The Wake Forest Innovation Quarter has already made an unmistakable impact on downtown Winston-Salem, transforming former Reynolds Tobacco facilities into modern life sciences research space. Now that footprint is getting bigger.
Wexford Science & Technology, the developer of the Innovation Quarter, is pumping an additional $150 million into the site with renovation work already started on two former Reynolds Tobacco buildings.
The new work brings Wexford’s investment into the Wake Forest Innovation Quarter to more than $250 million, making the total project the largest capital investment in the history of downtown Winston-Salem.
“This is the tipping point for Innovation Quarter,” John McConnell, chief executive officer at Wake Forest Baptist Medical Center, said in a statement. “As a result of this unique public-partnership the city, county and region will all benefit significantly.”
The two buildings will be named 525 Vine and 635 Vine, representing their physical addresses. The buildings total 473,000 square feet. The 230,000 square feet in 525 Vine will be developed for multi-tenant use that includes state-of-the-art labs, offices and educational facilities.
Wexford expects to complete the 242,000 square foot renovation of 635 Vine in the first quarter of 2014. It already has one tenant lined up. Commerce technology firm Inmar will move its future corporate headquarters to 635 Vine.
Baltimore-based Wexford is a private real estate investment and development company that owns and develops institutional quality life science real estate for academic and medical research organizations.
The Piedmont Triad Research Park was reborn in March with the name Wake Forest Innovation Quarter.
The name change was announced along with the arrival of three new tenants. All were either started by or include former Targacept employees. The Winston-Salem based biopharmaceutical firm over the past year has slashed most of its work force.
Wake Forest Innovations, which seeks to commercialize technology developed at Wake Forest, provided part of the insirpation for the new name.
“The opportunity to create a dynamic hub for innovation in the biomedical sciences and information technology here in Winston-Salem represents the evolution of the classic research park, in which we can support and encourage all of the community to engage creatively with one another both socially and professionally,” said Eric Tomlinson, the chief innovation officer at Wake Forest Baptist Medical Center who also is president of the Wake Forest Innovation Quarter, when the change was announced.
Earlier this year, Wexford announced a merger with life science giant, BioMed Realty Trust, Inc., a $4 billion real estate investment trust based in San Diego.
