Breakthrough Properties Closes Financing and Commences Construction on World-Class Life Sciences Development in Premier Philadelphia Location
"2300 Market by Breakthrough" in Center City is fast-tracked for delivery in 2024
PHILADELPHIA, May 3, 2023 /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 it has closed financing and commenced construction on a best-in-class life science building on Market at S. 23rd Street, in the heart of Philadelphia's vibrant 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 8-story, 223,000-square-foot 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 leading 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. "This is an exciting moment to commence construction on our 2300 Market development, which will be the most robust lab environment in the region and an ecosystem for cutting-edge companies to scale and collaborate."
"In addition to world-class infrastructure and amenities, 2300 Market by Breakthrough will also be defined by its premier location," added Breakthrough Properties Senior Director of Development Joe Traynor, who has more than a decade of development experience in the Greater Philadelphia area. "Nestled between the dynamic neighborhoods of Center City and University City, 2300 Market by Breakthrough clients will enjoy the proximity to top quality housing, restaurants, bars, retail and mass transit."
Designed by world-renowned Philadelphia-based architecture studio 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 offers ready access to the SEPTA bus, trolley and commuter rail lines, as well as Amtrak train routes connecting to New York City, Boston and the Washington Metropolitan Region via the William H. Gray III 30th Street Station.
The Philadelphia-based Cushman & Wakefield team of Shane Funston and Jack Meyers are the exclusive leasing agents for the project.
Breakthrough currently has more than 5 million square feet in its under-construction and development pipeline across the United States and Europe. Among recent and ongoing 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 Vitrum by Breakthrough, 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.
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.
SOURCE Breakthrough Properties
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