Gwynedd Mercy University has sold 150 acres for $31.5 million to Beacon Capital Partners, a Boston real estate investment firm that intends to use the property to expand its life sciences footprint in the Philadelphia suburbs. Beacon already has a presence roughly two miles down the road from the university at Spring House Innovation Park,… Read more »
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… Read more »
Several weeks ago, the Boston Business Journal wrote a story about the amount of available and soon-to-be-available office space in that city. A few weeks before. the publication wrote a story about how building owners are looking to convert office space to lab space because demand is unprecedented. These two stories, along with the news that more big… Read more »
Life sciences companies in the Philadelphia region attracted more than $1.1 billion in venture capital funding this year, with those developing cell and gene therapies leading the way. The three largest deals accounted for more than half of that figure. The year saw two companies, one a startup, reel in $200 million investments. NiKang Therapeutics… Read more »
Spark Therapeutics plans to invest $575 million to build a new gene therapy innovation center on Drexel University’s campus in Philadelphia’s University City neighborhood. Through a 99-year ground lease of Drexel University’s F Lot, the new gene therapy center will be located at the intersection of 30th and Chestnut streets. The 500,000-square-foot, multistory facility is… Read more »
After more than a decade in Wayne, Life Sciences Pennsylvania is moving its headquarters to Discovery Labs in King of Prussia. Chris Molineaux, the CEO of the life sciences industry trade group, said the move is being made in part to accommodate the organization’s growing membership, which now includes more than 860 pharmaceutical, biotechnology, medical… Read more »
Gattuso Development Partners has secured construction financing to begin the development of a $50 million-plus, 130,000-square-foot life sciences manufacturing facility at the Philadelphia Navy Yard. The funding for 2500 League Island Blvd. was provided by Citizens Bank as well as Boston-based investment firm Baupost Group, which is Gattuso Development’s financial partner. This is the first… Read more »
A Boston real estate company backed by DRA Advisors was behind the purchase of five buildings at the Oaklands Corporate Center in Exton with an eye toward making an entrée into Philadelphia’s life sciences scene. Griffith Properties Inc., which focuses on life sciences conversions, bought the buildings off Creamery Way totaling 260,691 square feet for $43 million…. Read more »
BriaCell Therapeutics Corp., a publicly-traded Canadian company, and Ceptur Therapeutics Inc., a New Jersey company developing gene-based medicines, are among those tenants leasing space at Brandywine Realty Trust’s B. Labs incubator at Cira Centre. Half of the 50,000-square-foot incubator has been leased, according to the real estate company. Other tenants include: Leal Therapeutics, which is… Read more »
Real estate companies that focus on developing lab and manufacturing space for life sciences companies are circling 3900 Market St., the site of University City Townhomes, an affordable housing complex that was put up for sale. A bidding process for the property, the size of a city block, is being overseen by a commercial real… Read more »
