The University of Pennsylvania will dedicate $750 million over the next five years to support medical and scientific research, with plans to add dozens of faculty members and launch several new capital projects on campus. Penn is concentrating the funding in novel therapeutics and health-related initiatives, energy and sustainability, data engineering and science, and infrastructure… Read more »
While the team topped off One uCity Square, a $280 million, 400,000-square-foot life sciences building, it has already turned its sights on designing another project to capture the robust demand for lab space in Philadelphia. “We have an overflowing pipeline of tenants,” said John Grady, senior vice president at Wexford Science & Technology, which is building… Read more »
Real estate companies that focus on developing lab and manufacturing space for life sciences companies are circling 3900 Market St., the site of University City Townhomes, an affordable housing complex that was put up for sale. A bidding process for the property, the size of a city block, is being overseen by a commercial real… Read more »
Iovance Biotherapeutics Inc. formally marked the opening of its $125 million, 136,000-square-foot cell therapy center at the Philadelphia Navy Yard last week, just days after it successfully manufactured the first clinical batch of its experimental cell therapy targeting solid tumors at the facility. The company first announced in 2019 it would locate a new facility in Philadelphia,… Read more »
Warren Avenue Investors, a Berwyn company established four years ago by a former BioMed Realty Trust Inc. executive, has formed a nearly $400 million joint venture with Ares Management Corp. to pursue buying life sciences real estate in emerging markets across the country. The partnership completed a $165 million recapitalization of five properties it owns—… Read more »
Stoltz Management, a Bala Cynwyd real estate company, has put up for sale 2300 Chestnut St., a Center City office building that could sell for an estimated $40 million. Stoltz bought the 103,905-square-foot office building in 2017 for $28.75 million and invested in upgrades to the lobby and elsewhere. The building is 77% leased to… Read more »
An aging monument of Philadelphia’s industrial past is poised to become a harbinger of the city’s future as a life sciences hub. After 18 years of lying dormant, the Budd Co. Hunting Park plant, which at its prime employed some 7,000 workers who made parts for automobiles and trains, is undergoing a transformation into a… Read more »
Cambridge Innovation Center plans to spend more than $11 million to double its lab space at 3675 Market St. in uCity Square, creating what it says will be one of the largest shared laboratory hubs in the country. The expansion will result in the addition of more than 200 lab benches, up from the 200… Read more »
Brandywine Realty Trust plans to develop a site at its Metroplex Corporate Center off Chemical Road in Plymouth Meeting for life sciences research and manufacturing space. The Philadelphia real estate investment trust is seeking approvals for a single-story, 100,000-square-foot building that would be used for manufacturing and another 125,000-square-foot building that would be designed for… Read more »
Aro Biotherapeutics has leased 27,208 square feet of space at the Curtis, joining a growing number of life sciences companies occupying space in the building that fronts Washington Square in Philadelphia. The biotechnology company will relocate out of BioLabs at the Cambridge Innovation Center in the University City Science Center. Aro’s commitment to the space… Read more »
