A new life science building is being constructed at Market and S. 23rd Street in Philadelphia’s Center City District. Breakthrough Properties (website), a reputable global life sciences real estate developer, has secured a $130 million construction loan from Corebridge Financial with the help of Philadelphia-based D2 Capital Advisors. A joint venture of Tishman Speyer and Bellco Capital backs the project.
The new building, 2300 Market by Breakthrough, is an 8-story, 223,000-square-foot life science research and discovery facility. Construction is advancing rapidly, with floors expected to be available for tenant fit-out in the summer of 2024. The building is near the University of Pennsylvania and Drexel University and within walking distance of leading academic medical centers, Philadelphia’s 30th Street Station, and Rittenhouse Square.
2300 Market by Breakthrough, designed by the renowned Philadelphia-based architecture studio Kieran Timberlake, will offer highly flexible lab zones to accommodate various research needs. In addition to hosting Philadelphia’s top biotech companies, the building will offer a variety of amenities such as a cafe, lounge, fitness center, and elevated terraces. The project obtained complete building permits earlier this year and received unanimous approval during the Civic Design Review process in August, indicating its progress toward completion.
Hunter Roberts has been engaged as the Construction Manager for the project. The original terracotta façade of the 2314 Market building is being carefully disassembled, stored off-site, and reinstalled during construction to maintain an authentic streetscape that blends the old with the new.
Philadelphia is a prominent research center for innovative techniques in immunology, cell and gene therapy, and mRNA-based technologies. It is also a top recipient of NIH grant funding for cell and gene therapy. Access to transportation is made easy from 2300 Market by Breakthrough, as it offers a conveniently located SEPTA bus, trolley, commuter rail lines, and Amtrak train routes connecting to significant regions, including New York City, Boston, and the Washington Metropolitan Region via the William H. Gray III 30th Street Station.
The leasing agents for the project are based in Philadelphia and are led by Shane Funston and Jack Meyers from Cushman & Wakefield. Breakthrough Properties are developing the project, and they have an under-construction and development pipeline of over 5 million square feet in the United States and Europe.
Image provided by Breakthrough Properties