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January 22, 2020
PHILADELPHIA--(January 22, 2020) – Ground has officially broken on the 17th building in uCity Square, a rapidly growing innovation hub for life sciences and technology. A joint development between the University City Science Center, Ventas, Inc., and Wexford Science + Technology, One uCity Square will be a 400,000 square foot flagship building offering flexible lab and office space and is expected to deliver by December 2021.
“There is no limit to what’s possible for Philadelphia’s growing life sciences and technology sectors,” says Curt Hess, Senior Vice President of Real Estate at the University City Science Center. “As uCity Square emerges as a life sciences center of excellence, particularly in the areas of cell and gene therapy, we’re eager to continue building the physical and figurative infrastructure needed to support growing companies that will benefit Greater Philadelphia’s economy and impact healthcare around the world.”
“One uCity Square is not only our first commercial project north of Market Street but it’s also the first time a 100% speculative lab and office building has broken ground in Philadelphia in nearly 15 years,” says Joseph Reagan, Executive Vice President of Development at Wexford Science + Technology. “Our bullishness on the market is a testament to the incredible momentum Philadelphia and University City in particular is experiencing right now. One uCity Square will be the second of four projects to break ground this winter in uCity Square.”
Designed by ZGF Architects, the 13-story One uCity Square building will feature flexible lab and office space, below grade parking, a hotel-like lobby, full-service restaurant, fitness center, retail space and ample bike parking.
Adjacent to One uCity Square will be a signature 45,000 square foot publicly-accessible park which shares the larger development’s namesake, uCity Square. Designed by Andropogon Associates, the park will include a mix of hard and soft-scapes, a water feature, canopy and nearly 15,000 square feet of retail frontage. The park is also scheduled to complete by the end of 2021.
The One uCity Square groundbreaking comes just over a year after the development’s most recent building 3675 Market Street, was completed. This award-winning building opened in November 2019 and is fully leased.
About uCity Square
Located in Philadelphia’s University City neighborhood, uCity Square is a 6.5 million-square-foot mixed-use community consisting of retail, residential, clinical, office, and laboratory space. Home to more than 200 businesses, uCity Square is surrounded by top-tier colleges and universities, independent research institutions, world-renowned hospitals, hundreds of restaurants and shops, and thousands of jobs, and is a center of connectivity for residents, students, professionals, and entrepreneurs alike. At the center of Philadelphia’s economic growth in University City, uCity Square is a dynamic environment for innovation and collaboration between the private sector and top-tier research institutions such as the University of Pennsylvania and Drexel University. The project is a joint development of the University City Science Center, premier real estate investment trust Ventas, Inc.(NYSE: VTR), and leading developer Wexford Science + Technology. For more information, visit: www.ucitysquare.com
About the Science Center
Located in the heart of uCity Square, the Science Center is a mission-driven nonprofit that commercializes promising technology, cultivates talent and convenes people to inspire action. For over 50 years, the Science Center has supported startups, research, and economic development in the life sciences, healthcare, physical sciences, and emerging technology sectors. As a result, Science Center-supported companies account for one out of every 100 jobs in the Greater Philadelphia region and drive $13 billion in economic activity in the region annually. By providing resources and programming for any stage of a business’s lifecycle, the Science Center helps scientists, entrepreneurs and innovators take their concepts from idea to IPO – and beyond. For more information, visit: www.sciencecenter.org
Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of approximately 1,300 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, life science and innovation centers, skilled nursing facilities, specialty hospitals and general acute care hospitals. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. More information about Ventas and Lillibridge can be found at www.ventasreit.com and www.lillibridge.com.
About Wexford Science & Technology
Wexford Science & Technology, LLC, is a real estate company exclusively focused on partnering with universities, academic medical centers and research companies to develop vibrant, mixed-use communities. Wexford’s communities are built on a foundation of discovery, innovation and entrepreneurial activity that creates visible outcomes in the form of substantial economic growth, new and diverse jobs and community transformation. Wexford targets strategic opportunities with top-tier research universities that are directly on or contiguous to dense, urban campuses. Presently Wexford has developed twelve Knowledge Communities across the United States. For more information about Wexford, visit: www.wexfordscitech.com.