Demand for Space Drives New Project at Innovation Park at Penn State
GLP Development Will Break Ground on 331 Innovation Boulevard at Innovation Park at Penn State

Groundbreaking Celebration Scheduled for 11:30 AM, Tuesday, October 21, 2014 at the Penn Stater

A groundbreaking celebration hosted by GLP Development of Baltimore will take place for 331 Innovation Boulevard, Innovation Park at Penn State, on Tuesday, October 21 at 11:30 AM in Presidents Hall at the Penn Stater Conference Center. The four-story facility with 82,000 square feet of leasable space will be the first LEED-certified building in Innovation Park.

"Space in the park is in demand," according to Dan Leri, Director of Innovation Park at Penn State. "In the past 18 months we've had immediate-need requests and sufficient inquiries for space to initiate the next build program in the West end of the Park.  It's one more step in the execution of the master plan build out.  With no vacancy for the past few years, we need additional space to offer companies and organizations interested in joining the Innovation Park community."

Innovation Capital Partners, led by managing partner GLP Development, currently owns Buildings 328, 329 and 330 at Innovation Park.  The $17.8 million investment in Building 331 brings the company's total investment at Innovation Park to nearly $56 million in the past 3 years.  "It's exciting that our partners at Innovation Capital Partners have made such a substantial financial commitment to our Central Pennsylvania community in such a short period of time… and they're anxious to do more," said Leri.

Robert F. Barron, CEO of managing partner GLP Development Company, said Innovation Park is attractive to companies seeking the unique qualities of a college town, and access to Penn State resources like research, technology and talent.  "Innovation Park is a unique business campus that's unlike traditional office parks.  It's as much about the people and the connections they make through the park as it is about the buildings in the park—that's been the key to attracting and retaining resident companies.  Having the Penn Stater Hotel & Conference Center within walking distance is a major advantage to our clients in the park. And if you're a parent with kids, to have your child in the Daybridge Child Development Center right next to you is a big plus for our building occupants." 

Barron continued, "Dan's team does a remarkable job creating opportunities for networking and socializing, and for dialing into the University's resources, plus they work hard to facilitate use of the park's meeting and conference space, the outdoor space and the Penn Stater fitness facility. Innovation Park is more like a community than an office park. 

Penn State Vice President of Research Neil Sharkey said, "The build-out of the new 331 building at Innovation Park fits perfectly with Penn State's renewed emphasis on economic development as described in President Eric Barron's address to the Board of Trustees at its most recent meeting.  I have every confidence that the building will become another beehive of innovative activity that will serve to further the outgrowth of Penn State's formidable intellectual capital into the Centre Region and beyond."

"The new building will be a great addition to Innovation Park.," said CBICC President and CEO Vern Squier.  "The building will be an important asset in the effort to bring new economic opportunities to Centre County. Site selectors repeatedly stress that having move-in ready space is critical to business recruitment efforts. We applaud Innovation Park leadership and GLP Development for making a significant investment in the construction of a multi-use building that will be an important addition to the county's facilities' inventory."

As the first LEED-certified building in Innovation Park, Barron expects Building 331 will meet the U.S. Green Building Council's requirements for Silver level certification. Leri added that the LEED-certification of Building 331 parallels Penn State's recent recognition for its sustainability practices. Earlier this year, Penn State received APPA's 2014 Sustainability Award, one of the top educational facilities awards in the country. APPA is the professional association of educational facilities in the United States, Canada and abroad.

The building is scheduled for completion in late August 2015.  Parties interested in leasing space in 331 Innovation Boulevard should contact either Dan Leri at (814) 865-5925 or leasing agent Tom MacDonald at (412) 434-1028.

Innovation Park is home to more than 50 companies and is the site of the Ben Franklin TechCelerator and business incubator program. Opportunities to utilize Penn State resources, including research, technology transfer, and talent, have driven a demand for new leasable space. 

The actual groundbreaking will be shown via a live feed from the building site of 331 Innovation Boulevard into Presidents Hall 4. Transportation will be provided after the event for members of the media who would like to take photo and video footage at the building site.

Interviews are available with Robert F. Barron, CEO of GLP Development Company and Dan Leri, Director of Innovation Park.  Contact: Jodie Dello Stritto (814) 933-2463.