Wake Forest School of Medicine Relocation to Innovation Quarter Anchors Expansion
SAN DIEGO, Dec. 9, 2014 /PRNewswire/ -- Wexford Science & Technology, a BioMed Realty Trust (NYSE: BMR) company, announced it will be developing an additional 283,000 square feet of laboratory and office space in Wake Forest Innovation Quarter in downtown Winston-Salem, North Carolina. Wake Forest Baptist Medical Center, an affiliate of Wake Forest University, has committed to a long-term lease for approximately 60% of the project for a new medical education building for Wake Forest School of Medicine.
Wake Forest Baptist Medical Center is ranked among the nation's best hospitals by U.S. News & World Report and one of "100 Great Hospitals in America" by Becker's Hospital Review. Founded in 1902, its school of medicine consistently ranks among the top medical schools in research and primary care. Wake Forest School of Medicine has more than 1,100 full-time faculty members developing physicians who set the standard for compassionate, collaborative care, lead the way in socially responsible health care and biomedical sciences locally, nationally, and globally, and who learn, discover, and apply innovative state-of-the-art knowledge and skills to the art of medicine.
"Wake Forest School of Medicine's relocation to the Innovation Quarter is a transformational milestone that adds to the growing synergy among the city's academic institutions and supports technical collaboration, entrepreneurial opportunities and community involvement," said James R. Berens, President of Wexford Science & Technology. "Today's announcement with Wake Forest Baptist Medical Center continues the momentum of Wexford's university platform in Winston-Salem, as we continue to see strong demand for new laboratory and office space at the Innovation Quarter led by our partners at Wake Forest."
The 283,000 square foot development project will grow Wake Forest Innovation Quarter to nearly 1.2 million square feet since the project began in 2008. Wake Forest Innovation Quarter is a cooperative undertaking between Wexford and Wake Forest Baptist Medical Center to redevelop the former R. J. Reynolds Tobacco Company plants in downtown Winston-Salem into a transformational knowledge community, bringing together university researchers and the private sector in a collaborative live, work, learn and play environment. The Innovation Quarter already includes 715,000 square feet of state-of-the-art research and laboratory space at Wake Forest Biotech Place, which has received LEED® Gold certification, and at the recently completed Inmar headquarters building at 635 Vine Street and the 525@vine property, both of which are LEED Platinum certified.
The new development in Wake Forest Innovation Quarter began when BioMed Realty and Wexford acquired ownership in the 60 series buildings from the Wake Forest Innovation Quarter, which received them through a donation by R.J. Reynolds. The initial investment was $3.4 million, and total project costs are expected to be approximately $97 million before the cost benefits from the Historic, New Markets and State Mill tax credits available for this transformation of the former tobacco facility into a modern laboratory and office complex.
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 17.2 million rentable square feet. 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: risks and uncertainties affecting property development and construction, including the development of the two buildings at the Wake Forest Innovation Quarter in Winston-Salem, North Carolina; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; 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 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