By Spencer Billups CoStar Research
Gattuso Development Partners has started construction on a flex production facility in Philadelphia's Navy Yard as it responds to the skyrocketing demand for life science development, particularly for cell and gene therapy research and manufacturing space.
Located at 2500 League Island Blvd., the 130,000-square-foot facility is set to feature 30-foot clear heights,14 loading bays and 360 surface parking spaces. The new building, which follows earlier Gattuso-led life science Navy Yard projects including WuXi AppTec, Adaptimmune and most recently Iovance Biotherapeutics, is the latest indication of the city's emergence as a leader in the life science industry, particularly for cell and gene therapy.
"There is incredible demand for space, and companies are conducting national searches for new locations as this sector expands," John Gattuso, principal and founder of Gattuso Develoment Partners, said in a statement. "As a result, this facility is designed to help meet the pressing need for current Good Manufacturing Practices (cGMP) lab and production space that will allow this ecosystem to grow."
Gattuso Development secured construction financing from Citizens Bank and joint venture equity with Boston-based The Baupost Group for the project . JLL's Ryan Ade and Brett Segal arranged the financing and equity.
"The evidence is clear that if we can meet the demand for cGMP lab and production space, Philadelphia can become a critical epicenter for an industry that many see as the future of modern medicine," Segal said in a statement. "Thanks to the research and innovation cultivated at Penn, Jefferson, Temple, Drexel and Children’s Hospital of Philadelphia, we are clearly positioned for significant growth in the years to come – if we can provide the research, lab and production space that the life sciences industry is demanding."
The project is set to deliver in the fourth quarter of 2022 and is targeting LEED Silver certification. Sitio designed the facility.
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