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Press Release
Science Center Announces Real Estate Master Plan to Double Capacity and
Establish Global Model for Life Sciences and Technology Commercialization
Groundbreaking Slated for July 2006 Kicks Off Five- Phase Program
Wednesday, February 15, 2006
Philadelphia, PA – The Science Center, a complete venture ecosystem for life sciences and technology companies, today announced a bold real estate master plan in a bid to become the world’s foremost science and technology commercialization engine.
In an expansion that will double its capacity, the Science Center will build an additional 1.8 million square feet in a comprehensive plan to provide scientific laboratories, residential housing, a hotel and conference center, retail space and parking on Market Street in the University City section of Philadelphia. The building program is part of the Center’s strategic, two-fold effort to provide companies with the full range of facilities and services they need to accelerate commercialization, as well as create a centerpiece for West Philadelphia redevelopment, a place where people work, live and play.
“Science Center offers the ideal combination of world-class space and proximity to major research facilities, including the University of Pennsylvania, Drexel University and Children’s Hospital of Philadelphia,” said Dr. Pradip Banerjee, Science Center President and Chief Executive Officer. “Expanding our real-estate offerings will attract more innovation and high-paying jobs to Philadelphia, and means that Science Center companies will remain in University City as they grow.”
The real estate master plan is expected to create several thousand construction related jobs and permanent jobs when built out. Over its history, the Science Center has been an important engine of economic growth in Philadelphia. It has been home to 350 new technology and life science companies, creating over 26,000 jobs.
The Science Center’s goal is to establish a complete venture ecosystem that attracts like-minded scientists and professionals to forge strategic relationships among companies, researchers and academic institutions, and provide them with the financing, space, and management to accelerate their commercialization.
The real estate master plan will role out in five phases. The first project, at 3711 Market Street, will consist of 160,000 sq. ft. of laboratory space, 15,000 sq. ft. of retail space and parking for 500 cars. Groundbreaking for this project is scheduled for July 2006 and the facility will be ready for occupancy by the end of 2007. The next two phases will produce two additional projects totaling 850,000 sq. ft. They will be complete by 2010.
The final two phases will round out the real estate portion of the master plan with two additional buildings. They will include 440,000 sq. ft. and 300,000 sq. ft. structures that will house laboratories, offices, retail space and parking garages. Ground-breaking dates for these projects have not yet been announced.
“Our plans call for adding 40 new Philadelphia-based life science and high-tech companies between now and 2010 with a combined market value of over $1 billion,” said Curt Hess, Science Center Senior Vice President of Real Estate Operations.
In just the past four years, Science Center companies have raised over $300 million in private investments and created more than 500 jobs for Philadelphia. The development strategy will create added value for the Philadelphia economy, and provide space for a radical in-sourcing initiative that will create jobs in the US based on technology innovation from around the world.
The Science Center is located in the University City section of Philadelphia, which has been designated as a Keystone Innovation and Keystone Opportunity Zone. The Science Center’s “Venture Ecosystem” is based on a four-step philosophy. SC Ventures identifies and creates sustainable companies, SC Capital Partners provides investment funds for these companies, SC Management Services offers interim management and SC Knowledge & Exchange offers knowledge exchange programs. Formed in 1965, it was the first, and still is one of the largest urban technology parks in the world. It is currently home to 25 growing Life Sciences and Technology companies.
ABOUT THE SCIENCE CENTER
The Science Center ( http://www.ScienceCenter.org) is a total “Venture ecosystem” that forms and funds earlystage life science and technology companies, accelerates their commercialization and provides the infrastructure and community they need to flourish. It offers specialized wet and dry laboratory facilities, turn-key management services, a $10 million Venture fund and an experienced real estate management team. Situated on 1.7 million sq. ft. of real estate on Market Street, adjacent to all of Philadelphia’s major universities and medical research institutions, Science Center is positioned in a unique vantage point for creating powerful companies by bringing together strong science and scientists, entrepreneurs, managers, grants and investment capital. Science Center is an attractive “soft landing” place for international companies to launch their US businesses, and is a powerful economic engine for the regional economy. Since 2002, companies started at Science Center have attracted more than $300 million in additional private investments.
For further information:
Kurt Rossler
M Booth & Associates for Science Center
212-481-7000 x 534
mailto:kurtr@mbooth.com
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