Wexford Science & Technology Makes $150 Million Investment in Wake Forest
WINSTON-SALEM, N.C., May 9, 2013
WINSTON-SALEM, N.C., May 9, 2013 /PRNewswire-USNewswire/ -- Wexford Science &
Technology, LLC, Wake Forest Baptist Medical Center's development partner in
the Wake Forest Innovation Quarter, today announced that the renovation of two
former Reynolds Tobacco buildings currently underway represents an additional
$150 million investment in downtown Winston-Salem. This brings Wexford's total
investment in the Innovation Quarter to more than $250 million, the largest
capital investment in the history of downtown Winston-Salem.
"This is the tipping point for Innovation Quarter," said John D. McConnell,
M.D., chief executive officer at Wake Forest Baptist Medical Center. "As a
result of this unique public-partnership the city, county and region will all
The two buildings, formerly part of the "90 Series" of buildings, will be
named "525 Vine" and "635 Vine" to represent their physical locations, and
have a total of 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. Inmar's future corporate headquarters will be
located at 635 Vine. Wexford expects to complete the 242,000 square foot
renovation in the first quarter of 2014.
"This is a further significant milestone in our progress to create a dynamic
hub for innovation in medical science and information technology in
Winston-Salem, said Eric Tomlinson, D.Sc., Ph.D., chief innovation officer,
Wake Forest Baptist Medical Center, and president, Wake Forest Innovation
Quarter. "We are delighted by Wexford's work and look forward to them working
with Inmar and others in creating distinctive work spaces that will maintain
the inspirational nature of the Innovation Quarter."
The renovation of 525 Vine and 635 Vine builds upon the success of Wake Forest
Biotech Place, Wexford's first development in Wake Forest Innovation Quarter.
"To have an opportunity to be part of what is taking place at Innovation
Quarter is truly an investment in the future of medical research and
innovation in biomedical science and information technology," said Dan Cramer,
executive vice present, Wexford Science & Technology, LLC.
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 and is based in Baltimore, Maryland. Wexford
recently announced a merger with life science giant, BioMed Realty Trust,
Inc., a $4 billion real estate investment trust based in San Diego,
Note: Photos available.
Wake Forest Baptist Medical Center (www.wakehealth.edu) is a fully integrated
academic medical center located in Winston-Salem, North Carolina. The
institution comprises the medical education and research components of Wake
Forest School of Medicine, the integrated clinical structure and consumer
brand Wake Forest Baptist Health, which includes North Carolina Baptist
Hospital and Brenner Children's Hospital, the creation and commercialization
of research discoveries into products that benefit patients and improve health
and wellness, through Wake Forest Innovations (WakeForestInnovations.com),Wake
Forest Innovation Quarter (WakeForestInnovationQuarter.com), a leading center
of technological discovery, development and commercialization, as well as a
network of affiliated community-based hospitals, physician practices,
outpatient services and other medical facilities. Wake Forest School of
Medicine is ranked among the nation's best medical schools and is a leading
national research center in fields such as regenerative medicine, cancer,
neuroscience, aging, addiction and public health sciences. Wake Forest
Baptist's clinical programs have consistently ranked as among the best in the
country by U.S .News & World Report for the past 20 years.
SOURCE Wake Forest Baptist Medical Center
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