Stem Cell Reseach Company Moves Headquarters to Newark

StemCells, Inc., a global company which develops stem cell-based products for use in medical and drug research, has moved its headquarters from Palo Alto to Newark.

The company recently relocated to Newark's Pacific Research Center after its lease was up at the Stanford Business Park, a move which StemCells Chief Financial Officer Rodney Young said will reduce the company's annual operating costs and lease expenses.

"At the end of the day you're always looking for the right space," factoring in things like price and amenities offered, Young said. "That combination is really what drove us here."

While smaller than their previous location, employees are happy that the facility features a newly built, state-of-the-art laboratory and custom-designed office space.

The company has not released the exact square footage of the space nor the number of StemCells employees who made the switch. But Young said the will house the majority of the company's U.S. workforce, which stands at about 50 people.

StemCells also operates facilities in Mountain View and the United Kingdom.

Newark's Community Development Director Terrence Grindall said the city is excited about the move for "what it means for the economy here."

It's an example of another large technology firm making its home in Newark, he said. Logitech is to the Pacific Research Center next year.

The office park is privately owned by BioMed Realty Trust, Inc. but Grindall said the city does work closely with them. Recently "they have experienced an uptick of interest in the center," he said.

The complex is now at about 60 percent occupany, and BioMed is expected to announce new leases in the near future.

"That's very encouraging," Grindall said.