New Research Building to Break Ground Soon
By Angela Gonzales – Senior Reporter, Phoenix Business Journal
2 hours ago
Arizona State University is quietly preparing to break ground on a $77 million research center on the Phoenix Biomedical Campus in downtown Phoenix.
Baltimore-based Wexford Science & Technology LLC, a real estate company that builds research and medical centers nationwide, is building the project, which is being financed by Ventas Inc. (NYSE: VTR), a Chicago-based real estate investment trust.
The 200,000-square-foot Wexford Science and Technology building is an important step in ASU's expansion of its research footprint in downtown Phoenix and facilitating the growth of private sector investment in bioscience and health technology, said Morgan Olsen, executive vice president, treasurer and CFO of ASU.
“This is an important part of the strategy to attract private investment in that industry to downtown Phoenix and will help a robust biomedical technology ecosystem develop there," he said. "ASU is pleased to partner with Wexford, which has done this successfully in other places. The city of Phoenix has been an extraordinary partner, and this represents exciting progress for all involved.”
Christine Mackay, economic development director for the city of Phoenix, which owns the 7-acre vacant parcel, said the property is north of Fillmore Street to Garfield Street, between Third and Sixth streets, which is northwest of the 220,000-square-foot UA Cancer Center at St. Joseph's Hospital and Medical Center.
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