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 »
After more than a year of stagnation, Philadelphia’s life sciences leasing market is showing signs of activity, and industry insiders are optimistic about the remainder of 2024 and into 2025. Recent Federal Reserve interest rate cuts have rekindled deals that were previously unfeasible. “It all starts and stops with funding,” said CBRE life sciences broker… Read more »
Legend Biotech Corp., a North Jersey company, is building a 31,000-square-foot R&D center at 2300 Market St. in Philadelphia. The center will occupy the third floor of Breakthrough Properties’ eight-story, 223,000-square-foot life sciences building, set for completion in early 2025. With over 1,200 employees nationwide, Legend Biotech expects the new Center City location to eventually… Read more »
On Wednesday, BioMérieux is set to open its $125 million Molecular and Genomic Innovation Center at the Navy Yard in South Philadelphia, tripling its footprint in the city. The French biotechnology company entered Philadelphia in 2019 with its $75 million acquisition of Invisible Sentinel. The 32,000-square-foot center is located in the newly developed 1201 Normandy… Read more »
Comcast Spectacor is exploring the idea of converting part of the Fashion District mall into a life sciences development at the site where the Philadelphia 76ers have proposed building a new Center City arena. The plan, which includes lab and retail space along Market Street, was presented to the Washington Square West Civic Association on… Read more »
