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 »
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, 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 »
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 »
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’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 »
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 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 »
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 »
Keystone Development & Investment has secured a $265.2 million loan to fund its ongoing conversion of Center City’s historic Curtis building into a “life sciences ecosystem.” The three-year loan with extension options comes from Nuveen Real Estate, a $156 billion New York asset manager. The capital will allow Keystone to convert another 200,000 square feet… Read more »
