Life sciences real estate developer Breakthrough Properties has started construction on its new life science building in Philadelphia’s Center City District, US.
Located on Market at S 23rd Street, the 2300 Market by Breakthrough is situated next to the University of Pennsylvania and Drexel University.
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The eight-storey life science research and discovery building occupies an area of 223,000ft².
2300 Market by Breakthrough features flexible lab zones that can accommodate a variety of research applications.
It will also include a café and lounge, fitness centre, elevated terraces, and other features designed specifically for Philadelphia’s major biotechnology companies.
Designed by Philadelphia-based architecture studio KieranTimberlake, the project was approved during the Civic Design Review procedure in August last year. It received building permits this year.
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By GlobalDataBreakthrough has hired Hunter Roberts as the project’s construction manager.
The project’s leasing agents are Shane Funston and Jack Meyers of Cushman & Wakefield in Philadelphia.
Breakthrough Properties CEO and co-founder Dan Belldegrun said: “Over the past few years, Philadelphia has emerged as a leading research hub for pioneering new modalities in immunology, cell and gene therapy, and mRNA-based technologies to name a few. These advances have opened a new multi-billion-dollar marketplace for local companies and made Philadelphia a hotspot for next-generation discoveries.
“This is an exciting moment to commence construction on our 2300 Market development, which will be the most robust lab environment in the region and an ecosystem for cutting-edge companies to scale and collaborate.”
Breakthrough plans to deliver floors in time for a tenant fit-out in the middle of next year.
The organisation has secured a $130m construction loan from Corebridge Financial. Philadelphia-based D2 Capital Advisors supported the company on this deal.
