Revolutionary properties announced that it will convert the 2300 block Market St. site in downtown Philadelphia into a new life sciences campus. The company, a joint venture created by Tishman Speyer and Bellco Capitalwill add 200,000 square feet of state-of-the-art life sciences space to the market with the new project.
2300 Market will emerge in place of what was intended to be a multi-family mixed-use development in the hands of the previous owner, Lubert Adler. Now, the transit-focused site adjacent to the University of Pennsylvania and Drexel University will host Los Angeles-based Breakthrough’s first development in Philadelphia.
“We believe the research and development inventory has not kept up with world-class science and the demand for space in Philadelphia,” said Aaron Kazam, senior vice president of Breakthrough Properties. commercial real estate director. “It was therefore important for us to find a site that would both offer a prime location in the market and meet the needs of innovators. We found this unique opportunity at 2300 Market.
The life sciences real estate development company was represented by D2 Capital Advisors as a consultant during the site selection process. D2 also acts as financial advisor for the project.
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A breakthrough appealed to an architectural firm KieranTimberlake to design 2300 Market, which is expected to be a mid-rise tower made of mixed materials, including brick and glass, and a mixed combination of architectural styles. The modern laboratory facility will feature amenities including a wrap-around deck halfway up the building.
The developer stressed that sustainability will be a key part of Market 2300 and aims to see the campus achieve LEED Gold certification.
Philadelphia’s Life Sciences Highlight
The timing of Breakthrough’s 2300 Market project appears to be right.
“We are on the brink of an explosion in our city of life sciences and its cell and gene therapy – which we are known around the world to be at the pinnacle of,” said City Council Member Allan Domb. of Philadelphia, at a city council meeting. May 5.
Domb was not exaggerating the facts. The City of Brotherly Love has carved out a place for itself in the life sciences sector. As noted in a Q1 2022 report by Necklaces“Philadelphia’s life sciences market continues to grow and mature due to both growing organic demand in the region and growing recognition outside the region that the ‘Cellicon Valley’ is an epicenter for the development of gene and cell therapies.”
Now, Philadelphia’s life sciences real estate market needs to catch up with its fledgling reputation. Over the past few years, the availability of purpose-built labs and incubation spaces in the metro area has been severely limited, but that’s only beginning to change, according to the Colliers report, with developments such as the 3 million square meters planned. foot hub at the Navy Yard.
Breakthrough tapped Cushman and Wakefield to oversee the marketing of 2300 Market as the leasing agent for the project.