Transwestern will lease 227,113 SF Wexford Innovation Center

Real Estate | 18 Oct |

Transwestern Commercial Services (TCS) today announces it has been selected by Wexford Science & Technology LLC to provide Agency Leasing services for the new Wexford Innovation Center at 850 N. Fifth St. in Phoenix. TCS Managing Director Mark Stratz and Senior Vice President Scott Baumgarten are leasing the Class A, 227,113-square-foot property that serves as the innovation and congregation hub of the 30-acre Phoenix Biomedical Campus. 

The property is located near Arizona State University’s (ASU) downtown Phoenix campus, and the university plans to occupy the first three floors above an activated ground floor. Transwestern is leasing floors five through seven (103,596 square feet), which will feature higher-than-average ceiling heights and lab-enabled space for companies of all stages of growth. The top three floors will offer compelling views of Phoenix and the metropolitan area. The building is also located near ASU’s School of Health Sciences, the University of Arizona’s College of Medicine-Phoenix, the Center for Therapeutic Genomics, and the Roosevelt Row Corridor.

“The building is appealing to many companies because it is a true public-private partnership between the City of Phoenix, Arizona State University and Wexford Science & Technology,” Stratz said. “All businesses will benefit from being located near the intellectual resources of ASU and the Phoenix Biomedical Campus.” 

Transwestern is the first outside broker to lease space at the Phoenix Biomedical Campus. The campus encompasses seven unique buildings totaling more than 6 million square feet and is home to the highest concentration of research scientists and complementary research professionals in the region.

The property is Wexford Science & Technology’s first building in Arizona. The Baltimore-based real estate company exclusively focuses on partnering with universities, academic medical centers and research institutions to develop vibrant, amenity-rich, mixed-use knowledge communities. Wexford has developed 14 such Knowledge Communities across the United States.

Okland Construction of Tempe broke ground in May 2019 and is expected to finish in fourth quarter 2020. HKS Architects of Phoenix is designing the building, inspired by a Saguaro cactus that provides a deeply rooted connection to its place in the Sonoran Desert and is naturally critical within its environment. Ventas Inc., an S&P 500 company based in Chicago, is Wexford’s strategic capital partner on the project.

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