Algae fuel company leases 15,000SFHeliae Development LLC has signed a 60-month lease at the 202 Business Park in Gilbert. Heliae is a spinoff company that started as part of the algae-based technology program at Arizona State University's Polytechnic campus in Mesa.
The company is developing a technically viable process to produce aviation fuel from algae.
The 202 Business Park at 614 E. Germann Road is a 269,000-square-feet, 11-building complex, which sits on 27 acres. The property is now 60 percent leased. The Heliae deal is the 13th transaction at the business park in the past 18 months, according to Cushman & Wakefield officials.