During the meeting, some authority members voiced concern that no startups had preemptively signed up for the program.

“Normally if you’re building a building, you’re going to start leasing it before you’ve got the building ready for your tenants,” said Lisa Murphy, development authority chair. “So we’ve got a little catching up to do I think.”

The economic development department has reached out to startups involved in the VABeachBio Innovation Challenge — a research and entrepreneurship competition held in 2018. Couch said around six of those startups were interested in the accelerator. He also said the department has notified the Virginia Bio trade association about the program to connect with other biotech startups.

Economic development officials directed all questions about the project to Adams, who could not be reached in time for publication.

The accelerator is part of the VABeachBio initiative, a plan to attract the industry to Virginia Beach announced by former mayor Will Sessoms in 2015. The initiative also includes the innovation challenge and a 155-acre biotech campus on Princess Anne Road.