Friday, June 16, 2023

One uCity Square now 90% leased after adding a pair of new life sciences tenants

 Paul Schwedelson Reporter - Philadelphia Business Journal

One uCity Square, a 400,000-square-foot life sciences building in University City, is nearly fully leased months after opening.

One uCity Square, a $300 million life sciences building in University City, is now more than 90% leased less than six months after it opened in January.

Engineering and scientific consulting firm Exponent moved into 32,000 square feet earlier this month, taking up a full floor in the new building at 25 N. 38th St. after previously occupying 20,000 square feet at 3440 Market St.

Massachusetts-based Charles River Laboratories is also taking a half-floor at One uCity Square, which has a total of 400,000 square feet of space across 13 floors.

“It’s pretty incredible,” said Pete Cramer, vice president of development for Wexford Science & Technology, which developed the property in partnership with Ventas Inc. and the University City Science Center. “I think it’s a testament to the market. We started this building on spec without any leases. … Seeing that progression of velocity and leasing building after building is why we love this market.”

Cramer said the leasing pace is faster than it was at 3675 Market St., which opened in 2018 and is also part of the uCity Square campus.

Exponent, which is based in California, signed a 10-year lease at One uCity through 2033. The company currently has 70 consultants and plans to add about 10 to 15 positions each year until it reaches 100 employees in the new space, Philadelphia Office Director Ryan Siskey said.

Exponent spent the last 10 years at 3440 Market St., where its space included 4,000 square feet of labs. It will have 6,500 square feet of lab space at One uCity Square.

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