Philadelphia’s life sciences real estate market is entering a new phase. As tenant demand softens, many property owners are reassessing development strategies. Between 2019 and 2021, the sector experienced rapid growth. During that period, developers converted office buildings into laboratory space to meet rising demand from biotechnology companies. Today, market conditions look much different. Consequently,… Read more »
Following an additional lease signed with Drexel University, 360,000 square feet remains available at 3201 Cuthbert Street. The available space represents approximately 69 percent of the building. The 520,000-square-foot development is the largest life sciences building in Philadelphia. Core and shell construction was completed this month. The project was developed by Gattuso Development Partners with… Read more »
Drexel University has agreed to more than double its lease at a new life sciences building on campus. The lease at 3201 Cuthbert Street was restructured to total 151,000 square feet. The previous lease encompassed 60,000 square feet. The expanded lease will span four floors of the building. The space is planned to house all… Read more »
Carisma Therapeutics has filed documents with the Securities and Exchange Commission outlining plans to delist its stock. The University of Pennsylvania spinout is winding down operations. The filing was submitted on Monday. The company’s stock previously moved to the OTCID market after being suspended from Nasdaq trading in mid-October. Approval for the voluntary delisting and… Read more »
Biolyst Scientific plans to lay off 76 employees and close its Hatfield facility early next year. The company will shift its headquarters to Berks County, which drives the restructuring. According to a filing with Pennsylvania’s Department of Labor and Industry, the job cuts will start Jan. 1 and end Jan. 26. Some employees will receive… Read more »
Eli Lilly and Co. announced Wednesday that it will open a new Lilly Gateway Labs site in Philadelphia. The move offers another strong boost to the region’s growing life sciences ecosystem. Lilly will take 44,000 square feet at 2300 Market Street, a Center City life sciences building developed by Breakthrough Properties. The news follows the… Read more »
The life sciences sector has experienced a challenging 2025, marked by federal policy shifts under the Trump administration, including proposed cuts to National Institutes of Health funding, withdrawal of government backing for mRNA vaccine initiatives, new tariffs, and drug pricing reforms. Philadelphia’s biotech ecosystem has felt the impact. Nearly 1,000 local life sciences jobs have… Read more »
Eli Lilly and Co. is reportedly exploring Philadelphia as a potential site for one of its Lilly Gateway Labs biotech incubators, according to industry sources. The Gateway Labs concept serves as an innovation hub offering shared lab and office space for early-stage biotech companies driven by “scientific curiosity.” These incubators focus on advancing research in… Read more »
Orchestra Life Sciences, a consulting firm serving pharmaceutical and biotechnology companies developing therapies for cancer and rare diseases, has officially relocated its global headquarters from Montreal, Canada, to the Philadelphia Navy Yard. The company has leased 7,000 square feet at 1200 Intrepid Avenue, launching with four employees and plans to expand to 20 local staff… Read more »
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 »
