Lease Deal Prompts 283,000-SF Expansion

WINSTON-SALEM, NC—BioMed Realty Trust subsidiary Wexford Science & Technology reports it will develop an additional 283,000-square feet of laboratory and office space at the Wake Forest Innovation Quarter here.

The expansion was prompted by Wake Forest Baptist Medical Center's commitment on a long-term lease for approximately 60% of the project. Wake Forest Baptist Medical Center, an affiliate of Wake Forest University, will use the space at the project for a new medical education building for the Wake Forest School of Medicine.

"Wake Forest School of Medicine's relocation to the Innovation Quarter is a transformational milestone that adds to the growing synergy among the city's academic institutions and supports technical collaboration, entrepreneurial opportunities and community involvement," says James R. Berens, president of Wexford Science & Technology, which is based in Baltimore. "Today's announcement with Wake Forest Baptist Medical Center continues the momentum of Wexford's university platform in Winston-Salem, as we continue to see strong demand for new laboratory and office space at the Innovation Quarter led by our partners at Wake Forest." Wexford parent BioMed Realty Trust is headquartered in San Diego.

The 283,000 square foot development project will grow Wake Forest Innovation Quarter to nearly 1.2 million square feet since the project began in 2008. Wake Forest Innovation Quarter is a cooperative undertaking between Wexford and Wake Forest Baptist Medical Center to redevelop the former R. J. Reynolds Tobacco Company plants in downtown Winston-Salem. The Innovation Quarter already includes 715,000 square feet of state-of-the-art research and laboratory space at Wake Forest Biotech Place, which has received LEED Gold certification, and at the recently completed Inmar headquarters building at 635 Vine St. and the 525@vine property, both of which are LEED Platinum certified.