PHILADELPHIA | One uCity Square | 250 FT | 14 FLOORS

[mcgrath618]

Lets hope they build their buildings faster than they build their streets:

Title: One uCity Square
Project: Office
Architect: ZGF
Developer: Ventas Inc
Location: 49 N 36th St
Neighborhood: University City
District: West Philadelphia
Floors: 14 Floors
Height: 250 Feet




Ventas Announces $0.8 Billion in New University-Based Research & Innovation Developments

Ventas, Inc. (NYSE: VTR) announced today four new developments totaling approximately $0.8 billion in its university-based Research & Innovation (“R&I”) business, all in partnership with Wexford Science & Technology, LLC (“Wexford”), the leading developer of university-focused real estate solutions. These investments are part of the near-term $1.5 billion R&I pipeline (the “Pipeline”) of expected new projects previously announced by Ventas.

These outstanding developments with leading institutions include: 1) creation of a research, academic medicine and innovation hub anchored by a new relationship with University of Pittsburgh to house ground-breaking immunotherapy research in collaboration with the University of Pittsburgh Medical Center (“UPMC”) and co-located with UPMC’s Shadyside Hospital; 2) a new development that expands the flourishing Philadelphia uCity Square Knowledge Community associated with the University of Pennsylvania; 3) also in uCity Square, a state of the art College of Nursing and Health Professionals for Drexel University; and 4) expansion of the vibrant Cortex Innovation Community associated with Washington University in St. Louis. The projects are 40 percent pre-leased and are expected to generate over a 7 percent cash yield, and over an 8 percent GAAP yield, upon stabilization.

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Philadelphia - One uCity Square and the College of Nursing and Health Professions, Drexel University: These two projects will total $400 million and will add 650,000 square feet to the thriving Philadelphia University City (“uCity”) submarket, a leading research, academic, medical, life science and innovation market where Ventas currently owns four fully leased buildings. Pre-leasing is currently at 40 percent.

The College of Nursing and Health Professions, Drexel University, totaling 260,000 square feet, is a state-of-the-art build-to-suit development that has been approved to be pre-leased to Drexel University’s College of Nursing and Health Professionals (“CNHP”). It is designed to include academic and research space. Drexel is moving CNHP to uCity to enable it to consolidate its academic and research programs, improve collaboration between CNHP and Drexel’s other colleges and schools, and provide its CNHP students, faculty and staff with immediate access to Drexel’s full suite of on campus resources. Ventas expects the College of Nursing and Health Professions, Drexel University, to open in 2022.

One uCity Square, totaling 390,000 square feet, is the next phase of the Knowledge Community at uCity Square. It follows Ventas’s success, in partnership with The Science Center, a Philadelphia-based nucleus for innovation, entrepreneurship and technology commercialization, in the recently completed 3675 Market Street. Ventas’s four buildings in the thriving uCity sub-market are nearly 100 percent leased, and the new project is designed to capture momentum and fill robust leasing demand in the exciting uCity submarket. It is expected to open in early 2022.

https://www.businesswire.com/news/ho...Based-Research