Phase 3 Set To Start at Innovation Park at Penn State

October 26, 2001

University Park, Pa. --- Innovation Park at Penn State, the University’s research park, is set to launch Phase 3 of development which will involve the remaining undeveloped 75 acres in the western part of the 118-acre site.

In a competitive bid process concluded recently, Penn State chose Innovation Capital Partners (ICP) to develop Phase 3. Innovation Capital Partners is a development group which includes CB Richard Ellis, a global real estate services firm, and L. Robert Kimball and Associates, a full-service architectural and engineering design firm.

Innovation Capital Partners is leasing the park’s entire remaining undeveloped parcel and can develop up to 800,000 square feet in that acreage. The number and type of buildings developed will depend on tenant requirements.

Dr. Eva J. Pell, Penn State vice president for research and dean of the Graduate School, says "Innovation Capital Partners brings valuable experience in international markets to Innovation Park. Richard Ellis has 250 offices including 129 international offices located in 44 countries. They have established a new office in State College and their clients include many of the same organizations with which Penn State currently has research relationships.

"In addition, L. Robert Kimball and Associates, a Pennsylvania-based firm with 13 offices nationally, has a local State College office which brings broad national, state and local architectural and engineering experience."

Steven Kohler recently joined CB Richard Ellis and will serve as project manager for Phase 3. He will have an office at Innovation Park in the Technology Center.

Kohler says, "We are excited by the opportunity for Innovation Capital Partners, CB Richard Ellis and L. Robert Kimball. The combination of CB Richard Ellis’s global reach and Penn State’s excellent reputation will enable us to identify and pursue a wide range of development opportunities consistent with the University’s objectives."

The University’s Board of Trustees adopted Innovation Park at Penn State as a phased-development project in 1987 to assist in the economic revitalization of the Commonwealth.

?Karen Dickinson, park director, says, "Currently, there are 41 tenants at Innovation Park employing more than 770 people. In addition, 39 percent of the tenants provide work experience for Penn State interns and the same proportion have hired Penn State graduates."

Phase 1 includes the Technology Center building, which houses the Centre County Chamber of Business and Industry business incubator as well as the University’s industrial outreach and technology transfer programs; the Penn Stater Conference Center and Hotel; the Materials Research Institute Building; and Daybridge Child Care Center.

Phase 2, begun in 1997, includes two fully occupied multi-tenant buildings developed by PSRP Developers. A third building, for use by the University, is planned for the remaining lot in the Phase 2 parcel. Eventually, Phase 2 will also provide an additional entrance to the park when I-99 is completed.

A complete list of the companies located at Innovation Park at Penn State is at http://www.innovationpark.psu.edu/companies.html

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Contacts:

Barbara Hale (814) 865-9481 bah@psu.edu

Vicki Fong (814) 865-9481 vfong@psu.edu

EDITORS: Karen Dickinson, park director, is at (814) 865-2880 or kld12@psu.edu by e-mail.