One uCity Square tops off, development team looks to next lab project

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From Philadelphia Business Journal

While the team topped off One uCity Square, a $280 million, 400,000-square-foot life sciences building, it has already turned its sights on designing another project to capture the robust demand for lab space in Philadelphia.

“We have an overflowing pipeline of tenants,” said John Grady, senior vice president at Wexford Science & Technology, which is building uCity Square in partnership with the University City Science Center and Ventas Inc. “We are in discussions with tenants that would fill and exceed the capacity of the building.”

Some of the tenants that Wexford is having discussions with are a combination of those already in the market, newly formed companies and those from outside of Philadelphia seeking to establish a presence in the city, which account for the majority.

“It reflects everything we are hearing about the advancement of life sciences and the infusion of venture capital in Philadelphia so far this year,” Grady said.

Startups throughout the Philadelphia region have raised $5.2 billion since the beginning of the year, according to Pitchbook-NVCA Venture Monitor report.

A future project developed by the Wexford team would likely be smaller than One uCity at around 200,000 square feet with structured parking on a nearby parcel at 38th Street.

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