John Grady, Chief Investment Officer, Wexford Science + Technology

In an interview with Invest:, John Grady, chief investment officer at Wexford Science + Technology, discusses innovation districts, ecosystem partnerships, and talent-driven growth. “People understand more than ever that the best ideas come from collaboration across and within institutions.”

What trends are you seeing in the development of innovation districts across the Northeast Corridor?
We continue to see innovation districts, or knowledge communities, as preferred destinations for talent and investment. In any market, strong or weak, our proximity to universities and environments that attract and support talent allows us to remain favored throughout any economic cycle.

Across our communities in the Northeast, whether it’s Philadelphia, Pittsburgh, or Providence, there have been many successes. New companies are moving in, existing companies continue to grow, and these districts keep attracting talent because of the strong fundamental premise behind them.

As a company, we are exclusively focused on working with institutions, including universities, academic medical centers, large research centers, and innovative employers — organizations that produce breakthrough discoveries in medicine, engineering, or business. Being in a position to support them and their work is very fulfilling.

How is the role of real estate developers evolving as cities work to strengthen their innovation economies?
At Wexford, we look at a few different ways to add value to our partners. First, we build high-quality facilities that support research and innovation. These high-performing buildings are places where tenants want to be for the long term, so the design, delivery, and management of our real estate assets remain core to what we do.

Second, as part of our knowledge community approach, we think carefully about curating and cultivating a community of talent around universities and our partners. Both universities and private industry want to locate near these institutions and partner with them, creating a place where talent is continually coming, developing, and engaging.

When talent is present, it attracts diverse partners and capital into the community. This, in turn, creates workforce solutions that offer a continuum of opportunity for people, whether they’re coming out of high school or finishing a Ph.D. program.

Real estate development has broadened over the years into a more full-service approach, focusing on developing high-performing facilities that attract talent and managing these facilities and mixed-use communities to maximize opportunity for our core partners and tenants.

What are some of the biggest hurdles cities face in fostering sustainable and inclusive growth?
Cities of all sizes, urban, rural, or suburban, face the challenge of creating an environment where long-term capital can be invested successfully and where talent wants to be.

Philadelphia positions itself well as a place where talent continues to enter the market because of its diverse economy, quality of life, access, and mobility. Any city can face challenges in these areas, but successful ones manage them in a way that makes talent fundamentally want to stay and grow there.

What factors are most important for cities trying to attract and retain talent today? 

Quality of life is critical. Affordability plays a big role, too. Many large cities face serious affordability issues, including the cost of living and housing. Philadelphia stands out as a big city that has largely remained affordable relative to its peers.

Particularly through Covid and in the flexible work era, people can work from anywhere. Quality of life has become a primary attractor for talent. In Philadelphia, there has been population growth from people who see it as a great place to live, even if they commute to New York, Washington, D.C., or the West Coast periodically.

Emerging generations value flexibility and lifestyle choices where work is just one part of life. As the large boomer generation retires, cities increasingly must compete on quality of life, affordability, and services. They need to offer options for people to rent or buy a home and have a lifestyle where work fits in but does not dominate.

What are the keys to unlocking meaningful collaboration between institutions, developers, and local governments?

Any public-private partnership is like a relationship, no different than a marriage, and at its core, it involves people. Over the years, I’ve found that successful partnerships rely on a few essentials.

First, there must be a clear expectation of the partnership’s goals. Each party should know what they are trying to accomplish, what they will contribute, and how they will meet their responsibilities.

Second, trust and respect among partners are critical. Sometimes, private industry sees government or institutions as slow or bureaucratic, while institutions and government might view developers as too focused on the short term and bottom line. Building a relationship where everyone understands and values each party’s role and contribution is crucial.

Partnerships can take a winding road, so staying connected to the original objective is important. Trust, respect, and clear goals are fundamental to success.

How does Wexford connect communities and partners across its platform?
Wexford now operates in 12 states, working with close to 30 institutions as partners in 15 of our knowledge communities, ranging from a single building to a multi-phased, mixed-use district. We’re seeing more potential for building relationships at different levels across partners and geography.

Universities and academic medical center partners across our portfolio are collaborating around best practices and sharing opportunities. Private industry sees our platform as a way to access multiple communities and partners. Government partners are also interested in what’s working elsewhere.

Recently, we worked with local partners to host a group from Washington, D.C., in our Philadelphia community and are planning a visit with partners from Massachusetts to see what’s happening in Philadelphia and Pittsburgh.

For years, we’ve hosted an annual summit, bringing together people from all our communities for two days to share what they’re doing. It’s become a practical way to connect communities, people, and ideas across the platform.

What are your top priorities for strengthening ecosystem connections between academia, industry, and startups within your Northeast region portfolio?
We are always looking for new partners who want to engage with talent and industry in meaningful ways and find ways to support that work. Sometimes that means identifying a new university, academic medical center, or government partner seeking opportunities or a private employer looking to diversify their talent pool.

Across many communities, especially in the Northeast, places like Philadelphia, Providence, and Pittsburgh, there is growing potential for deeper collaboration. In Pittsburgh, for example, there is significant expertise in life sciences, technology, AI, and robotics, and more collaboration is happening across institutions and industries. In Philadelphia, similar connections are growing in healthcare and life sciences. In Providence, our partnership with Brown University and its new Center for RNA Innovation is bringing new faculty and ideas.

It’s really about expanding our platform into new places and partnerships while deepening existing relationships and helping partners work together in new ways. People understand more than ever that the best ideas come from collaboration across and within institutions. That multidisciplinary innovation drives breakthroughs that directly improve lives.

It’s exciting to see how these innovations make healthcare more accessible, deliver new cures, or create technologies that make everyday life better. Staying focused on real outcomes and who the work ultimately serves makes it all worthwhile.

How do you view Philadelphia’s position and potential for future growth?
Philadelphia continues to emerge from its industrial past and is charting a new path forward with a diverse economy anchored in higher education, medicine, financial services, technology, defense, and manufacturing. That kind of economic diversity attracts talent, supports affordability in the city, and will keep driving Philadelphia forward as a place that offers a high quality of life and opportunity.

It’s an exciting time for the city. While there are challenges with the broader macroeconomic climate, the fundamentals of Philadelphia and the region are continuing to strengthen, which is encouraging to see.