Covalent Properties Secures Verici Dx as Second Major Lease for Innovation Park Project

FRANKLIN, Tenn., May 20, 2021 /PRNewswire/ -- Covalent Properties, the leading middle-Tennessee provider of science-specific real estate services has secured a 3,792 square foot lease for Verici Dx, a developer of advanced clinical diagnostics for organ transplant. The space is intended to house its upcoming CLIA-certified lab space as it prepares to launch two major products through an accelerated pipeline later this year.

The company's expansion into Franklin signals a strong belief in the area's ability to provide both an available workforce and the necessary infrastructure to deliver a successful clinical environment. "We picked Franklin as the host for our expansion because it has a number of critical site elements we're looking for," says Dave Schultenover, VP Quality and Regulatory Affairs. "As we develop our clinical and lab presence, we expect Cool Springs and the surrounding areas to help us thrive." The company is already occupying space and expects the full lab facility to be operational by August.

The Verici Dx lease was the second major signing for Covalent Properties in 2021, as they previously secured space for Dr. Sam Lynch's Lynch Biologics team, who took over 4,521 square feet in June 2020 previously occupied by Wright Medical. Together, the Lynch Biologics and Verici Dx deals represent a significant and steady trend of growth. "The Innovation Park project is an exciting one," says Dr. Eric Elmquist, founder and principal broker for Covalent, "But it's not just this particular address that's booming. It's the entire middle-Tennessee region. Cool Springs, Franklin, Nashville and beyond are quickly becoming a hotbed for innovation. We've seen companies like Oracle and Amazon come in, but we've also seen local innovation absolutely explode. And it's only going to continue."

Innovation Park is a 10-acre campus dedicated to fostering startups or established companies. Current tenants include Vanderbilt University, Stryker, Summit BHC, and Mazzetti + GBA, with outparcels still available.

Covalent Properties sits at the intersection of people and places, delivering commercial and residential real estate services for middle Tennessee.

Verici Dx is developing and commercializing tests to understand how a patient will and is responding to organ transplant, with an initial focus on kidney transplants.

SOURCE Covalent Properties