Drexel University has agreed to more than double its lease at a new life sciences building on campus. The lease at 3201 Cuthbert Street was restructured to total 151,000 square feet. The previous lease encompassed 60,000 square feet. The expanded lease will span four floors of the building. The space is planned to house all… Read more »
The life sciences sector has experienced a challenging 2025, marked by federal policy shifts under the Trump administration, including proposed cuts to National Institutes of Health funding, withdrawal of government backing for mRNA vaccine initiatives, new tariffs, and drug pricing reforms. Philadelphia’s biotech ecosystem has felt the impact. Nearly 1,000 local life sciences jobs have… Read more »
Even with nearly one million square feet of newly developed lab space currently unoccupied in and around University City, John Grady views the vacancy as evidence of the region’s significant growth in the life sciences sector. Grady, Senior Vice President at Wexford Science & Technology, has recently been named chair of the University City District… Read more »
Mayor Cherelle Parker announced that the city’s new forensics lab will be housed at University Place 3.0, a largely vacant life sciences building since its completion in mid-2023. Parker allocated $67 million for the lab over five years (FY 2026–2030) as part of her $6.7 billion budget proposal, which requires City Council approval. The city’s… Read more »
Facing 80,000 square feet of vacant space at 3711 Market St., Wexford Science & Technology is committing $28.5 million to renovate the University City property and strengthen its position in Philadelphia’s life sciences sector. Renovations on the 16-year-old, 10-story, 150,000-square-foot building are set to begin in early 2025 and finish by year-end. With occupancy currently… Read more »
After more than a year of stagnation, Philadelphia’s life sciences leasing market is showing signs of activity, and industry insiders are optimistic about the remainder of 2024 and into 2025. Recent Federal Reserve interest rate cuts have rekindled deals that were previously unfeasible. “It all starts and stops with funding,” said CBRE life sciences broker… Read more »
On Wednesday, BioMérieux is set to open its $125 million Molecular and Genomic Innovation Center at the Navy Yard in South Philadelphia, tripling its footprint in the city. The French biotechnology company entered Philadelphia in 2019 with its $75 million acquisition of Invisible Sentinel. The 32,000-square-foot center is located in the newly developed 1201 Normandy… Read more »
Comcast Spectacor is exploring the idea of converting part of the Fashion District mall into a life sciences development at the site where the Philadelphia 76ers have proposed building a new Center City arena. The plan, which includes lab and retail space along Market Street, was presented to the Washington Square West Civic Association on… Read more »
As Hankin Group welcomes tenants to its new 113,000-square-foot life sciences building, the developer is already planning its next lab facility within the expansive Eagleview master-planned development in Exton. This fall, Hankin Group is set to break ground on a 63,000-square-foot life sciences building at 100 Arrowhead Drive. Named ‘Arrowhead,’ the new project comes in… Read more »
Brandywine Realty Trust is on the verge of finalizing an agreement with a tenant for an entire lab space floor at Cira Centre in University City. CEO Jerry Sweeney mentioned that the prospective tenant, who remains undisclosed, is set to occupy the whole eighth floor spanning 27,386 square feet. This space is currently under development… Read more »
