Gattuso Development Partners and Vigilant Holdings of New York have secured a $290 million construction loan for a major life sciences building set to be developed on Drexel University’s campus. The funding comes from Houston-based Corebridge Financial, with an additional equity commitment from Boston-based Baupost Group, which is also a partner on the project. Plans… Read more »
Posts Categorized: Philadelphia Life Sciences Lab Space
Inside Drexel’s New 12-story Health Sciences Building at uCity Square
With Philadelphia’s health sciences industry booming, Drexel University will now house all of its health care programs in one space: a 460,000-square-foot building on 36th and Filbert streets at uCity Square. The new 12-story building, developed by Wexford Science and Technology in collaboration with Drexel and owned by Ventas, will be home to Drexel’s College… Read more »
Eagleview Leases New 110,000-SF Building to International Life Sciences Companies
Swiss and Chinese companies have signed long-term leases to occupy a 110,000-square-foot lab and flex space building under construction in Exton’s Eagleview development. Früh Verpackungstechnik AG, a medical packaging company based in Fehraltorf, Switzerland, will lease 63,500 square feet in the new building. China’s Frontage Laboratories, which already leases space in Eagleview, signed to lease… Read more »
University City is Running Out of Life Sciences Real Estate
The life sciences industry is growing rapidly in Greater Philadelphia, and projects like Schuylkill Yards, developments like One uCity Square, hubs like the University City Science Center and companies like Spark Therapeutics have helped put University City at the center of the accompanying development boom. University City neighbors Drexel University and the University of Pennsylvania are also… Read more »
Keystone Development Lands $265M Loan to Continue the Transformation of the Curtis Building
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… Read more »
Merck is among 4 life sciences companies taking space at Spring House Innovation Park
Four tenants including Merck & Co. signed deals totaling 117,000 square feet at Spring House Innovation Park in Lower Gwynedd, contributing to an abundance of life sciences leasing that has occurred across the region so far this year. Leases totaling more than 500,000 square feet were signed in Philadelphia and its suburbs during the first… Read more »
Life-Sciences Developers Remain Positive on Long-Term Outlook
Despite another slowdown in venture-capital funding in the second quarter, developers in the life-sciences space still feel largely confident about the lab real estate sector. That is, in select hubs, submarkets and types of development. Dan Belldegrun, co-founder and CEO of Breakthrough Properties LLC, said right now is a tougher moment for the biotech sector,… Read more »
SmartLabs expands to Philadelphia with 117,000-SF lease in University City
SmartLabs, an operator of life sciences labs, vivarium and manufacturing spaces, has leased two floors totaling 117,000 square feet at a proposed new building in University City. Philadelphia will serve as the third city SmartLabs will have a presence, underscoring the strength of the city’s burgeoning life sciences scene. SmartLabs maintains a presence in Boston… Read more »
BioLabs To Expand Footprint in Center City Philadelphia
BioLabs, an incubator for life sciences companies, is expanding its presence in Center City Philadelphia by leasing additional space at Keystone Development + Investment’s mixed-use property The Curtis. Currently occupying 23,378 square feet at the 912,245-square-foot mixed-use property, BioLabs will expand by 30,151 square feet, totaling 53,529 square feet at the property. BioLabs’ new lease will… Read more »
Century Therapeutics nearly tripling planned space at One uCity Square
Century Therapeutics Inc. has expanded the amount of space it will occupy at One uCity Square to 90,000 square feet. The fast-growing company initially signed in 2020 to take a single floor totaling 32,500 square feet in the building in the University City neighborhood of Philadelphia. Century will now occupy space across the top three floors of… Read more »
