525@vine is officially open.
The 234,000-square foot mixed-use laboratory and office building is the latest addition to Wake Forest Innovation Quarter, the burgeoning urban-based research park in downtown Winston-Salem.
The former tobacco factory was redeveloped and renovated into a world-class research facility by its new owner, Wexford Science & Technology, a BioMed Realty company, at a cost of approximately $75 million.
“Wexford focuses on partnering with universities and creating hubs of innovation, and we are proud to include 525@vine as an example of this strategy. We are confident that this project will be a driver of new research and a boost to the Winston-Salem economy,” said Dan Cramer, Wexford’s senior vice president of development. “525@vine is not only the latest in a series of wonderful new facilities here in the Innovation Quarter, it’s amongst the best.”
At its official opening today, 525@vine is 74 percent leased. Current tenants include; Wake Forest Baptist Medical Center’s Division of Public Health Sciences and Department of Physician Assistant Studies, the Innovation Quarter YMCA of Northwest North Carolina and Flywheel, a co-working innovation space. They soon will be joined by Forsyth Tech at Innovation Quarter and the headquarters of Clinical Ink, a provider of electronic data-capturing technology for clinical research.
“In addition to being a sterling example of the wonderful things that can be done with old buildings, 525@vine has a tenant roll call that represents the larger community being created here in the Innovation Quarter,” said Eric Tomlinson, Wake Forest Baptist’s chief innovation officer and president of Wake Forest Innovation Quarter. “We fully anticipate that the spirit and energy these enterprises possess will create new sparks that lead to fascinating collaborations.”
For Wake Forest Baptist, the relocation of two of its nationally recognized components is a significant step to accomplishing this goal.
“Having Public Health Sciences and Physician Assistant Studies in this new facility downtown is a major part of our overall strategy to create synergies between our world-class research and education programs and our commitment to public-private partnerships to advance the economic development of the region,” said John D. McConnell, M.D., the Medical’s Center CEO.
The 525@vine building was constructed in 1926 by the R.J. Reynolds Tobacco Co. and used as a blending and processing plant. In restoring and renovating the building, Wexford employed both state and federal tax credits that are available to qualified developers of income-producing spaces in historic industrial structures.
Wexford has invested approximately $250 million in three Innovation Quarter projects – Wake Forest Biotech Place, Inmar’s Team Support Center & Headquarters and 525@vine.