Real estate company SkyREM plans to spend $250 million converting the historic Quartermaster site in South Philadelphia to a life sciences campus with restaurants and a hotel. The redevelopment would feature wet and dry lab space for research, development and bio-manufacturing. The renamed Quartermaster Science + Technology Park is near the southwest corner of Oregon… Read more »
Cell & Gene Therapy Research in Philadelphia has become a very prominent medical process over the past few years, Philadelphia and the surrounding area have long been a center of medicine and life science discoveries but Cell & Gene Therapy have recently been acknowledged by many as a large part of the medical process in… Read more »
Greater Philadelphia consistently ranks near the top of desirable locations for Cell and Gene Therapy across all metrics. The metrics linked below analyze Greater Philadelphia’s position in the CGT sector against competitor locations as it relates to Research Infrastructure, Human Capital, Innovation Output, Commercial Activity, and Value Proposition. In the aggregate, Greater Philadelphia ranks 2nd… Read more »
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 »
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 »
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 »
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 & 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 »
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 »
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 »
