[Boku]

New building to rise at uCity Square

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

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.