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A new $290M construction loan will help pave the way for an 11-story life sciences property in Philadelphia’s University City, a mixed-use development that is expected to be the city’s largest life sciences project when complete.
Corebridge Capital and The Baupost Group funded the loan, which was arranged by JLL for developers Gattuso Development Partners and Vigilant Holdings, according to Real Estate Capital USA.
The planned development, known as 3200 Arch but located at 3201 Cuthbert St. on the campus of Drexel University, will feature 520K SF of labs and 12K SF of retail. Already, 45% of the project is pre-leased to SmartLabs, the Boston-based lab operator, and Drexel University.
The development is part of a wave of new life sciences development in Philadelphia, concentrated in the UCity district and the Navy Yard, that has underscored the city’s rise as a life sciences market, one with particular emphasis on cell and gene therapy. Other new in-process projects in UCity include One UCity Square and 3.0 University Place.
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