PHILADELPHIA, Sept. 12, 2014 /PRNewswire/ -- Wexford Science + Technology, a BioMed Realty (NYSE: BMR) company, and the University City Science Center today hosted the grand opening of the new 3737 Science Center life science building on the Science Center campus in Philadelphia, Pennsylvania with a ribbon-cutting ceremony.
Developed jointly by Wexford and the Science Center, 3737 Science Center provides approximately 334,000 square feet of premier laboratory and office space at the epicenter of Philadelphia's renowned "eds and meds" community that is home to the University of Pennsylvania and Drexel University, as well as The Children's Hospital of Philadelphia, University of the Sciences and The Wistar Institute. The new building, the 16th on the Science Center campus and the second by the joint venture between the Science Center and Wexford, cements the Science Center's reputation as a world-class innovation center and enhances Wexford's presence in University City.
Tenants of 3737 Science Center include Penn Medicine University City; Spark Therapeutics, a cutting-edge gene therapy start-up that spun out of The Children's Hospital of Philadelphia; Good Shepherd Penn Partners, which operates the Penn Institute for Rehabilitation Medicine; and The Rose Group, owner of the Corner Bakery Café which is expected to begin service on the ground floor of 3737 Science Center at the end of 2014.
The building's atrium lobby features "Orders of Nature," a work by artist Soo Sunny Park that was funded by the Philadelphia Redevelopment Authority's Percent for Art Program. By affixing thousands of iridescent glass elements into stainless steel mesh, Park has created an undulating structure that transmits, reflects, and refracts natural and artificial light that fills the atrium with rainbow hued shadows and abstract color washes.
"This state-of-the art building is so much more than concrete and steel. 3737 Science Center is one more link in the chain that connects our region's innovation ecosystem," said Science Center President & CEO Stephen S. Tang, Ph.D., MBA. "Together with Wexford Science + Technology, we have created a place for patients to get the treatment they need, and for scientists, researchers and physicians to conduct the groundbreaking work that will solve the problems of future patients for generations to come."
James R. Berens, President of Wexford Science + Technology, remarked, "We welcome our tenants, civic leaders and West Philadelphia neighbors to 3737 Science Center, which was conceived and developed on the strength of University City as the hub for the growing life science and innovation community in Philadelphia. Along with our adjacent 3711 Science Center building, this world-class life science research complex exemplifies the vitality of this region's health care and research sectors, bolsters University City's reputation as a foremost innovation center, and demonstrates the value of the partnerships formed between Wexford, the University City Science Center, and the local community to Philadelphia's economy."
Originally designed as an 11-story building, two additional floors were added to the structure during the construction phase in order to meet the growth requests for space in the building. The expanded 3737 Science Center building is now 82 percent leased to tenants which advance the Science Center's mission of supporting innovation and commercializing technology and are attracted to Wexford's university-centric approach to development that enables tenants to collaborate closely with universities and provides the community with a positive, amenity-rich environment.
About the University City Science Center
The University City Science Center is a dynamic hub for innovation, and entrepreneurship and technology development in the Greater Philadelphia region. It provides business incubation, programming, lab and office facilities, and support services for entrepreneurs, start-ups, and growing and established companies. The Science Center was the first, and remains the largest, urban research park in the United States. Since it was founded in 1963, graduate organizations and current residents of the University City Science Center's Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. For more information, go to: www.ucsc2014review.org.
About Wexford Science + Technology
Wexford Science + Technology, a subsidiary of BioMed Realty, is a real estate investment and development company specializing in facilities for for-profit and not-for-profit institutions, especially universities, university-related research parks and healthcare systems. Wexford brings a unique approach of collaborating with clients to build knowledge communities which are vibrant, mixed-use, amenity-rich environments that foster innovation.
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships, delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 17.2 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: adverse economic or real estate developments in the life science industry or the company's target markets, including with respect to the 3737 Science Center and 3711 Science Center properties in Philadelphia, PA; and general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate). For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE BioMed Realty