Wexford, investor in I-195 project and South Street Landing, becomes independent company

WEXFORD SCIENCE & Technology LLC announced Thursday it has become an independent company, owned and operated by its existing management team, that will focus on managing and operating university-focused research and innovation districts. Pictured is the three-phased development in the I-195 redevelopment district in Providence that Wexford is pursuing. / COURTESY I-195 REDEVELOPMENT COMMISSION
WEXFORD SCIENCE & Technology LLC announced Thursday it has become an independent company, owned and operated by its existing management team, that will focus on managing and operating university-focused research and innovation districts. Pictured is the three-phased development in the I-195 redevelopment district in Providence that Wexford is pursuing. / COURTESY I-195 REDEVELOPMENT COMMISSION

PROVIDENCE – Wexford Science & Technology LLC announced Thursday it has become an independent company, owned and operated by its existing management team, that will focus on managing and operating university-focused research and innovation districts.
The change was announced as Ventas Inc. of Chicago finalized its $1.5 billion purchase of Wexford’s national real estate holdings, which include numerous university-, research- and medical-based centers.
Wexford, based in Baltimore, will continue to manage and operate the various centers contained in the $1.5 billion real estate portfolio, according to a news release.
The terms of the transaction were not disclosed, according to the statement.
Wexford has several interests in Providence.
It is a financial partner in the ongoing development of South Street Landing, a $220 million project on the Providence River that will house administrative offices for Brown University, as well as the combined University of Rhode Island and Rhode Island College nursing education center. Its development partner in that project is Boston-based CV Properties LLC.
Wexford and CV Properties also are jointly pursuing what is envisioned as a life science- and innovation-based district on two parcels of the former Interstate 195 lands.
Representatives of the two companies in January signed a purchase and sale agreement for a development on Parcels 22 and 25 that could unfold over three phases.
The first phase of that project is expected to reach $250 million, according to the documents released by the I-195 Redevelopment District Commission, and would include research and development, lab and office facilities and an innovation center, as well as meeting space, a hotel and a residential complex.
The due diligence period for the purchase, initially set at 90 days, has been extended several times at the company’s request, according to a spokeswoman.
Wexford, in announcing its independent incorporation Thursday, did not specifically address the I-195 project, but said the company will lead joint development, with Ventas, of future projects. Ventas, an S&P 500 company, is a real estate investment trust.
In a statement, Wexford CEO and President Jim Berens said the new independence will allow it to concentrate on management.
“Wexford’s return to being an independent company provides the flexibility to focus solely on creating and expanding our strategic, enduring relationships with leading research universities, academic medical centers and research institutions,” Berens said. “We also have enhanced our financial capacity to meet the expanding, complex needs of our clients, by pairing our real estate strategy … with Ventas, the leading capital provider to high-quality life sciences, senior living and healthcare organizations.”

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