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Ensemble/Mosaic and Oxford Properties Partner in Huge Philly Navy Yard Life Sciences Build
A joint venture of Ensemble Real Estate Investment and Mosaic Development Partners has partnered with Oxford Properties Group, entering into a strategic partnership which will, over time, own and develop up to 3 million-sf of life science properties at the Navy Yard in Philadelphia.
Mosaic Development Partners and Ensemble Real Estate Investments were chosen in 2020 for a massive 109-acre redevelopment plan at the former military base The planned life sciences hub will form part of the $2.6 billion Navy Yard redevelopment, which Mosaic/Ensemble has already begun work on.
The agreement includes Oxford’s investment in five existing life science assets owned by Ensemble Real Estate Investments, and Ensemble/Mosaic’s first two planned life science properties. In addition, Oxford will look to partner in all future life science projects on sites controlled by Ensemble/Mosaic at the Navy Yard.
Oxford’s agreement is with Ensemble/Mosaic, a joint venture between Ensemble Real Estate Investments, a developer, owner and operator of real estate, and Mosaic Development Group, a Philadelphia-based minority-certified commercial real estate development company. CBRE acted as the exclusive financial advisor to Ensemble/Mosaic and Ensemble.
This is Oxford’s first investment in Philadelphia and further expands the firm’s extensive life science portfolio, which includes over $2 billion of investment activity in North America in the past year. Oxford has now grown its North American life science business to 10 strategic markets from coast to coast.
- ◦Development
