Keystone Development & Investment has secured a $265.2 million loan to fund its ongoing conversion of Center City’s historic Curtis building into a “life sciences ecosystem.”
The three-year loan with extension options comes from Nuveen Real Estate, a $156 billion New York asset manager. The capital will allow Keystone to convert another 200,000 square feet in the 912,245-square-foot building into life sciences space over the next three years. Keystone has already spent $70 million during the last two years converting 200,000 square feet of traditional office space into labs at the former home of the Curtis Publishing Co.
The 12-story building at 601 Walnut St. is currently 85% leased, said Jamie Rash, Keystone’s regional director who oversees leasing at the Curtis. BioInnovation Labs recently signed a lease extension that expanded its operations in the building by over 30,000 square feet. The deal brings the total square footage of leased out labs to about 130,000 square feet, Rash said.
*Article courtesy of Philadelphia Business Journal
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