The University of Pennsylvania has teamed up with Longfellow Real Estate Partners on a $365 million, 455,000-square-foot life sciences and biomanufacturing building at Pennovation Works. The proposed project at 34th Street and Grays Ferry Avenue is designed with 387,000 square feet of research and lab space that will be in two structures connected by 65,000… Read more »
University City Science Center Board Chairman Mike DiPiano draws a parallel between his organization and Motown. Before the storied music label could start pumping out chart-topping hits, founder Berry Gordy had to build out a physical space to house offices and recording studios. Since its founding in 1963, the Science Center has worked to establish a similar… Read more »
The Philadelphia Industrial Development Corporation (PIDC) is looking for partners for what it is billing as a “landmark life sciences development opportunity” in the city. The city’s public-private economic development corporation wants to create a massive cell and gene therapy manufacturing complex across two sites totaling about 40 acres on Southwest Philadelphia’s Lower Schuylkill riverfront…. Read more »
A venture between Tishman Speyer, a New York real estate firm, and Bellco Capital, a Los Angeles investor in life sciences companies, has acquired 2300 Market St. in Center City and plans to develop it into 200,000 square feet of life sciences space. The partnership, Breakthrough Properties, bought three structures that housed the culinary school… Read more »
Consider these five factors when determining which direction to pursue, advise Justin Brasell and David Klein of Transwestern. Life sciences companies—whether young startups receiving an influx of venture capital or mature entities with a long history in the industry—are setting out in record numbers to find space for developing treatments that advance public health and… Read more »
Exelixis Inc., an Alameda, California, biotechnology company, is establishing a major hub in the Philadelphia area that involves eventually developing a 175,000- to 200,000-square-foot building and hiring several hundred new employees. Referred to as Exelixis East by the company, Exelixis has a temporary base in 23,000 square feet at 640 Freedom Business Center Drive in… Read more »
A partnership involving the University City Science Center has sold 3440 Market St., a 118,000-square-foot building in the University City neighborhood of Philadelphia, for $45 million. Ventas Inc., a Chicago real estate investment trust that is partnering with Wexford Science & Technology and the Science Center on the development of uCity Square, bought 3440 Market…. Read more »
The owner of the sprawling former Budd Co. property in Philadelphia has paid roughly $15 million for 2450 W. Hunting Park Ave., a 275,000-square-foot building, and will fold it into the life sciences campus it is developing at the site. Plymouth Group bought what has been used as an administrative services building by Temple University…. Read more »
A venture that involves Gattuso Development Partners and Drexel University plans to build a $400 million, 500,000-square-foot life sciences research and lab building on the school’s campus in University City. The 11-story project will be developed at 3201 Cuthbert St., which is currently a recreation field used by Drexel and located next to the Armory…. Read more »
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 »
