Wexford Science + Technology, a BioMed Realty (NYSE: BMR) company, and the University City Science Center today announced that, Penn Medicine University City, has agreed to expand into an additional 56,000 square feet or two entire floors at the recently opened 3737 Science Center Building.
With this lease expansion, anchor tenant Penn Medicine University City will occupy 267,800 square feet in the 13-story laboratory and office building at 3737 Market Street in West Philadelphia.
This 56,000 square foot expansion means that the 334,000 square foot building is now 100 percent leased. Penn Medicine has relocated its Orthopedics Outpatient Program and other groups to the 3737 Science Center location, and will be using the additional two floors for medical offices.
“3737 Market’s rapid lease up exemplifies the attractiveness of the Science Center as a location of choice for organizations in the innovation ecosystem,” said Science Center President and CEO Stephen S. Tang, Ph.D., MBA. “Penn Medicine University City is a valuable partner of the Science Center and we are delighted that we could accommodate their expansion needs.”
Wexford and the Science Center also announced that 3737 Science Center has achieved LEED Gold certification for its core and shell design. The building includes several unique design features focused on energy efficiency. For example, it is the first health care building in Pennsylvania to have a chilled beam system — an advanced convection HVAC system designed to heat or cool large buildings.
In addition, Wexford and the Science Center implemented an extensive green roof system with a “white roof” membrane that more efficiently manages the challenging seasonal weather of Philadelphia while helping the building achieve the Heat Island Effect credit by reducing heat emissions from the building. The building also implemented a storm water management strategy to efficiently handle storm rain without overburdening the city’s sewer system.
“We are proud that our 3737 Science Center building has received the prestigious LEED Gold certification because we understand that importance of providing the most energy efficient environment for tenants, such as Penn Medicine University City, which need 24/7 uptime,” said Joseph Reagan, Vice President of Development for Wexford Science + Technology. “We are excited that our plan to use innovative design solutions such as the chilled beam system is seen as a benefit to our tenants, the West Philadelphia community and our environment.”
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 University of Pennsylvania Health System, The Children’s Hospital of Philadelphia, University of the Sciences and The Wistar Institute.
In addition to Penn Medicine University City, a facility of Penn Presbyterian Medical Center, tenants of 3737 Science Center include 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 Market Street on March 25, 2015.
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 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.sciencecenter.org.
About BioMed Realty Trust
BioMed Realty develops space at the intersection of the growing health care industry and the innovation sector. Using its unmatched real estate platform, BioMed Realty owns or has interests in properties comprising approximately 18.0 million rentable square feet across the U.S. and U.K. 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 BioMed Realty’s target markets, including Philadelphia, Pennsylvania; 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 BioMed Realty with the Securities and Exchange Commission, including the BioMed Realty’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q. BioMed Realty disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.