Posted Feb 22, 2022, 4:57 PM
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Registered User
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Join Date: Jan 2010
Posts: 6,714
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How did we miss this? I am embarrassed that PHJ beat us to the punch. Cant win em' all I guess 
https://www.bizjournals.com/phoenix/...struction.html
Quote:
Just as construction has begun on the Wexford Innovation Labs in downtown Phoenix, an even bigger project is in the works on the fast-growing Phoenix Biomedical Campus.
The Wexford Innovation Labs will occupy 34,500 square feet of space within the 227,113-square-foot 850 PBC science and technology structure built by Baltimore, Maryland-based Wexford Science & Technology LLC at 850 N. 5th St., with an expected completion this October.
Meanwhile, plans are in the works to build the next super structure downtown, known as 843 PBC, that will encompass two towers that could end up totaling 600,000 square feet.
Kyle Jardine, director of real estate development for Wexford Science & Technology, said the company is working with the city of Phoenix and Arizona State University to break ground on the first tower by the end of the year. Wexford also is ASU's partner on the 850 PBC building.
"We are still evaluating the cost on 843 PBC," he said. That new structure would be built just east of 850 PBC.
Jardine said he would have more information on that project in a month or two.
The final square footage of the two new towers would depend on market demand, he said.
Interest from life sciences tenants
The existing 850 PBC building is about 70% occupied, he said. Wexford had invested $77 million to build that structure.
"We have had a lot of discussions with both publicly traded life science companies as well as emerging startups or midsize companies relocating from both the east and west coasts," Jardine said.
Click on the gallery below or a look at 850 PBC and renderings of the planned lab space.
Meanwhile, the current focus is on getting the Wexford Innovation Labs opened this fall.
"We pulled permits faster than we anticipated, which is always nice but rare," Jardin said. "We started some demo prep and framing starts next week."
Okland Construction is handling that $12 million tenant improvement project, he said, with financing being provided by Wexford and its capital partner, Chicago-based Ventas Inc. (NYSE: VTR).
The Wexford Innovation Labs will take the entire fifth floor of the 850 PBC building, with about 60% of the lab space already committed, he said.
Wexford is partnering with the Center for Entrepreneurial Innovation, CEI, which will operate and program the Innovation Labs. CEI — which is part of the Maricopa County Community College District — has run an incubator program on the Gateway Community College Campus for the past eight years.
CEI currently leases about 6,500 square feet of space at 850 PBC, with plans to add 1,000 more square feet of training labs, Jardin said.
"They've been a great partner and tenant in the building," he said, adding that CEI and ASU paid for their own tenant improvement projects in their own spaces.
850 PBC has about 60,000 square feet of space available for lease.
"We've got the rest of the sixth floor and all of the seventh floor available," he said.
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Somebody find the plans! 2 Towers??
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