SANTA ROSA -- Medtronic's CardioVascular division will expand into about 62,000 square feet next door to its current operations at the Airport Business Center.
Renewing its lease at 3850 Brickway Blvd. and expanding into into 3880 Brickway gives the company a total of roughly 128,500 square feet of space at the airport alone. The lease at both spaces was secured by Basin Street Properties following news of its recent acquisition of 17 office buildings in Santa Rosa, including the Airport Business Center. With the Medtronic lease, both of the center's building are now 100 percent occupied.
"Medtronic is one of Santa Rosa's most coveted and thriving local businesses and we are pleased to accommodate their growing real estate needs at Airport Business Center," said Scott Stranzl, vice president of leasing for Petaluma-based Basin Street. "The past two years has really been about re-investing in Sonoma County and making decisions that will benefit the local community."
Medtronic's lease also underscores some of the significant movement in the medical and health care fields that is benefiting the region's commercial real estate sector, helping to reduce the vacancy rate, Mr. Stranzl said.
"There is quite a bit of growth concentrated in the medical field," Mr. Stranzl said, adding that Sutter Health and Adventist Health have recently taken out large leases in Santa Rosa and that others are currently exploring similar options.
"Here's a company that over the years contracted out of the same building and is now going back into 62,000 square feet," he said. "More importantly, they've done it here in Sonoma County, which means more jobs, more economic activity and lower vacancy rates."
Medtronic exited the same space about two years ago. It was used primarily for office space and support for product development work.
Wendy Dougherty, a spokeswoman for Medtronic in Santa Rosa, said plans are still being finalized as to what functions and what operations will be moved into the new space, but that the expansion will help the company become more efficient.
The move "allows us to expand some of our local manufacturing operations while consolidating into a central location. It also allows us to accommodate moderate growth in the businesses located in Sonoma County," Ms. Dougherty said.
She said Medtronic expects to be fully moved into the new facilities in the spring of 2013.
Medtronic's CardioVascular division is headquartered at 3576 Unocal Place in the Fountaingrove area of Santa Rosa. Locally, the company, based in Minneapolis, employs nearly 900 across Sonoma County, much of it related to research, development and manufacturing stents that help treat abdominal aortic dissections and other heart condition treatment products.