$28.5M Revitalization of 3711 Market Street at uCity Square to Bolster Philadelphia's Life Sciences Ecosystem
Renovation will increase lab capacity and provide turnkey lab suites in Philadelphia’s first purpose built commercial lab building
PHILADELPHIA, PA – December 19, 2024 – Wexford Science & Technology and its development partner Ventas, Inc. (NYSE: VTR) today announced a significant investment into 3711 Market Street, one of Philadelphia's leading multi-tenant life sciences facilities located within the uCity Square Knowledge Community. The 10-story, 150,000 square foot building has long served as a launchpad for some of the city's most prominent life science companies and their advances in biotech and medicine.
The project, scheduled to be completed in 2025, will update the building’s common areas and lab infrastructure while maintaining its crucial role in supporting the growth of current tenants Eli Lilly and Company (NYSE: LLY), Spark Therapeutics, Inc., and Good Molecules.
The $28.5 million investment will include:
- A renovated building lobby offering contemporary furnishings and a range of seating types designed to facilitate meeting, working, and collaborating among tenants and partners.
- Increased HVAC and back-up power capacity, ensuring the building can meet the evolving demands of today’s complex R&D environments.
- Move-in ready lab and office suites tailored to accommodate a wide range of company needs.
- Capital for future leasing buildouts.
"Our investment in 3711 Market reflects our commitment to the evolving needs of Philadelphia’s life sciences companies," said Pete Cramer, Market Executive and Vice President at Wexford Science & Technology. "We believe move-in ready lab and office suites will complement uCity Square’s existing capabilities and ensure our clients have access to a full spectrum of spaces to support rapid growth.”
3711 Market can accommodate companies of all stages and sizes. The building offers the advantages of new construction lab facilities – including large 35,000 square foot floor plates, generous 14’ 8” slab-to-slab heights, 100 pounds per square foot of live load on each floor, and critical HVAC and exhaust capacity for labs – while also offering a variety of move-in ready lab and office suites. The turn-key suites range from 3,000 to 12,000 square feet and will allow companies to focus their capital on research and development instead of new construction fit outs. In addition to move-in ready suites, companies at uCity Square have access to other life science amenities including a 425-bench serviced lab facility (CIC Philadelphia), a 250-person conferencing facility (Science Center’s Quorum), and a 17,000 square foot CRADL® facility by Charles River Laboratories (NYSE: CRL).
"3711 Market is a unique asset in the market," said Jamie Doran, Partner at JacobsWyper Architects, a certified WBE architectural, planning, and interior design firm with concentration on biotech companies. "In a capital environment where every dollar matters, 3711 Market’s existing lab infrastructure is a huge advantage for companies that want to move quickly and minimize the exposure of expensive new construction fit outs."
Over the last 15 years, 3711 Market has played a critical role in launching and fostering some of Philadelphia’s most successful life sciences companies. Spark Therapeutics started at uCity Square in 2015, occupying space in both 3711 Market and neighboring 3737 Market. Avid Radiopharmaceuticals, one of Philadelphia’s earliest biotech exits, also began its journey at 3711 Market. Now a fully integrated research group within Lilly, the organization recently completed a full renovation of its 7th floor lab and office space. Integral Molecular, another growing company, headquartered and operated its office and research space at 3711 Market before expanding into a new, state-of-the-art facility at One uCity Square two years ago.
Other notable tenants that have utilized space at 3711 Market in the last decade include Adaptimmune (NASDAQ: ADAP), Spirovant Sciences, Invisible Sentinel (now a bioMérieux company), and Century Therapeutics (NASDAQ: IPSC), among others.
Centrally located within the dynamic and growing uCity Square community, 3711 Market is poised to continue its legacy as a critical hub for innovation in Philadelphia’s life sciences sector, supporting companies at all stages of growth.
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About uCity Square
Located in Philadelphia’s University City neighborhood, uCity Square is a mixed-use community consisting of laboratory, clinical, academic, office, retail, and residential space. As Philadelphia’s central hub for medical and life science innovations, particularly in cell and gene therapy, uCity Square is connected to top-tier colleges and universities, independent research institutions, world-renowned hospitals, and is a center of connectivity for residents, students, professionals, and entrepreneurs alike. uCity Square is a dynamic environment for innovation and collaboration among private industry and top-tier research institutions such as the University of Pennsylvania and its Hospital, Drexel University, Children’s Hospital of Philadelphia, Monell Chemical Senses Center, and The Wistar Institute. uCity Square is a development of Wexford Science & Technology, LLC, in partnership with the University City Science Center as the community’s primary engagement partner and Ventas, Inc. (NYSE: VTR) as the primary investor. For more information about uCity Square, visit www.ucitysquare.com.
About Wexford Science & Technology, LLC
Wexford Science & Technology, LLC, is a private real estate company exclusively focused on partnering with universities, academic medical centers, and research institutions to develop vibrant, mixed-use, amenity-rich Knowledge Communities that are built on a foundation of research, discovery, innovation, entrepreneurial activity, corporate engagement, and community inclusion. These Knowledge Communities create visible outcomes in the form of substantial economic growth, new and diverse jobs, and community transformation. Wexford targets strategic opportunities with top-tier research universities that are seeking to create knowledge-led economic development impact for their campuses, cities, and regions. Presently Wexford has developed 17 Knowledge Communities across North America. For more information about Wexford, visit www.wexfordscitech.com.
Media Contact:
Jen Tran
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