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 for the Arts Institute of Philadelphia from an entity affiliated with Lubert-Adler. The project will serve as Breakthrough’s first life sciences development in Philadelphia though the company is planning more. Aside from Philadelphia, it has 4.6 million square feet of life sciences projects in the works in key markets including San Diego, Boston, Amsterdam and Cambridge, United Kingdom. 

*Article courtesy of Philadelphia Business Journal

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