BALTIMORE, Md., March 3, 2014 /PRNewswire/ -- Wexford Science & Technology, a BioMed Realty (NYSE: BMR) company, today announced that the University of Pennsylvania Health System (UPHS) has exercised an option on its current lease to expand to an additional two floors, or 55,900 square feet, in the new 3737 Market Street building on the University City Science Center's campus being developed jointly by Wexford and the Science Center. As a result of this expansion, UPHS will occupy 211,600 square feet or eight floors of this new building, which is expected to be completed in the Fall of this year.
"We are excited to expand our presence at 3737 Market Street in order to bring the highest quality facility to the important West Philadelphia community," said Kevin Mahoney, Chief Administration Officer for the University of Pennsylvania Health System. "We are pleased to work with a partner like Wexford who anticipated our growing needs and is providing us with the ability to expand our capabilities in one central location."
"Our partnership with the University of Pennsylvania Health System team and the University City Science Center has helped to strengthen the Science Center's role as a hub for the growing life science community in Philadelphia and an economic engine for the entire University City community," said Jim Berens, President of Wexford Science & Technology.
"The expansion at 3737 Market Street by the University of Pennsylvania Health System demonstrates the vitality of our region's health care and research sectors. Not only does this bolster University City's reputation as a world-class innovation center, but it also demonstrates the value of the partnership between the Science Center, UPHS and Wexford to the region's economy," said Science Center President & CEO, Stephen S. Tang, Ph.D., MBA.
The UPHS expansion increases occupancy at 3737 Market Street to 72 percent. The building adds over 330,000 square feet of office and lab space to the over 154,000 square feet of office and lab space at Wexford and the Science Center's 3711 Market Street building which was delivered in 2008.
In addition to UPHS practices, Good Shepherd Penn Partners will occupy 28,800 square feet in the 3737 Market Street building. The main floor is expected to include shops and restaurants similar to the very popular Han Dynasty restaurant located in the 3711 Market Street building.
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 BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships, delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 16.3 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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
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: 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); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions, developments and other investments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; reductions in asset valuations and related impairment charges; risks and uncertainties affecting property development and construction; risks associated with tax credits, grants and other subsidies to fund development activities; risks associated with downturns in foreign, domestic and local economies, changes in interest rates and foreign currency exchange rates, and volatility in the securities markets; ownership of properties outside of the United States that subject the company to different and potentially greater risks than those associated with the company's domestic operations; risks associated with the company's investments in loans, including borrower defaults and potential principal losses; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Wexford Science & Technology