The new Discovery Labs facility, a $500 million, approximately one million-square-foot coworking campus, will be located in Upper Merion, PA.
The coworking space is intended for health care, life sciences, and pharmaceutical companies, a recently trending market in Greater Philadelphia.
“There’s a surge of life science startups in Pennsylvania, with more than half of these companies staffing fewer than ten employees,” said Christopher Molineaux, CEO of Life Sciences Pennsylvania, in a statement. “The coworking lab facilities of Discovery Labs can help support the growth of small business with billions of dollars of infrastructure, so they can spend capital on development of new technologies and lifesaving and life enhancing products, making lab space affordable to startups of any size.”
Pennsylvania Biotechnology Center of Bucks County will occupy 100,000 square feet of the Discovery Labs. The business incubator called IQ Connect will allow for collaboration among researchers, entrepreneurs, and startups with venture capital, investment banking, and more.
“We are excited to expand our model to the Discovery Labs to build an environment that nurtures entrepreneurs and brings new discoveries to market,” said Lou Kassa, COO of the biotechnology center.
MLP Ventures, the owner of the Discovery Labs brand, plans to purchase more vacant lab and research facilities throughout the country. Along with this location in Upper Merion, PA, there are six other Discovery Labs in New York, Boston, San Francisco, Dublin, and London.
The coworking company, MakeOffices, expanded to Philadelphia in 2017. Coworking spaces have been opening throughout our region due to the rise in startups, entrepreneurs, and small businesses that are looking for a cost-efficient office space.