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Press Release
Science Center Names Development Partner, Architect for First Phase of Real Estate Expansion
Wexford Science & Technology Tapped as Developer; Zimmer Gunsul Frasca Partnership Named as Architect
Monday, May 08, 2006
Philadelphia, PA – The Science Center, a Total Venture Ecosystem™ for science and technology based companies, today named Wexford Science & Technology, LLC as its development partner, and Zimmer Gunsul Frasca Partnership as architects, supported by Philadelphia-based architect, Ueland, Junker, McCauley, Nicholson, for Phase I of its 1.8 million square-foot real estate expansion program.
Phase I will consist of approximately 130,000 sq. ft. of wet laboratory capable research space, 15,000 sq. ft. of retail space and structured parking for 500 cars at 3711 Market Street. The Science Center ultimately will add five buildings to its West Philadelphia campus as part of its real estate master plan.
The building program is part of the Center’s strategic effort to provide companies with the full range of facilities and services they need to accelerate commercialization.
“The Science Center is the nation’s preeminent destination for early-stage life science companies across the globe,” said Pradip Banerjee, President and CEO of the Science Center. “This expansion will double our capacity, and enhance our ability to power the commercialization of promising innovations.”
Wexford Science & Technology, LLC is a company with a long history of working with universities, research parks and health systems. The company has collaborated with the Science Center on two previous projects, including the Science Center’s Port of Technology building at 3701 Market Street.
Zimmer Gunsul Frasca Partnership is recognized nationally for their work with universities, research institutions, healthcare organizations and private corporations with a focus in technology. Among other notable projects, the firm designed New York's Memorial Sloan-Kettering Cancer Center; University of Chicago's Knapp Center for Biomedical Discovery; the Food and Drug Administration's regional laboratory in Irvine, California; and the National Institutes of Health's Mark O. Hatfield Clinical Research Center in Bethesda, Maryland.
“Both firms understand the unique needs of established life science companies and biotechnology startups,” said Curt Hess, Senior Vice President of Real Estate Operations for the Science Center. “Their expertise and vision will help make the new building an attractive and functional headquarters for innovative companies.”
Construction will kick off with a groundbreaking in August. The building, at 3711 Market Street, is expected to open in late 2007.
“As a long-term partner of the Science Center, we’re delighted to be part of this new expansion,” said Louis Kiang, Vice President of Wexford Science & Technology. “We look forward to creating a new West Philadelphia environment where people will live, work and play.”
The real estate master plan is expected to create several thousand construction related jobs and permanent jobs when built out, adding facilities for 40 new life science and high tech companies with a combined market value of $1 billion by 2010. 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 in the region.
About The Science Center
The Science Center (www.ScienceCenter.org) is a total “Venture ecosystem™” that finds, forms, funds and manages early-stage 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 close proximity to New York’s financial markets, regulators in Washington, DC and 80% of the world’s pharmaceutical companies. Science Center brings together strong science and scientists, entrepreneurs, managers, grants and investment capital. It is an attractive "soft landing" place for international companies to launch their US businesses, and is a powerful economic engine for the regional economy. The oldest urban research park in the United States, the Science Center has launched more than 350 companies creating more than 26,000 jobs since its inception. Since 2002, companies started at Science Center have attracted more than $350 million in additional investments.
About Wexford Science & Technology, LLC
Wexford Science & Technology, LLC (www.wexfordequities.com) is a privately held real estate investment and development company that focuses on serving the real estate needs of science and technology based organizations. Headquartered in Baltimore, Wexford Science & Technology has projects in the contiguous United States and Hawaii, including partnerships with the University of Maryland, Baltimore, The Science Center (Philadelphia), Illinois Institute of Technology, Old Dominion University and Pennsylvania State University Hershey Medical Center.
About Zimmer Gunsul Frasca Partnership
Zimmer Gunsul Frasca Partnership is a national practice offering services in architecture, urban design and interior design for over 40 years. The firm’s work represents a diverse mix of projects, ranging from healthcare and research buildings to airports, civic centers, and regional transportation centers. In addition to receiving the American Institute of Architects Architecture Firm Award, ZGF has been honored with more than 250 local, regional and national design awards.
For further information:
Kurt Rossler
M Booth & Associates for Science Center
212-481-7000 x 534
kurtr@mbooth.com
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Wexford Science+Technology
7312 Parkway Dr.
Hanover, Maryland 21076
t 410.579.4005
f 410.579.4890