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Sterling Bay, Harrison Street JV on Philly Life Sciences Development
Chicago-based Sterling Bay and Harrison Street and New York-based life sciences development firm Botanic Properties have entered into a joint venture to acquire and develop a 33,400-square-foot land parcel in Philadelphia’s University City neighborhood. The JV intends to develop the site at 3801 Chestnut St. into a 13-story, 310,000-square-foot Class A life sciences facility.
“Philadelphia is one of the country’s strongest markets for life sciences growth –it has it all, a world‐renowned academic and medical research reputation, a steady growth of venture capital investment, and a diverse ecosystem of emerging and established biotechnology companies,” said Andy Gloor, CEO of Sterling Bay.
“Acquiring in Philadelphia is a critical step in Sterling Bay’s national life sciences expansion, and we look forward to expanding our partnership with Harrison Street and Botanic Properties to bring our signature mix of high-quality lab space and modern, amenitized creative offices to the city’s thriving life sciences sector.”
- ◦Development
