uCity Square has attracted a Boston-area firm to its newest building at 3675 Market Street in University City, Philadelphia. Wexford Science + Technology and the University City Science Center announced today that Cambridge Innovation Center, also known as CIC, will occupy 127,000 square feet and bring its successful model of supporting innovation and entrepreneurship to Philadelphia.
uCity Square has attracted a Boston-area firm to its newest building at 3675 Market Street in University City, Philadelphia. Wexford Science + Technology and the University City Science Center announced today that Cambridge Innovation Center, also known as CIC, will occupy 127,000 square feet and bring its successful model of supporting innovation and entrepreneurship to Philadelphia. CIC will join the Science Center at 3675 Market. There, the Science Center will relocate and expand its headquarters — home to its nationally-recognized tech commercialization and business incubation programs — by leasing 50,000 square feet.
CIC creates concentrated hubs of innovation in cities around the world. These hubs incorporate specialized infrastructure and are distinguished by intense, productive innovation communities, making them the preferred choice of seasoned, serial entrepreneurs. With facilities in Cambridge, Boston, Miami, St. Louis and Rotterdam, CIC has been home to several thousand companies pushing the boundaries of innovation, including Android, HubSpot, Tokai Pharma and GreatPoint Energy. CIC’s facilities will feature turnkey office and lab space, with options from a single desk or lab bench to larger team spaces.
The Science Center will build on its 53-year history of supporting businesses at every stage of the startup life cycle by continuing to offer technology commercialization and business acceleration programs that include critical funding, expertise, and business tools. In addition, the Science Center will triple the size of Quorum, the entrepreneur’s clubhouse, to offer more meetings, events, and programming for uCity Square residents and the wider community; and build a larger, dedicated FirstHand Lab that will enable more hands-on STEAM education classes and programs serving more middle and high school students and teachers at more local schools.
“Separately, these are powerful components. Together, they will disrupt and accelerate innovation and entrepreneurship in Greater Philadelphia,” says Science Center President & CEO Stephen S. Tang, Ph.D., MBA. “By joining forces, Wexford, the Science Center and CIC are leveraging their core strengths to support the region’s next generation of entrepreneurs and innovators.”
“Combining CIC’s successful model of highly-serviced small office space with the dynamic programming and resources of the Science Center at 3675 Market will create a strategic nexus within Philadelphia’s innovation ecosystem and is a model collaboration for knowledge communities around the country,” says Jim Berens, President & CEO of Wexford.
“At the root of a successful startup ecosystem are communities with ties to great academics and a strong talent base,” says Tim Rowe, Founder & CEO of CIC. “We are thrilled to be partnering with Dr. Tang, the Science Center and our friends at Wexford. I truly believe that, through our partnership, we can help Philadelphia become a global leader of innovation.”
3675 Market will stand 14 stories tall, totaling approximately 345,000 square feet. The building is scheduled to deliver in the second quarter of 2018 and is now 50% pre-leased, with the remaining space available to the market for office, laboratory and retail uses.
The project is being developed by a partnership between the Science Center, Wexford Science + Technology and Ventas. It is the latest development at uCity Square, a planned 6.5-million-square-foot mixed-use community consisting of office, laboratory, clinical, educational, residential, and retail space.
As part of the financing for the project, the Science Center has secured a $2.5 million “RACP” grant from the Commonwealth of Pennsylvania’s Redevelopment Assistance Capital Program. The RACP funds will be used for the fit-out of the 50,000 square feet that will house the Science Center’s administrative offices, programs and facilities, including the new expanded Quorum space.