Even with nearly one million square feet of newly developed lab space currently unoccupied in and around University City, John Grady views the vacancy as evidence of the region’s significant growth in the life sciences sector. Grady, Senior Vice President at Wexford Science & Technology, has recently been named chair of the University City District… Read more »
Following Dispatch Bio’s recent $216 million capital raise, Brandywine Realty Trust CEO Jerry Sweeney expressed optimism about the region’s life sciences sector, calling it in “recovery mode.” “Green shoots on the capital raising front are emerging,” Sweeney noted, pointing to the funding as a positive indicator amid a challenging market. The milestone is notable given… Read more »
Spark Therapeutics’ decision to lay off 337 employees—nearly half its workforce—could inject thousands of square feet of lab space into an already saturated University City market. One prominent landlord is even marketing lab space to office tenants due to the oversupply. The layoffs span Spark’s locations at the Cira Centre (2929 Arch St.), the Bulletin… Read more »
Mayor Cherelle Parker announced that the city’s new forensics lab will be housed at University Place 3.0, a largely vacant life sciences building since its completion in mid-2023. Parker allocated $67 million for the lab over five years (FY 2026–2030) as part of her $6.7 billion budget proposal, which requires City Council approval. The city’s… Read more »
Brandywine Realty Trust’s newly completed 14-story building at 3151 Market St., originally envisioned as a premier life sciences property, may soon welcome office tenants. This possibility emerged after FS Investments signed a 117,000-square-foot lease at Brandywine’s nearby 3025 John F. Kennedy Blvd., bringing that building to 83% occupancy with just over one vacant floor remaining…. Read more »
Facing 80,000 square feet of vacant space at 3711 Market St., Wexford Science & Technology is committing $28.5 million to renovate the University City property and strengthen its position in Philadelphia’s life sciences sector. Renovations on the 16-year-old, 10-story, 150,000-square-foot building are set to begin in early 2025 and finish by year-end. With occupancy currently… Read more »
The life science construction pipeline has shown resilience, with 54.7 million square feet of new space launched between 2019 and October 2024, according to CommercialEdge data. Key life science clusters remain strong despite broader economic challenges, driven by their reliance on direct research and in-person collaboration. Although construction activity slowed in 2024—with only 2.2 million… Read more »
The City of Philadelphia is negotiating to establish the police department’s new forensics lab at University Place 3.0, sources say. The eight-story, 250,000-square-foot life sciences building at 4101 Market St., completed in mid-2023, has remained mostly vacant. Currently, Fulton Bank operates a branch on the ground floor, and a Southern seafood fusion restaurant is planned…. Read more »
Cell therapy developer Adaptimmune, with operations at the Philadelphia Navy Yard and in the UK, plans to reduce its workforce by 33% next year to cut costs. Most layoffs will occur in Q1, impacting about 170 of its 500 employees. The company did not specify how many jobs would be affected at its South Philadelphia… Read more »
The Philadelphia Business Journal recently updated its Crane Watch map, showcasing development projects in the region that are proposed, under construction, or recently completed. Thousands of apartments have been added—and hundreds removed—along with major retail and life sciences projects. A key update highlights the 76 Place Center City arena development. Mayor Cherelle Parker confirmed her… Read more »
