Activation Capital plans $53M innovation center in Richmond

Activation Capital, a Richmond-based innovation incubator, will redevelop a 102,000-square-foot innovation center in the Bio+Tech Park in downtown Richmond, Cushman & Wakefield | Thalhimer and Activation Capital announced Friday.

The 34-acre park, at Eighth and E. Leigh streets, is a commercial life sciences hub adjacent to the Virginia Commonwealth University Medical Center and has more than 70 companies, research institutes and state/federal laboratories on its campus, including the Altria Center for Research & Technology.

“As part of our strategic plan to create a thriving ecosystem, Activation Capital will build an innovation center that anchors downtown Richmond’s innovation hub and serves as a magnet for innovators to build and grow deep tech companies. Once complete, the innovation center will catalyze downtown redevelopment around wealth-creating jobs, boost entrepreneurial growth, strengthen the region’s end-to-end pharmaceutical manufacturing cluster, and act as a platform for upskilling community members with STEM programming,” Chandra Briggman, president and CEO of Activation Capital, said in a statement.

The $53 million center will feature about 35,000 square feet of class lab and creative office space. Another 45,000 square feet will be dedicated to an incubator operated by Activation Capital and will have shared labs, private offices and community gathering spaces. The new building will be at the corner of 8th Street and Jackson Street.

It is expected to be completed in late 2025.

Activation Capital received a $15 million grant from the state to go toward the cost of the project. Along with the biotech park, Activation Capital has a startup development and a newly invigorated cluster accelerator for pharmaceutical research and manufacturing.

JLL’s project and development services team is handing the design and construction management of the property.

Amy J. Broderick and Kate Hosko, both of Cushman & Wakefield | Thalhimer, along with David Thomann of Cushman & Wakefield’s life science group in Boston, will handle leasing for the innovation center.