The Iversen Building, a new purpose-built ‘lab ready’ 86,000 sq ft building based at The Oxford Science Park (TOSP), has reached 100% occupancy only twelve months after practical completion.
The Ellison Institute of Technology (EIT) has committed to a 26,000 sq ft letting and will begin moving into the top floor of the building in April 2025. This latest letting brings the building to 100% occupancy. This follows EIT’s expansion to Winchester House at The Oxford Science Park last year to accommodate significant growth and an anticipated tripling in headcount over the coming years.
Designed by award winning architect Perkins+Will, The Iversen Building is set over three upper floors, with extensive parking, loading and laboratory amenity at ground and first floor levels.
The Iversen Building lettings have contributed to TOSP’s strong performance in 2024 which, according to Cushman & Wakefield data, saw its share of overall wet-lab take-up in Oxford increase from 6% in 2023 to 53%. Additionally, 37% of life science venture capital in Oxford has been invested in companies at TOSP since 2021.
Jamie Renison, Head of Life Sciences Agency UK at Cushman & Wakefield, said: “The Iversen Building is a vital injection of outstanding lab space into the Oxford, and the wider Golden Triangle life sciences market, and we are delighted to see it reach full occupancy. The Oxford Science Park promotes a culture of innovation and development among its community, offering science organisations the scope and opportunity to scale within the park itself, and the Ellison Institute of Technology is a prime example of this.”
Charlie Senior, Head of Asset Management at The Oxford Science Park, said: “Achieving full occupancy of The Iversen Building within 12 months of practical completion highlights the strength of Oxford’s life sciences ecosystem and the appeal of The Oxford Science Park as the leading destination for science and technology companies. This momentum underscores our ongoing commitment to delivering high-quality lab and office space to meet the growing demands of the sector, both for existing and future companies.”
The Oxford Science Park has a development pipeline of over 600,000 sq ft due to be delivered over the next few years. Construction of the 450,000 sq ft Daubeny Project is well underway, and building work is due to start in early 2026 on the Leggett Building, adjacent to the Iversen Building, which will provide a further 78,800 sq ft of laboratory and office space.
The Oxford Science Park is home to close to 100 science and technology businesses, which range from start-ups to large international companies, active across a range of therapeutic areas and technologies including infectious diseases, cancer, and artificial intelligence. It is located approximately four miles to the south east of Oxford city centre.
