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  #1  
Old Posted Jun 19, 2019, 4:10 AM
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PHILADELPHIA | One uCity Square | 250 FT | 15 FLOORS

Lets hope they build their buildings faster than they build their streets:

Title: One uCity Square
Project: Office
Architect: ZGF
Developer: Ventas Inc
Location: 49 N 36th St
Neighborhood: Powelton
District: University City
Floors: 15 Floors
Height: 250 Feet




Ventas Announces $0.8 Billion in New University-Based Research & Innovation Developments
Quote:
Ventas, Inc. (NYSE: VTR) announced today four new developments totaling approximately $0.8 billion in its university-based Research & Innovation (“R&I”) business, all in partnership with Wexford Science & Technology, LLC (“Wexford”), the leading developer of university-focused real estate solutions. These investments are part of the near-term $1.5 billion R&I pipeline (the “Pipeline”) of expected new projects previously announced by Ventas.

These outstanding developments with leading institutions include: 1) creation of a research, academic medicine and innovation hub anchored by a new relationship with University of Pittsburgh to house ground-breaking immunotherapy research in collaboration with the University of Pittsburgh Medical Center (“UPMC”) and co-located with UPMC’s Shadyside Hospital; 2) a new development that expands the flourishing Philadelphia uCity Square Knowledge Community associated with the University of Pennsylvania; 3) also in uCity Square, a state of the art College of Nursing and Health Professionals for Drexel University; and 4) expansion of the vibrant Cortex Innovation Community associated with Washington University in St. Louis. The projects are 40 percent pre-leased and are expected to generate over a 7 percent cash yield, and over an 8 percent GAAP yield, upon stabilization.

[snip]

Philadelphia - One uCity Square and the College of Nursing and Health Professions, Drexel University: These two projects will total $400 million and will add 650,000 square feet to the thriving Philadelphia University City (“uCity”) submarket, a leading research, academic, medical, life science and innovation market where Ventas currently owns four fully leased buildings. Pre-leasing is currently at 40 percent.

The College of Nursing and Health Professions, Drexel University, totaling 260,000 square feet, is a state-of-the-art build-to-suit development that has been approved to be pre-leased to Drexel University’s College of Nursing and Health Professionals (“CNHP”). It is designed to include academic and research space. Drexel is moving CNHP to uCity to enable it to consolidate its academic and research programs, improve collaboration between CNHP and Drexel’s other colleges and schools, and provide its CNHP students, faculty and staff with immediate access to Drexel’s full suite of on campus resources. Ventas expects the College of Nursing and Health Professions, Drexel University, to open in 2022.

One uCity Square, totaling 390,000 square feet, is the next phase of the Knowledge Community at uCity Square. It follows Ventas’s success, in partnership with The Science Center, a Philadelphia-based nucleus for innovation, entrepreneurship and technology commercialization, in the recently completed 3675 Market Street. Ventas’s four buildings in the thriving uCity sub-market are nearly 100 percent leased, and the new project is designed to capture momentum and fill robust leasing demand in the exciting uCity submarket. It is expected to open in early 2022.
https://www.businesswire.com/news/ho...Based-Research
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  #2  
Old Posted Jun 19, 2019, 4:16 AM
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I'm pumped. Looks incredible. Build it!
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Old Posted Jun 19, 2019, 1:39 PM
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Love it!
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  #4  
Old Posted Jun 20, 2019, 3:27 AM
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Unfortunately, while my room in Towers would have been a perfect vantage point to give you guys updates on this project, I moved out last week
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Old Posted Aug 16, 2019, 4:16 PM
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From the uCity Square thread:
Quote:
Originally Posted by Boku View Post
Wexford, University City Science Center On Hunt For Tenants At Next UCity Square Building

https://www.bisnow.com/philadelphia/...-center-100381
Quote:
One of the originators of University City's life science boom is readying its next project to keep the momentum rolling.

Wexford Science + Technology and University City Science Center have retained Brian Young and Paul Garvey of Cushman & Wakefield as exclusive leasing agents for One uCity Square, the next building in their multi-phase uCity Square development district, according to a press release. Chicago-based Ventas has joined as a partner for One uCity Square.

With a groundbreaking scheduled for the fourth quarter, One uCity Square is targeting the end of 2021 to be ready for tenant build-out, the release stated. The 13-story, 389K SF building will contain a mix of office and lab space depending on its eventual tenants (none have been announced as of Aug. 15). Current plans call for 32K SF floor plates and 15-foot ceiling heights.

To this point, all construction for uCity Square has taken place along the Market Street corridor, with the most recent being the hybrid lab/office building at 3675 Market St. Completed in October, the 345K SF building has been fully leased by New Jersey gene and cell therapy company Amicus Therapeutics, biotech incubator Cambridge Innovation Center, University City Science Center headquarters, Drexel University's computer science program and others.

One uCity Square will be one block north of Market Street, slightly west of 37th Street and between Filbert Street and Lancaster Avenue. It will eventually overlook uCity Square, the 1.5-acre public space that will sit at the center of a cluster of new developments, from the west.

According to the project's master plan, the east side of the square is planned for a new hotel, and the north side is slated for what will eventually become another commercial building called Two uCity Square. Just to the east, Drexel University is nearing groundbreaking on a new building for its nursing school, also in partnership with Ventas.
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  #6  
Old Posted Aug 19, 2019, 6:02 PM
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New building to rise at uCity Square

https://www.bizjournals.com/philadel...ty-square.html

Quote:
Wexford Science & Technology expects to break ground by year end on One uCity Square, a 13-story, 400,000-square-foot building in University City.

Wexford has partnered with Ventas Inc. and the University City Science Center on the project, which is part of their bigger uCity Square campus being developed over the next decade in University City.

The development of One uCity comes less than a year after the opening of 3675 Market St., a $161.2 million, 14-story, 344,000-square-foot building that Wexford developed. That building is fully leased, underscoring the demand for new, high-quality office and lab space. Amicus Therapeutics, Cambridge Innovation Center, Drexel University College of Computing and Informatics, the University City Science Center and Carisma Therapeutics are tenants in the building.

Construction drawings will soon be finalized on One uCity and a ground breaking is expected by the end of this year, said Paul Garvey, an office broker with Cushman & Wakfield, which has been selected to oversee One uCity leasing. The building will have a mix of lab and office space similar to 3675 Market. Rents in University City have exceeded $40 a square foot but how much the new building will get isn’t clear.

“We are not quoting rates but underwriting based on each tenant and their needs,” Garvey said. “Because the building is being built to accommodate lab uses — a robust infrastructure — our rental rates can range significantly not only because of the typical reasons, credit, term and location in the building but also because of use. The landlord embraces lab uses and can provide commensurate tenant improvement packages reflecting a range of rents.”

The project is in a Federal Opportunity Zone and a Keystone Opportunity Zone, which provide tax benefits and other financial incentives to tenants who qualify.

One uCity was designed by ZGF Architects and will have several outdoor terraces overlooking a 1.5-acre plaza designed by Andropogon Associates Ltd. Construction of the building is expected to be completed by the fourth quarter of 2021.

Wexford’s plans for UCity Square involves developing a total of 10 buildings that will have 4 million square feet of office and lab space as well as residential buildings with more than 700 apartments. When those projects are completed, it will grow the Science Center’s campus to a total of 6.5 million square feet.
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  #7  
Old Posted Aug 19, 2019, 6:52 PM
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Wow, that was quick. I really didn’t expect this to start this year. Great news nonetheless!
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Old Posted Yesterday, 8:05 PM
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From the uCity Square thread:
Quote:
Originally Posted by thisisforreal View Post
Walked by yesterday and there was a zoning notice for conditional use posted on the fence that runs along Lancaster between 37th and 38th.

I didn't take a picture, but if memory serves right it was for 15-story, 225' with 300+ underground parking spaces.

The dates on the notice were very recent. I'll be back next weekend and will get a picture then.
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