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Edwards’ Real Estate Shopping for May Tops $22M

Add another Irvine building to the growing real estate portfolio of Edwards Lifesciences Corp.

The medical device maker (NYSE: EW), Orange County’s largest publicly traded company with a $42 billion market cap, recently completed the purchase of 17401 Eastman St., a roughly 43,000-square-foot industrial building about a block south of the company’s main headquarters campus.

Edwards paid nearly $10.4 million for the building, according to property records, or roughly $240 a square foot.

The seller of the building has ties to a pharmaceutical business no longer using the facility, according to property records.

It’s the second sizeable area real estate transaction for Edwards in a month.

The June 1 print edition of the Business Journal detailed the company’s purchase of 3009 Daimler St., a roughly 52,000-square-foot building. It sits on the Santa Ana side of Alton Parkway, near Red Hill Avenue. It’s to the north of Edwards’ main campus.

Property records indicate that Edwards paid about $12.1 million for the Daimler Street building, or nearly $230 per square foot.

A sign of the slow commercial real estate market amid the pandemic: the two Edwards deals are the largest two real estate sale in the airport area in the past three months, according to CoStar Group Inc. records.

Construction Continues

Edwards has been an active area investor in real estate in recent years, snapping up several existing buildings in the vicinity of its headquarters for its operations. The latest purchase puts its real estate purchases over the past three years at more than $75 million.

In 2017, the company’s local employee base was approaching 4,000, now that figure is closer to 4,500 workers and could grow further with a multibuilding expansion project currently underway with its first phase of construction.

The collection of new buildings will ultimately total about 500,000 square feet, and include two office and laboratory buildings, an employee amenities facility, and a parking structure.

Its existing main campus currently runs some 650,000 square feet.

China Boost

On the medical front, Edwards last week said it received Chinese regulatory approval for the Edwards Sapien 3 transcatheter heart valve, for the treatment of patients suffering from severe, symptomatic aortic stenosis, and are at high risk for or unable to undergo open-heart surgery.

The approval “marks a major milestone for Chinese physicians and their patients living with severe AS in need of alternatives to open-heart surgery,” said Larry Wood, Edwards’ corporate vice president, transcatheter aortic valve replacement.

“Edwards is proud to introduce this technology, which has demonstrated successful outcomes for patients worldwide, into China,” Wood said. We look forward to partnering with hospitals throughout China to introduce this therapy through our comprehensive, globally proven training program.”

In Asia, Edwards has offices in Tokyo, Shanghai and Singapore. The company has reported increased international sales of mitral tissue valve products the past few years, with China a large source of that growth.

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