3737 Market: U.City tower opens today
With two extra floors and Penn/CHOP-related tenants
The newest building erected by the University City Science Center, the landlord consortium serving Penn, Drexel, CHOP and other west-of-Schuylkill institutions, opens today. Baltimore developer James R. Berens' Wexford Science & Technology dedicates 3737 Market St., two years in the building, topped out at 13 floors and 334,000 sq. ft., after two floors were added to meet growing medical-related demand.
The building opens 83% occupied. 3737's major tenants include the University of Pennsylvania Health System, Good Shepherd Penn Partners (runs the Penn Institute for Rehabilitation Medicine), Sparks Therapeutics (a gene therapy company spun out by Children's Hospital with $50 million in capital), and Rose Group's Corner Bakery Cafe (due to open by Christmas.)
Cost was $115 million, with federal taxpayers kicking in a piece from New Market Tax Credits, plus a $5 million matching grant from Pennsylvania taxpayers via the Redevelopment Assistance Capital Program. Intech Construction led the work; architect was Zimmer Gunzel Frasca.