Science Center forms partnership with plans to double its size

The University City Science Center and Wexford Science + Technology have formed a partnership that seeks to construct up to 4 million square feet of new space at the innovation hub in West Philadelphia.

Terms of the partnership were not disclosed. However, Wexford, which is a division of BioMed Realty (NYSE: BM), has been involved in developing three projects — 3701 Market St., 3711 Market St. and 3737 Market St. — with the Science Center, which offers lab and office space, as well as support services to entrepreneurs and other established companies. Those developments involved lab, office and clinical spaces, parking and retail spaces and gave the Science Center a certain level of comfort with the company.

The residential tower at 3601 Market St. is under construction.

“It was an opportunity for us to look in the future and do more,” said Stephen S. Tang, president and chief executive officer of the Science Center. “We have worked with Wexford on three projects so far and had a great experience working with them."

What makes this joint venture different from the previous projects the two have undertaken?

"This is a bolder partnership,” Tang said.

The Science Center considered joining forces with other developers but thought Wexford’s experience was what it wanted, Tang said. Wexford has spent the last 15 years focused on this niche area of so-called knowledge-based development, having constructed 4.35 million square feet in 11 campuses similar to the West Philly research park.

The Science Center currently has 1.5 million square feet and has room to expand on 17 acres on properties it owns at 3400 Market St., 3800 Market St. and 3850 Market St.

In addition, Wexford bought the former University City High School property in a partnership with Drexel University. That site totals 17 acres, three which Drexel plans to use while the remaining 14 acres will be developed by Wexford with the Science Center.

The Science Center intends to continue its strategy of constructing high-density, mixed-use projects that will create a cohesive, innovative community that is active throughout the day and not just during business hours.

The Science Center and a developer from Tennessee have teamed up in constructing a residential project at 3601 Market St., which is now being built. Next up?

“Stayed tuned,” Tang said. “We have some very interesting and bold plans that we will announce at the right time. This is step one of a several step journey.”

Source: Philadelphia Business Journal