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3201 Cuthbert St. Image courtesy of JLL Capital Markets
Gattuso Development Partners and Vigilant Holdings of New York have obtained a $290 million construction loan for the development of a life science center in Philadelphia, totaling 519,647 square feet.
JLL Capital Markets worked on behalf of the partnership to secure the financing through Corebridge Financial, while an additional equity commitment came from The Baupost Group.
Designed by Robert A. M. Stern Architects, the project is set to become the largest life science research facility in Philadelphia. SmartLabs and Drexl University have already secured space at the property, preleasing 45 percent of the available lab space. This deal marks SmarLabs’ seventh location in U.S., as well as its first commitment to expand outside Boston and San Francisco.
READ ALSO: Why the Life Sciences Boom Is Not Likely to Bust
JLL’s Capital Markets Debt and Equity Advisory team led by Senior Managing Directors Brett Segal, Ryan Ade and Christopher Peck negotiated on behalf of the borrowers.
Located at 3201 Cuthbert St., the 11-story building will include 519,647 square feet of wet and dry lab space, 11,908 square feet of ground-level retail space and 137 underground parking spots. The project will feature expanded floor-to-floor heights, HVAC systems designed for lab research, six enclosed loading docks, chemical storage space, Ph neutralization capabilities, lab-friendly column spacing, generous space for future tenants’ research equipment and vertical shaft infrastructure.
A growing life science market
The project is situated within Drexel University’s campus, in the University City District, close to Interstates 76 and 676, 2 miles from Philadelphia’s City Center and 8.9 miles from Philadelphia International Airport. Gattuso’s 3201 Cuthbert St. is targeting LEED Gold certification and it is expected to be completed in the first half of 2025. The development’s total cost is set to exceed $400 million.
University City is the core of Philadelphia’s life science market. The area is home to major players specializing in health care, biotech, the pharmaceutical industry and education. In recent years, the district has also grown into an international hub for cell and genes therapy.
Philadelphia is an emerging life science industry leader. The city’s talent pool ranks fourth nationwide, behind Boston, the San Francisco Bay Area and the New York City – New Jersey region, according to recent CommercialEdge data. In October, Children’s Hospital of Philadelphia and its partners broke ground on a 350,000-square-foot research facility in the city. The project is designed to achieve LEED Silver certification and will be situated next to the developer’s Roberts Center for Pediatric Research.
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