Protecs Innovation Center, a two-story lab and life sciences building in Blue Bell, Pennsylvania, has picked up two tenants.
KorGene, which develops targeted and molecular diagnostics, is leasing 8,259 square feet at the building, while ThirdLaw Technologies, which specializes in synthetic and computational chemistry, is taking 4,808 square feet at the 50,000-square-foot building at 512 Township Line Road.
Christopher R. DiPaolo, principal of 4 Valley Square Group, is also the president and founder of Protecs LLC, a national design/build firm and construction management firm focused on providing regulated high-tech industries with professional services for research and development and manufacturing operations.
"The suburban Philadelphia life sciences real estate market has remained very strong during the COVID-19 pandemic. These two tenants were attracted to the existing lab infrastructure and required quick occupancy of the space, a trend we are seeing more of during the pandemic."
The landlord is planning a capital improvement project for the Blue Bell building, which includes modernizing common areas and updating its facade and hardscaping. Renovations are set to be completed by the end of the quarter. It is also planning to building speculative lab space at the Protects Innovation Center in Blue Bell to accommodate fast-moving, turnkey requirements.
"The limited supply of lab space in the region, coupled with the increasing demand from life sciences occupiers bodes well for this asset going forward."
In addition to the Blue Bell location, Protecs has another Innovation Center in King of Prussia and two others in Plymouth Meeting that total 120,000 square feet and contain 16 technology and life sciences companies.
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