PHILADELPHIA, Aug. 15, 2012 (GLOBE NEWSWIRE) -- The University City Science Center is set to begin construction on a new 11-story tower at 3737 Market Street in West Philadelphia. The project is a joint venture between the University City Science Center and Wexford Science + Technology. Penn Presbyterian Medical Center will be the anchor tenant.
Located at the northeast corner of 38th and Market Streets, the 272,700-square-foot building will feature outpatient medical facilities, ground-floor retail, and office and lab space for start-up and growing companies.
Penn Presbyterian Medical Center will occupy approximately 155,700 square feet for orthopedics and outpatient medical facilities. In addition, Good Shepherd Penn Partners will occupy an additional floor and a half in the building. Subject to Penn Presbyterian's expansion rights, the Science Center and its joint venture partner, Wexford Science + Technology, will control the remaining 88,000 square feet in the building for other uses related to the Science Center's mission of supporting tech-based innovation, entrepreneurship and economic development in the region.
Construction is expected to begin in September 2012 with an expected delivery date of June 2014. The project was designed by the internationally renowned architecture firm of Zimmer Gunsul Frasca Architects in cooperation with UJMN Architects + Designers with the goal of receiving LEED Silver certification. The building is being leased by Cushman and Wakefield. Penn Presbyterian Medical Center was represented by Geis Realty Group.
In addition to serving the expansion needs of one of the major medical institutions in Philadelphia, Penn Presbyterian Medical Center, this new facility will expand the capacity of the Science Center's current research park, furthering its efforts to transform its campus into a world-class innovation center.
"Penn Presbyterian's expansion onto the Science Center campus strengthens University City's unparalleled reputation as an Eds and Meds hub," says Science Center President & CEO Stephen S. Tang, Ph.D., MBA. "We are delighted that we'll be celebrating the Science Center's 50th anniversary in 2013 with construction cranes on our campus. It sends a positive message about the economic recovery, job creation and the desirability of University City as an innovation center."
"This expansion will provide PPMC faculty and staff with the infrastructure necessary to better serve the Powelton Avenue, West Philadelphia, and even the Greater Philadelphia communities," says Michele Volpe, CEO of Penn Presbyterian Medical Center. "Since PPMC was founded in 1871, it has proved to be a leader in providing top-quality patient care. Our new building will only further reinforce our commitments to excellence, our patients and our community."
"We are very excited to continue our partnership with the Science Center with the development of 3737 Market," says James R. Berens, Chairman, Wexford Science + Technology, LLC. "The project, as a mix of clinical, research and office uses, is a perfect match to the Science Center's mission and Wexford's capabilities -- and is a great opportunity to cultivate University City and Philadelphia's innovation cluster."
About The Science Center
The University City Science Center accelerates technology commercialization, regional economic development, and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities, and business services. Established in 1963 and headquartered in Philadelphia, PA, the Science Center was the first, and remains the largest, urban research park in the United States. 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: www.sciencecenter.org .
About Wexford Science + Technology
Wexford Science & Technology, LLC is a private real estate investment and development company that meets the growing and specialized facilities needs of for-profit and not-for-profit institutions, including universities, university-related research parks and healthcare systems. We collaborate with our client institutions to create and build Knowledge Communities , which are vibrant, mixed-use, amenity-rich environments where innovation thrives. We engage in "vision alignment" with our client institutions and have the capability and capacity to plan and execute to bring major shared strategic goals to fruition.
About Penn Presbyterian Medical Center
As an integral part of Penn Medicine – one of the world's leading academic medical centers – Penn Presbyterian Medical Center is consistently recognized for delivering superior patient safety and quality care, and as a center of excellence for cardiovascular care, orthopaedics, and ophthalmology. It has grown tremendously over the years, and today Penn Presbyterian ranks as one of the region's premier medical facilities, combining state-of-the-art technology with personalized care from outstanding physicians and staff. A leader in delivering superior patient safety and quality care, Penn Presbyterian was recently recognized by U.S. News & World Report's annual ranking of the Best Hospitals. Penn Presbyterian was ranked third in the Philadelphia region and seventh in Pennsylvania, with eight high performing specialties. Penn Presbyterian has an outstanding track record of medical accomplishments — such as creating one of the first coronary care units in the country — and it continues to provide leading-edge care as part of Penn Medicine. In recent years, Penn Presbyterian has become a regional leader in performing minimally invasive and robotic-assisted surgery.
CONTACTS:
Jeanne Mell
University City Science Center
3711 Market Street, Suite 800
Philadelphia, PA 19104
Office: 215-966-6029
Cell: 302-345-8130
Email: jmell@sciencecenter.org
Katie Delach
PENN Medicine
Office: 215-349-5964
Email: katie.delach@uphs.upenn.edu
This information was brought to you by Cision http://www.cisionwire.com
http://www.cisionwire.com/university-city-science-center/r/science-center-announces-new-mixed-use-tower,c9292467