Breakthrough Properties has secured a $130 million construction loan for the development of an eight-story life sciences building at 2300 Market St.

Construction on the project is already underway, and the 223,000-square-foot building is expected to be delivered in mid-2024 for tenants to fit out their space.

Breakthrough Properties, a joint venture between New York real estate firm Tishman Speyer and Los Angeles life sciences investor Bellco Capital, bought the site along the 2300 block of Market Street as three separate properties in December 2021.

*Article courtesy of Philadelphia Business Journal

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