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Breakthrough Properties in Big Philly Center City Life Sciences Redevelopment
Life sciences specialist Breakthrough Properties, a joint venture between developer Tishman Speyer and biotech financier Bellco Capital, has acquired and intends to redevelop the 2300 Market St. block in Philadelphia’s Center City district.
The JV plans to redevelop the site to support over 200,000 square feet of “best-in-class” life science space.
Breakthrough believes there will be plenty of demand for the specialty space, pointing out that Greater Philadelphia ranks first in the nation for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture capital and NIH funding in 2021.
The city is home to more than 730,000 professionals who hold degrees in engineering and science fields.
Breakthrough’s site is situated adjacent to the University of Pennsylvania and Drexel University and within a short walk of some of Philadelphia’s most esteemed academic medical centers.
With its first Philadelphia project, Breakthrough now has more than 4.6 million square feet in its under-construction and development pipeline across the United States and Europe.
Among its current and near-term development projects are The 105 by Breakthrough in Boston, home to CRISPR Therapeutics’ global R&D headquarters; the 10-acre Torrey View by Breakthrough campus and Torrey Plaza, an office-to-lab conversion, in San Diego; Trinity House in Oxford, England; and The Vitrum Building, located on 1.8 acres inside St. John’s Innovation Park in Cambridge, England.
- ◦Development
