Sterling Bay, Harrison Street and Botanic Properties have entered into a joint venture to buy a 33,400-square-foot land parcel in Philadelphia’s University City neighborhood to develop a 13-story life science facility.
The life science facility at 3801 Chestnut St. is set to total 310,000 square feet and feature modern lab space to support the growing needs of Philadelphia’s renowned and expanding cell and gene therapy ecosystem. Located near the University of Pennsylvania, Drexel University and Children’s Hospital of Philadelphia, as well as other world-class academic institutions, the project represents a prime opportunity to develop much-needed modern lab facilities in one of the country’s most sought after submarkets for life science development, the joint venture said in a press release.
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