Chicago-based real estate investment trust Ventas will anchor the new 500 North Hurstbourne building at the University of Louisville’s ShelbyHurst Office and Research Park.
Ventas signed a long-term lease for more than 31,000 square feet in the four-story, 120,000-square-foot building, according to a news release. The company will take up the entire second floor as it moves its entire Louisville operations, including its 100 local employees, to 500 North Hurstbourne during the first quarter of 2017.
CBRE represented Ventas and NTS Development Company represented the landlord in the lease negotiations.
“Ventas has enjoyed great success since its inception in 1999, because of our great people, assets and customers, many of whom are also Louisville-based,” T. Richard Riney, executive vice president of Ventas, said in the release. “We are pleased to reinforce our commitment to the community and our excellent employees by taking new space at 500 North Hurstbourne.”
With the addition of Ventas, 500 North Hurstbourne is 60 percent leased. The building, which opened about four months ago, also houses operations for NTS Development Company, Monroe Shine & Co., Arc Administrators, and Pitt & Frank.
The new building is expected to receive LEED certification and was built using state-of-the-art technology and natural materials, the release states. It includes an outdoor patio, LED accent lights and a fully equipped conference center. Tenants also receive five parking spaces per every 1,000 square feet they lease.
500 North Hurstbourne is the third new building in the office and research park, which is a joint venture of the UofL Foundation and Louisville-based NTS Realty Holdings, parent company of NTS Development Company. The other two buildings, 600 North Hurstbourne and 700 North Hurstbourne, opened 2012 and 2014, and are 100 percent leased.
“We’re pleased with the success of the park,” acting UofL president Neville G. Pinto, said in the release. “Our continued development of this previously underutilized asset is generating revenue to help advance the University of Louisville’s mission to become a premier metropolitan research university.”
Once complete, ShelbyHurst Office and Research Park is expected to have more than 1.5 million square feet of space.
Ventas has $36 billion in total enterprise value and has roughly 1,300 assets, including seniors housing communities, medical office buildings, life science buildings, skilled nursing facilities, specialty hospitals and general acute care hospitals.