Wexford Science & Technology Makes $150 Million Investment in Wake Forest Innovation Quarter
WINSTON-SALEM, N.C., May 9, 2013 /PRNewswire-USNewswire/ -- Wexford Science & Technology, LLC, Wake Forest Baptist Medical Center's development partner in the Wake Forest Innovation Quarter, today announced that the renovation of two former Reynolds Tobacco buildings currently underway represents an additional $150 million investment in downtown Winston-Salem. This brings Wexford's total investment in the Innovation Quarter to more than $250 million, the largest capital investment in the history of downtown Winston-Salem.
"This is the tipping point for Innovation Quarter," said John D. McConnell, M.D., chief executive officer at Wake Forest Baptist Medical Center. "As a result of this unique public-partnership the city, county and region will all benefit significantly."
The two buildings, formerly part of the "90 Series" of buildings, will be named "525 Vine" and "635 Vine" to represent their physical locations, and have a total of 473,000 square feet. The 230,000 square feet in 525 Vine will be developed for multi-tenant use that includes state-of-the-art labs, offices and educational facilities. Inmar's future corporate headquarters will be located at 635 Vine. Wexford expects to complete the 242,000 square foot renovation in the first quarter of 2014.
"This is a further significant milestone in our progress to create a dynamic hub for innovation in medical science and information technology in Winston-Salem, said Eric Tomlinson, D.Sc., Ph.D., chief innovation officer, Wake Forest Baptist Medical Center, and president, Wake Forest Innovation Quarter. "We are delighted by Wexford's work and look forward to them working with Inmar and others in creating distinctive work spaces that will maintain the inspirational nature of the Innovation Quarter."
The renovation of 525 Vine and 635 Vine builds upon the success of Wake Forest Biotech Place, Wexford's first development in Wake Forest Innovation Quarter. "To have an opportunity to be part of what is taking place at Innovation Quarter is truly an investment in the future of medical research and innovation in biomedical science and information technology," said Dan Cramer, executive vice present, Wexford Science & Technology, LLC.
Wexford is a private real estate investment and development company that owns and develops institutional quality life science real estate for academic and medical research organizations and is based in Baltimore, Maryland. Wexford recently announced a merger with life science giant, BioMed Realty Trust, Inc., a $4 billion real estate investment trust based in San Diego, California.
Note: Photos available.
Wake Forest Baptist Medical Center (www.wakehealth.edu) is a fully integrated academic medical center located in Winston-Salem, North Carolina. The institution comprises the medical education and research components of Wake Forest School of Medicine, the integrated clinical structure and consumer brand Wake Forest Baptist Health, which includes North Carolina Baptist Hospital and Brenner Children's Hospital, the creation and commercialization of research discoveries into products that benefit patients and improve health and wellness, through Wake Forest Innovations (WakeForestInnovations.com),Wake Forest Innovation Quarter (WakeForestInnovationQuarter.com), a leading center of technological discovery, development and commercialization, as well as a network of affiliated community-based hospitals, physician practices, outpatient services and other medical facilities. Wake Forest School of Medicine is ranked among the nation's best medical schools and is a leading national research center in fields such as regenerative medicine, cancer, neuroscience, aging, addiction and public health sciences. Wake Forest Baptist's clinical programs have consistently ranked as among the best in the country by U.S .News & World Report for the past 20 years.
SOURCE Wake Forest Baptist Medical Center