May 16, 2013, 6:28am CDT
CORTEX inks deal with Cambridge Innovation Center
Amir Kurtovic, Reporter
St. Louis Business Journal
St. Louis mayor, Francis Slay, at the ground-breaking for @4240
Wexford Science & Technology, the company developing the
Heritage Building at the CORTEX biotech and medical research district in Midtown, Thursday announced that the Cambridge Innovation Center will be a major tenant at the $73 million development. It is the center's first location outside of Boston.
The Cambridge Innovation Center (CIC), located next to the Massachusetts Institute of Technology, has built a successful business providing co-working space for the scientists, researchers and student entrepreneurs in the Boston area. CIC St. Louis will occupy the majority of the second floor of the 183,000-square-foot building, located at Duncan and Boyle avenues, and will be able to house up to 100 companies when fully occupied, according to a statement.
“We were struck by the breadth and energy of the startup community in St. Louis,” said Ranch Kimball, president and CEO of CIC Partners. “We saw that energy in the dynamic companies we met and the university campuses we visited. When we decided to expand, we felt we could play an exciting role in the innovation environment in St. Louis.”
The Business Journal reported the fact that the CIC was looking to expand in St. Louis back in February but CIC Partners officials would not confirm plans to locate at the building.
The other announcement coming from Wexford Thursday is that the building, formerly known as the Heritage Building, would be called
@4240 and that construction is expected to be complete by late 2013. The building is part of the $186 million second phase of development at CORTEX, which also includes the construction of a $45 million office building for BJC Healthcare and major infrastructure improvements.
A rendering of @4240's interior
“
@4240 puts the CORTEX District on a competitive playing field with other research districts across the country. It makes St. Louis even more attractive to national companies,” said Dennis Lower, president and CEO of CORTEX. “It’s amazing to look out of my CORTEX window and I see an old Southwestern Bell telephone factory transforming into a high tech research facility — and know it will house nearly 500 high tech jobs in the heart of our city.”
Wexford officials expect that the renovated building will attract national research organizations and will house more than 450 full-time research, technology and related jobs. Washington University’s offices of Technology Management and Research Administration are two of the building’s first tenants with additional lab and office space available for lease.
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