Briefing: Wooing Life Sciences To Worcester
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Worcester officials want to make sure commercial brokers aren't overlooking what the city has to offer. There's plenty of space available for life science companies, and to highlight that fact local government, business and academic officials held a reception last week at UMass Medical School's Albert Sherman Center. Worcester is competing for life science tenants with a number of MetroWest communities —like Marlborough — and is trying to play up the value of proximity to its academic institutions.
Who was there?
Michael Collins, chancellor of the medical school, spoke at the event, as did top officials from Worcester Polytechnic Institute, Tufts' Cummings School of Veterinary Medicine in Grafton, Worcester-based Biomedical Research Models and Tim McGourthy, the city's chief development officer. Also in attendance were a number of brokers, Kevin O'Sullivan from the Massachusetts Biomedical Initiatives, and representatives of O'Connell Development Group, which built and own the second building in WPI's Gateway Park.
Who was behind the event?
The reception was the first of several organized by a public-private group, the Economic Development Coordinating Council, which is headed by McGourthy and includes O'Sullivan, Dennis Irish (who splits his time between working for Vanguard Health Systems and for the city doing business outreach), and Craig Blais, CEO of the Worcester Business Development Corp. Irish said the group is also looking to host an event to attract companies who value proximity to CSX Corp.'s newly expanded intermodal rail terminal in Worcester.
What space is the city hoping to help fill?
The medical school just purchased three buildings in the Worcester Biotech Park, adjacent to the campus. Those buildings total more than 300,000 square feet of space, of which 60,000 are immediately available, Collins said. The city hopes UMass can fill the space with for-profit entities so the city can continue to receive much of the $1.5 million in taxes the properties produced under their former owner, Alexandria Real Estate Equities, a for-profit company. WPI also has space available in Gateway Park and is looking for development partners for future buildings there. And the Cummings School is permitted for about 700,000 square feet of space in its science park.
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