Posts Tagged: Life Sciences

Local Real Estate Developers Primed for Another Life Sciences Triumph

Local Real Estate Developers Primed for Another Life Sciences Triumph

Revitalizing Philadelphia’s life sciences market hinges on a new catalyst, according to local real estate developers. Spark Therapeutics, a local gene therapy company, exemplified the potential impact of a single firm’s success on real estate development. Following its acquisition by Roche for $4.8 billion in 2019, Spark expanded to over 800 employees and initiated real… Read more »

New Owners to Overhaul 340-Acre Montgomery County Life Sciences Campus

New Owners to Overhaul 340-Acre Montgomery County Life Sciences Campus

Less than a year after acquiring a 340-acre office and life sciences campus in Montgomery County, the owners have initiated a significant renovation and expansion project. David Werner Real Estate Investments and GreenBarn Investment Group, based in New York, aim to expand the Bridge at Collegeville by up to 1.4 million square feet, including new… Read more »

Despite Philadelphia Life Sciences Slowdown, Developers Stay Optimistic About Future

Despite Philadelphia Life Sciences Slowdown, Developers Stay Optimistic About Future

Most of One uCity Square was already leased before Wexford Science & Technology inaugurated the 400,000-square-foot life sciences building in January 2023. The impeccable timing aligned with the peak demand for life sciences space in the first half of 2022, according to Wexford’s Vice President of Development, Pete Cramer. Currently, Wexford has shifted its attention… Read more »

NexPoint Expands Life Science Footprint in Philadelphia

Investment Firm Acquires Two Industrial Properties in Philadelphia From Adare Pharma Solutions

NexPoint, a multibillion-dollar alternative investment firm, has acquired two life sciences industrial properties in Philadelphia, in a sale-leaseback deal financed with a commercial mortgage-backed securities loan from KeyBank. The properties were indirectly acquired by NexPoint Life Sciences II DST, a Delaware statutory trust seeking to raise $42 million from accredited investors via a private placement… Read more »

Construction Loan Secured by Breakthrough Properties for New Life Sciences Building

Breakthrough Properties secures $130M construction loan for new life sciences building in Center City

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… Read more »

A Life Sciences and Lab Building at the Navy Yard, is Nearing Completion

Philly Life Sciences Navy Yard Almost Completed

Fast-growing French biotechnology company bioMérieux has outgrown its space at the University City Science Center and will relocate into 32,000 square feet at a building under development at the Philadelphia Navy Yard.  It’s the first lease signed for the new building at 1201 Normandy Place, a project scheduled to open in June. BioMérieux plans to… Read more »

Silicon Valley Bank Collapse Could Affect Philadelphia Life Sciences Companies

Life Science Companies in Philly May Be Affected by Bank Closing

Silicon Valley Bank’s failure — the largest in the U.S. since the 2008 financial crisis — has spawned shockwaves across the U.S. startup scene and sent some companies scrambling to secure funds for payroll and other expenses. The panic was sparked by the bank’s announcement that it planned to raise $2.25 billion after losing $1.8… Read more »

Life Sciences Conversion Planned for Philly’s Quartermaster Site

Philly Life Sciences Conversion is Planned for the Quartermaster

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 »

Gattuso Secures Construction Loan for Life Sciences Building Drexel Campus

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 »

University City is Running Out of Life Sciences Real Estate

Philly Life Sciences - University City

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 »