PHILADELPHIA, PA — Breakthrough Properties backed by a joint venture of Tishman Speyer and Bellco Capital, announced it has closed financing and commenced construction on a best-in-class life science building on Market at S. 23rd St., in Philadelphia’s Center City District.
Breakthrough worked with Philadelphia-based D2 Capital Advisors to secure the $130 million construction loan from Corebridge Financial. With financing now in place, Breakthrough is rapidly advancing construction on 2300 Market by Breakthrough, an 223,000 s/f life science research and discovery building.
Situated adjacent to the University of Pennsylvania and Drexel University, within a short walk of leading academic medical centers and steps from Philadelphia’s 30th Street Station and Rittenhouse Square, 2300 Market by Breakthrough is designed with highly flexible lab zones that can accommodate a wide range of research uses. The building will also house a café and lounge, fitness center, elevated terraces and other amenities tailored to Philadelphia’s biotechnology companies. Breakthrough expects to deliver floors for the start of tenant fit-out in summer 2024.
“Over the past few years, Philadelphia has emerged as a leading research hub for pioneering new modalities in immunology, cell and gene therapy, and mRNA-based technologies to name a few. These advances have opened a new multi-billion dollar marketplace for local companies and made Philadelphia a hotspot for next generation discoveries,” said Breakthrough Properties CEO and co-founder Dan Belldegrun.
Designed by KieranTimberlake, the project received unanimous approval during the Civic Design Review process last August and was issued full building permits earlier this year. Breakthrough, which has engaged Hunter Roberts as construction manager for the project, is meticulously disassembling the original terracotta façade of the 2314 Market building for storage off-site and reinstallation during the course of construction to maintain an authentic streetscape that blends the old with the new.
Greater Philadelphia is a national leader in NIH grant funding for cell and gene therapy. The city, which is anchored by a number of the world’s leading research institutions, is home to more than 730,000 professionals with degrees in the engineering and science fields.
2300 Market by Breakthrough provides access to SEPTA transportation, Amtrak trains, and the William H. Gray III 30th Street Station, connecting to NYC, Boston, and the Washington Metro. Region.