North Broad Street, Philadelphia from under City Hall

STORIES FROM OUR REGION – November 2021

People Are Talking about Greater Philadelphia

Global publications help amplify what those of us who live in Greater Philadelphia already know – this is a place with a great quality of life.

One uCity Square Topped Off with Next Lab Project in Sight

The need to design another project to capture the demand for lab space reflects the advancement of life sciences and the infusion of venture capital in Philadelphia.

Arden Group $800M Joint Venture to Focus on Infill Industrial Investments

Joined by Arcapita Group Holdings, an international investment firm, the goal is to grow the new joint venture’s industrial holdings to $2 billion in 25 markets across the United States.

Three Tenants Combine to Lease Nearly 10,000 Square Feet at Princeton-Area Medical Campus

These recent transactions showcase the high level of both national and international interest and activity being seen in Princeton’s commercial real estate market.

HRP Unveils New Name for Commercial Real Estate Venture Site

HRP chose the name the Bellwether District because it reaffirms Philadelphia’s role as an innovator and achiever of many firsts for the country.

Hologic’s Expansion Includes $2.2M Toward Adding 225 Jobs at New Facility

The medical technology company’s $24 million research and development, and manufacturing center in planning at its Glasgow Business Community campus will allow it to more than double its workforce in Delaware.

aerial shot of Philadelphia from Penn

People are Talking about Greater Philadelphia

Isn’t it wonderful when people say something nice about you? That’s a feeling Greater Philadelphia has been experiencing a lot lately, as global publications help amplify what those of us who live here already know – this is a place with a great quality of life.

TIME magazine recognized it when it named Philadelphia one of the “World’s Greatest Places 2021. (July 2021). Outside magazine stated it when it placed Philadelphia on its list of 2021’s Best Towns (October 2021). Condé Nast Traveler spotlighted it when it designated Philadelphia a must-visit destination, one of only eight on its editors’ “The Best Destinations in the World: The 2021 Gold List” (December 2020).

Shout-outs like these are catching the attention of would-be entrepreneurs and startups setting up shop, talent looking to put down roots, and companies searching for sites to expand or relocate. The momentum is also noticeable in skyrocketing venture capital investment, most significantly in the life sciences and technology sectors.

Pair that with recent global rankings from companies such as Startup Genome, and it’s easy to get excited about working, living, learning, growing, and creating opportunity in Greater Philadelphia.

“Philadelphia moved up an impressive 15 spots, rising from #43 last year to #28 this year,” Startup Genome said in the key findings of its “Global Startup Ecosystem Report 2021.” Tech talent was cited as one of the reasons for Philadelphia’s leap forward in the rankings. “Its many academic institutions turned out more than 25,000 tech graduates between 2015 and 2019, and continues to attract a young talent pool with millennials comprising almost 28% of Philadelphia’s population,” the report stated. Another reason to move your startup to Philadelphia, it said, is a low cost of living. “Compared to other nearby east coast tech hubs, Philadelphia offers a substantially lower cost of living, including affordable rents and home prices.”

The region also got high marks in Startup Genome’s “Global Life Sciences Ranking 2021” report, where it listed Philadelphia #8 on its top 25 global list. It noted strengths in four success factors – policy, performance, funding, and infrastructure, and stated, “Philadelphia is built on the foundation of innovation, from American democracy to cures for cancer.” It added, “Alumni from Philadelphia’s universities launched more than 600 VC-backed companies in the past 10 years, raising an average of $6 million in their first round.”

Headlines and rankings such as these are a great way to get the conversation started around other attributes that are deserving of buzz. For example, not only does Greater Philadelphia offer a great quality of life, impressive tech talent, a notable ecosystem for innovation, and an affordable cost of living, it’s also a connected and collaborative environment for doing business, and, with resources such as Philadelphia International Airport – it’s accessible to the world.

Fairmount Schuykill

STORIES FROM OUR REGION – October 2021

WuXi Closes Middletown Land Acquisition

The Middletown farmland, acquired in a $30 million deal, is set to become a major employer for New Castle County and Delaware as a whole by bringing hundreds of good-paying, diverse jobs to the area, advancing their goal of growing their biotech industry.

Iovance Biotherapeutics Officially Opens $125M Cell Therapy Center at the Philadelphia Navy Yard

The company’s state-of-the-art cell therapy center is the first scalable manufacturing facility dedicated to producing potentially life-saving TIL cell therapies.

Siemens Healthineers Plans $32M Glasgow Expansion

The expansion project aims to boost the company’s manufacturing capabilities and further improve the delivery efficiency of important tests to health care providers and their patients.

Center City Office Building Hits the Market in Life Sciences Play

2300 Chestnut Street, a 103,905-square-foot Center City office building, boasts expansive ceiling heights, heavy floor load, and close proximity to University City, making it desirable for conversion into lab space.

MLP Ventures Buys Two More Buildings in King of Prussia for $41.8M

2201 Renaissance Boulevard, a 133,880-square-foot building included in the purchase, will be converted into lab space, adding to the company’s cluster of nearby life sciences properties totaling 1.6 million square feet.

Northeast Philadelphia Industrial Market Booming with 15 Million Square Feet of New Development

As of right now, the submarket is seeing upwards of $600 million in the development of 14 new buildings totaling six million square feet under construction.

STORIES FROM OUR REGION – September 2021

Rite Aid Corp. Moving Headquarters to Philadelphia Navy Yard

Focused on flexibility for associates, the official headquarters space, which employees will begin moving into the first half of 2022, will be designed specifically for in-person collaboration and company gatherings.

International Gene Therapy Developer Opens U.S. offices in Montgomery County

Exegenesis Bio of China’s business offices in Lower Gwynedd will give the company the flexibility to scale its office and laboratory space in the near term . It also plans to add 25 new clinical, regulatory, and administrative roles to the Philadelphia region within the next year.

Cambridge Innovation Center (CIC) to Double University City Lab Space with $11M Expansion

To meet the growing demand for additional lab infrastructure to serve nearly two dozen life sciences companies and about 50 co-working tenants, CIC will double down and add 200 more lab benches, making it one of the largest shared laboratory hubs in the whole country.

Pennsylvania Biotechnology Center Nears Debut of $20M Expansion in Bucks County

Slated to debut next month, the project will grow the existing campus by 40% and will include 15,000 square feet of new laboratory space, which continues to draw interest from companies around the country to move to Doylestown.

Innovation Space in Delaware Doubles Expanding Lab Space

Housed in their Wilmington, Delaware headquarters, which is comprised of 33 laboratories and 76 offices, The Innovation Space will make 50,000 square feet of Class A laboratory and office space available in April 2022.

New $42M Warehouse at PhilaPort Topped Off

The last piece of steel has been installed in the 201,621-square-foot distribution center under construction at the Packer Avenue Marine Terminal. It is expected to be completed in May 2022 and estimates to potentially create 200 to 300 jobs.

Rite Aid Corp. to move HQ to Philadelphia Navy Yard

Rite Aid Corp. signed a lease for a 23,500 square foot space at 1200 Intrepid Ave for their “enterprise headquarters” as part of an effort to redefine how they envision their employees working as a result of the pandemic.

Article from Philadelphia Business Journal

STORIES FROM OUR REGION – August 2021

Biomeme Doubles Space with Center City Headquarters Relocation

Growth due to the success of its COVID test has led the diagnostic company’s to relocate its headquarters, lab, and production to the 44,000 square feet space on 401 N. Broad St., which will accommodate all of the uses it needs in one location.

Life Sciences Firm Aro Biotherapeutics Take Space at the Curtis

The biotechnology company chose the Curtis for the opportunity to design its space to accommodate its biotechnology, chemistry, and protein engineers, as well as to continue its commitment to the growing biotech and life sciences industry in the city.

BeiGene to Build Manufacturing, Clinical R&D Center in Hopewell

The acquisition of the approximately 42-acre site, which includes plans to build a state-of-the-art facility for commercial-stage biologic pharmaceutical manufacturing, clinical R&D, and an innovation center, will also bring hundreds of new hires from the area’s deep talent pool.

Two Delaware Biopharma Companies Set to Expand with Lab Space Grants

With the support of the state grants, AMT will expand its existing space by 12,500 square feet and expects to add 35 jobs over three years. Sepax Technologies will build more than 8,000 square feet of new labs and expects to hire 35 new employees by the end of 2023.

Camden Continues Next Phase of its Economic Growth

Top priorities in the city’s next phase toward revitalization focus on economic development and building community wealth, parks, infrastructure, as well as education.

Chicago-Based Company Plans Logistics Campus in Burlington County

Logistics Property Co. LLC acquired the 72.35-acre parcel off Route 130 in Cinnaminson, with plans to develop a 1.2 million- to 1.5 million-square-foot complex with up to 6 acres of parking.

View of Philadelphia Skyline from the Art Museum

STORIES FROM OUR REGION – July 2021

China-Based WuXi AppTec Awarded $19M for Delaware Drug Plant

The proposed 1.7 million-square-foot complex — bigger than Philadelphia’s largest office towers — would be WuXi AppTec’s largest U.S. manufacturing facility.

Penn Medicine’s $1.5B Pavilion Nears Completion

The addition of the Pavilion and shift to fully private patient rooms at the Hospital of the University of Pennsylvania will add an extra 390 beds, increasing the overall capacity to 1,198 beds between HUP and the Pavilion.

PhilaPort Lands $49M Grant for First Deepwater Berth in Nearly 50 Years

The Southport berth project will improve cargo efficiency by allowing ships to dock directly at PhilaPort’s Southport terminal, placing vehicles near the processing center, and reducing transfers between processing centers.

Philadelphia International Airport Investing $90M to Become East Coast’s ‘Premier Cargo Airport’

The expansion will add 136 acres to PHL’s air cargo capability and offerings, bringing the cargo building area to 1.4 million square feet.

United Cocoa Processor (UCP) Expands Plant

As part of their expansion to maximize the return found in a single bean, the Glasgow cocoa product manufacturer is including a second roasting line, which will allow them to roast 211,000 pounds of cocoa beans and nibs per day.

Three-Building South Jersey Industrial Portfolio Sells for Estimated $48M

High Street Logistics Properties’ acquisition of the three properties — totaling 401,827 square feet — spurs from studies showing the demand for logistics space and the continued strength of labor and location in southern New Jersey.

Aerial view of Bucks County, PA

STORIES FROM OUR REGION – June 2021

Wilmington Begins Plans to Invest $100M to Spur Future Waterfront Development

Infrastructure work on the first phase, which will involve 30 acres and cost $30 million, is expected to start this summer.

487,000-Square-Foot Burlington Industrial Building Leased to LC Logistics Services Inc.

Another example of the growth being seen in Southern New Jersey’s industrial market, the Ontario-based logistics company chose the New Jersey location to gain better access to the Northeast Corridor.

Industrial/Flex Real Estate Developer Nears Completion on Hatfield Construction Project

Nappen & Associates looks to attract businesses seeking larger warehouses in industrial hubs to Hatfield with their 13,593-square-foot state-of-the-art warehouse facility, expected to be completed by fall of this year.

Former GlaxoSmithKline Property in King of Prussia Adds Penn Medicine as New Tenant

Penn Medicine plans to use the 150,000-square-foot space for expanding research into genetic medicines for rare diseases.

More Center City Office Landlords Pivoting Toward Lab Space Conversion

Eight buildings, totaling more than 1.7 million square feet, are currently repositioning themselves to attract life sciences companies, according to CBRE Inc. research.

$100M University City Development Breaks Ground; 54 Acres Sell in Bucks County

3.0 University Place, an eight-story, 250,000-square-foot lab and office building dedicated to life sciences, is expected to be completed by the fourth quarter of 2022.

Downtown Trenton, New at sunset Jersey

STORIES FROM OUR REGION – May 2021

Fore Biotherapeutics Establishes Global Headquarters in Philadelphia

The precision oncology company plans to utilize the city’s experienced life sciences industry workforce, major universities, health care institutions, and laboratory space to fuel its operational growth.

Urban Renewal LLC Sets Foundation for New Warehouse in Pemberton Township

With the potential to bring 130 residential jobs to the area, township officials see the 462,000 square-foot facility as the first step in a long-term redevelopment.

Meal-Delivery Service Company Opens Second Distribution Center in New Jersey

Freshly’s newly leased 234,000 square-foot facility –  their largest distribution center yet – will increase their meal production to 1.6 million meals per week.

Development Success amid the Pandemic Solidifies University City as a Hub of Innovation

With over $5 billion spent on development projects in the past decade and more projects worth billions to come, the neighborhood has attracted more national and international investors than ever before.

NJ Biopharmaceuticals LLC Announces Headquarters Relocation

The chemistry and biopharmaceuticals services provider will be moving its headquarters to a state-of-the-art laboratory space in Princeton, with plans for expansion in the surrounding area.

Bridge Development Partners Turns Attention to Philadelphia for Industrial Investment

Amassing more than 12.5 million square-feet of industrial space across the Northeast, the Chicago-based developer is currently evaluating industrial buildings in Philadelphia, its western suburbs, and Northern Delaware.

North Broad Street, Philadelphia from under City Hall

STORIES FROM OUR REGION – April 2021

PIDC, Ensemble, and Mosaic Unveil Navy Yard Master Plan

The first phase of the $2.5 billion development plan will include two advanced life sciences buildings followed by significant residential and hospitality initiatives. Hear directly from the developers and learn more on May 6.

Biomeme Signs Deal to Double Space

The relocation to Center City comes as the diagnostic startup continues to grow as a result of developing a successful rapid COVID-19 test.

One South Broad Turns to Lab Conversion to Fill Vacant Office Space

With plans for the conversion fully designed, 108,418 square feet of the historic building is expected to be transformed into life sciences space in nine months.

SEI Investments Finalizes its 11th Building on Oaks Campus

The new 104,000-square-foot building, which was originally planned as the first of five new structures for more SEI office space, can accommodate up to 600 people.

Report Shows New Jersey Benefitting from Recent Growth of Life Sciences Sector

Since 2018, New Jersey has seen 22 life sciences transactions over 50,000 square feet, totaling 2.5 million square feet.

E-commerce Company Newacme Bringing 34 Jobs with Expansion in New Castle

The Oregon-based company is investing $1.5 million to upgrade a 217,000 square foot warehouse at the Delaware Logistics Park, which should be in service later this year.