Project partners for a new state-of-the-art life sciences research facility planned for Philadelphia received a $290 million construction loan from JLL’s Capital Markets group Monday.
The funding will allow Gattuso Development Partners and Vigilant Holdings of New York to build the 11-story building in the heart of the city’s University City submarket. Designed by architect Robert A. M. Stern Architects, the building will be the largest life sciences research and lab facility in the city. SmartLabs and Drexel University have pre-leased nearly half of the lab’s 519,647 square feet of wet lab/dry space featuring lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best practice chemical storage, and ph neutralization capability.
University City is the center of Philadelphia’s life sciences market and a global hub for gene and cell therapy. The area spans 2.4 square miles and is home to one of the largest concentrations of health systems; teaching institutions; and life sciences, biotech, and pharmaceutical companies in the world.
“We appreciate the chance to work with the great team at JLL to complete the capital stack for this important project,” said John Gattuso, Gattuso’s president and co-founder. “We believe the project validates Philadelphia’s emergence as a global hub for life sciences research, and we are excited to begin construction.”
The building will also feature nearly 12,000 square feet of street-level retail space and 137 underground parking stalls.
JLL secured the loan through Corebridge Financial and The Baupost Group.