By Ingrid Tunberg Globest.com
Global developer of life science real estate Breakthrough Properties has acquired a site in Philadelphia with plans to develop more than 200,000 square feet of best-in-class life science space.
Through the project, Breakthrough Properties aims to support Philadelphia’s growing demand for modern lab space.
Located on the 2300 Market St. block in Philadelphia’s Center City district, the site is situated near University of Pennsylvania, Drexel University and leading academic medical centers. The property is located between the lifestyle hubs of Rittenhouse Square and University City, and it offers nearby access to the 30th St. transit station, which provides access to the SEPTA bus, trolley and commuter rail lines and Amtrak train routes.
Greater Philadelphia is ranked first in the nation for the National Institutes of Health grant funding for cell and gene therapy. In 2021, the area attracted more than $3.8 billion in venture capital and NIH funding.
“Driven by a highly-educated workforce and an influx of funding flowing to its world-renowned academic research institutions, hospitals, biotech companies and innovative start-ups, Philadelphia has quickly established itself as a leader in the cell, gene and mRNA therapy space, which is driving increasing demand for high quality lab space,” states Aaron Kazam, SVP of acquisitions at Breakthrough Properties.
Kazam adds, “We are thrilled by this opportunity to deliver one of the premier research and development buildings in the country, just steps from 30th St. station and the institutional core at University City.”
For the project, Philadelphia-based D2 Capital Advisors assisted with site selection and will serve as financing advisor. Philadelphia-based architecture firm KieranTimberlake has been retained by Breakthrough Properties as project architect, and Cushman & Wakefield will serve as the development’s exclusive leasing agent.
The firm expects the project to be completed in 2024. The development represents Breakthrough Properties’ first project in Philadelphia.
The company now has more than 4.6 million square feet in its development and under-construction pipeline across the US and Europe. The firm targets LEED Gold certification at all of its US properties and BREEAM Outstanding certification in all of its projects across the UK and European Union.
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