By Jack Rogers Globest.com
Keystone Development + Investment has secured a $265M loan from Nuveen Real Estate to expand its conversion of Philadelphia’s landmark The Curtis into life science lab space.
The financing from Nuveen, an affiliate of Teachers Insurance & Annuity Associates of America, will enable the developer to convert another 200K SF to lab space at the former home of Curtis Publishing, which published of the Saturday Evening Post.
A portion of the funding will be allocated to infrastructure upgrades and leasing costs at The Curtis, according to a release from Keystone.
The Curtis, a 12-tory Beaux Arts-styled structure at 699 Walnut Street, was built in 1910. The ornate building features two-story high columns on its entrance façade, along with old-time street lights and steps.
Keystone purchased the 912K SF building in 2014. The developer renovated the building, adding a lobby atrium and converted existing office place in the former publishing house to luxury residential units.
Space that once held printing presses at The Curtis have been converted to wet lab space for life science companies including IMVAX, Vivodyne and Aro Biotherapeutics.
Some of the attributes that were built into The Curtis to support print publishing have made it particularly suitable to life science conversion, including 15-foor-plus ceiling heights, 200 psf vibration-resistant floors, and multiple loading docks and freight elevators.
Elements that have been added during the conversion to lab space include multiple fresh air intakes, dedicated laboratory backup emergency power and numerous venting chases.
Amenities at the property now include a 300-space covered parking garage, a childcare center, a tenant meeting and lounge suite, 24-hour card access and on-site 24/7 security.
BioLabs, a flexible lab space provider, is putting a 53K Sf incubator in The Curtis, offering life science startups turnkey space.
“We’re excited to give promising biotech startups a chance to start, grow and stay in building, embedded in a rich life science community,” said Dr. Melina Blees, site director of BioLabs Philadelphia, in a statement.
According to a Q2 2022 Venture Monitor report from the National Venture Capital Association, Greater Philadelphia has seen nearly $3.8B in VC invested in 241 deals in the region thus far this year, including an estimated $2.4B earmarked for life science projects.
Philadelphia, with an estimated inventory of more than 21M SF, is one of the five largest life sciences markets in the US, a list led by Boston, San Francisco and San Diego.
A block-wide life science campus is set to rise in Philadelphia’s Center City at 2300 Market Street, where a Breakthrough Properties, joint venture of Tishman Speyer and Bellco Capital, will develop a 200K SF life science facility.
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