PHILADELPHIA, May 16, 2022 /PRNewswire/ — Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, today announced the acquisition and development of the 2300 Market Street block in Philadelphia’s Center City district. Breakthrough plans to redevelop the site to support over 200,000 square feet of best-in-class life science space.
Philadelphia ranks first in the nation for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture capital and NIH funding in 2021. The city is home to more than 730,000 professionals who hold degrees in engineering and science fields.
The Center City submarket, and 2300 Market in particular, are well positioned to capture the intense and growing demand for modern lab space throughout Philadelphia that cannot currently be met by the existing supply-constrained life science market. Breakthrough’s site is situated adjacent to the University of Pennsylvania and Drexel University and within a short walk of some of Philadelphia’s most esteemed academic medical centers.
2300 Market is nestled between the lifestyle hubs of Rittenhouse Square and University City, which include a growing supply of high quality housing and highly rated restaurants, bars, fitness gyms, social clubs and shops. The property is also only a three-minute walk from the 30th Street Transit Station, which provides access to the SEPTA bus, trolley and commuter rail lines, as well as Amtrak train routes offering convenient connection to New York City, Boston, and Metropolitan D.C.
“Driven by a highly-educated workforce and an influx of funding flowing to its world-renowned academic research institutions, hospitals, biotech companies and innovative start-ups, Philadelphia has quickly established itself as a leader in the cell, gene, and mRNA therapy space, which is driving increasing demand for high quality lab space,” said Aaron Kazam, Breakthrough Properties Senior Vice President of Acquisitions. “We are thrilled by this opportunity to deliver one of the premier research and development buildings in the country, just steps from 30th Street Station and the institutional core at University City.”
With its first Philadelphia project, Breakthrough now has over 4.6 million square feet in its under-construction and development pipeline across the United States and Europe. Among its current and near-term development projects are The 105 by Breakthrough in Boston, home to CRISPR Therapeutics’ global R&D headquarters; the 10-acre Torrey View by Breakthrough campus and Torrey Plaza, an office-to-lab conversion, in San Diego; Trinity House in Oxford, England; and The Vitrum Building, located on 1.8 acres inside St. John’s Innovation Park in Cambridge, England.
Sustainability is at the forefront of all of Breakthrough’s initiatives, with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough targets LEED Gold certification at all of its United States properties and BREEAM Outstanding certification in all of its projects across the United Kingdom and European Union.
Philadelphia-based D2 Capital Advisors consulted with Breakthrough on the site selection and is serving as financing advisor for the project. Breakthrough has enlisted KieranTimberlake, a world-renowned Philadelphia-based architecture firm, as the project architect. Cushman & Wakefield has been engaged as exclusive leasing agent.
About Breakthrough Properties (www.btprop.com)
Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. Breakthrough Properties’ mission is to acquire, develop and operate the best life science properties in leading urban technology centers around the world and support scientific innovation across biotechnology, agriculture and nutrition. Breakthrough combines Tishman Speyer’s decades of global real estate development experience with Bellco Capital’s industry-making biotechnology entrepreneurship to reimagine environments where companies can create life-changing therapies for patients.