As Wexford Science & Technology stares down 80,000 square feet of vacant space in one of its University City buildings, the firm is doubling down on Philadelphia’s life sciences sector by investing $28.5 million to renovate the property.

The renovations at 3711 Market St. are planned to begin within the first two months of 2025 and be completed before the end of the year. The goal in updating the 16-year-old, 10-story, 150,000-square-foot building is to boost occupancy, which currently sits at 45%.

“Despite some of the challenges over the last 12 to 18 months in the market, we believe strongly in the depth and the trajectory of life sciences in Philadelphia,” said Pete Cramer, vice president and market executive for Wexford.

While tenant demand among life sciences companies has slowed since 2023, industry experts believe leasing will pick up in the coming year. Wexford’s renovations are intended to lure tenants to a space that’s competing with new buildings.

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