Wexford Science & Technology to Become an Independent Company
September 08 2016 - 1:49PM
Business Wire
Leading innovation district developer will
maintain focus on long-term university relationships
Wexford Science & Technology, LLC today announced that it
has become an independent company, owned and operated by its
existing management team. The change occurred simultaneously with
the closing of Ventas, Inc.’s (NYSE: VTR) acquisition of Wexford’s
real estate assets from Wexford’s former parent company BioMed
Realty, L.P., an affiliate of Blackstone Real Estate Partners VIII
L.P. Additionally, under the new agreements with Ventas, Wexford
will continue to manage and operate the existing $1.5 billion
portfolio of university-centric assets now owned by Ventas and lead
joint development of future projects on the Wexford Knowledge
Community platform.
Wexford has developed, and currently operates, 12 Knowledge
Community projects across the United States, encompassing 14
university, academic medical center, and research institution
relationships. Several of Wexford’s projects have earned
international recognition as leading innovation districts. In
addition, the company maintains a substantial pipeline of potential
projects that will fuel its future growth as it continues to see
strong demand for their vibrant, mixed-use, amenity-rich
environments that foster innovation and collaboration.
“Wexford’s return to being an independent company provides the
flexibility to focus solely on creating and expanding our
strategic, enduring relationships with leading research
universities, academic medical centers and research institutions,”
said Jim Berens, President and CEO at Wexford Science &
Technology, LLC. “We also have enhanced our financial capacity to
meet the expanding, complex needs of our clients by pairing our
real estate strategy and solutions development expertise with the
financial strength and growth focus of Ventas, the leading capital
provider to high-quality life sciences, senior living and
healthcare organizations, and a top S&P 500 company with an
enterprise value exceeding $36 billion.”
The terms of the transaction were not disclosed.
About Wexford
Wexford Science & Technology, LLC is a real estate company
exclusively focused on partnering with universities, academic
medical centers and research companies to develop vibrant,
mixed-use communities. Wexford’s communities are built on a
foundation of discovery, innovation and entrepreneurial activity
that creates visible outcomes in the form of substantial economic
growth, new and diverse jobs and community transformation. Wexford
targets strategic opportunities with top-tier research universities
that are directly on or contiguous to dense, urban campuses.
Wexford has developed twelve Knowledge Communities across the U.S.:
the Bio-Research & Development Growth (BRDG) Park (Danforth
Plant Science Center) in St. Louis, MO; Cortex Innovation Community
(Washington University in St Louis) in St. Louis, MO; Downtown
Crossing (Yale University) in New Haven, CT; Hershey Center for
Applied Research (Penn State School of Medicine) in Hershey, PA;
Innovation Research Park @ODU (Old Dominion University) in Norfolk,
VA; The South Street Landing (Brown University, University of Rhode
Island) in Providence, RI; Chesterfield (Duke University) in
Durham, NC; Ucity Square (University of Pennsylvania, Drexel
University) in Philadelphia, PA; University of Maryland BioPark in
Baltimore, MD; University of Miami Life Science & Technology
Park in Miami, FL; University Technology Park at IIT (Illinois
Institute of Technology) in Chicago, IL; and Wake Forest Innovation
Quarter in Winston-Salem, NC. More information about Wexford can be
found at www.wexfordscitech.com.
About Ventas
Ventas, Inc., an S&P 500 company, is a leading real estate
investment trust. Its diverse portfolio of approximately 1,300
assets in the United States, Canada and the United Kingdom consists
of seniors housing communities, medical office buildings, life
science buildings, skilled nursing facilities, specialty hospitals
and general acute care hospitals. Through its Lillibridge
subsidiary, Ventas provides management, leasing, marketing,
facility development and advisory services to highly rated
hospitals and health systems throughout the United States. More
information about Ventas and Lillibridge can be found at
www.ventasreit.com and www.lillibridge.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160908006462/en/
Allison+Partners for Wexford Science & TechnologyMandy Roth,
619.342.9384mandy.roth@allisonpr.com
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