{"id":1004636196,"date":"2022-12-20T04:51:07","date_gmt":"2022-12-20T12:51:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004636196"},"modified":"2022-12-20T04:52:03","modified_gmt":"2022-12-20T12:52:03","slug":"gattuso-lands-290m-for-philadelphias-largest-life-science-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gattuso-lands-290m-for-philadelphias-largest-life-science-project\/","title":{"rendered":"Gattuso Lands $290M for Philadelphia\u2019s Largest Life Science Project"},"content":{"rendered":"
\"\"<\/a>

3201 Cuthbert St. Image courtesy of JLL Capital Markets<\/p><\/div>\n

Gattuso Development Partners<\/strong> and Vigilant Holdings of New York<\/strong> have obtained a $290 million construction loan for the development of a life science center in Philadelphia, totaling 519,647 square feet.<\/p>\n

JLL Capital Markets<\/strong> worked on behalf of the partnership to secure the financing through Corebridge Financial<\/strong>, while an additional equity commitment came from The Baupost Group<\/strong>.<\/p>\n

Designed by Robert A. M. Stern Architects<\/strong>, the project is set to become the largest life science research facility in Philadelphia. SmartLabs and Drexl University have already secured space at the property, preleasing 45 percent of the available lab space. This deal marks SmarLabs\u2019 seventh location in U.S., as well as its first commitment to expand outside Boston and San Francisco.<\/p>\n

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READ ALSO:\u00a0<\/strong>Why the Life Sciences Boom Is Not Likely to Bust<\/a><\/p>\n

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JLL’s Capital Markets Debt and Equity Advisory team led by Senior Managing Directors Brett Segal, Ryan Ade and Christopher Peck negotiated on behalf of the borrowers.<\/p>\n

Located at 3201 Cuthbert St., the 11-story building will include 519,647 square feet of wet and dry lab space, 11,908 square feet of ground-level retail space and 137 underground parking spots. The project will feature expanded floor-to-floor heights, HVAC systems designed for lab research, six enclosed loading docks, chemical storage space, Ph neutralization capabilities, lab-friendly column spacing, generous space for future tenants’ research equipment and vertical shaft infrastructure.<\/p>\n

A growing life science market<\/h2>\n

The project is situated within Drexel University\u2019s campus, in the University City District, close to Interstates 76 and 676, 2 miles from Philadelphia\u2019s City Center and 8.9 miles from Philadelphia International Airport. Gattuso\u2019s 3201 Cuthbert St. is targeting LEED Gold certification and it is expected to be completed in the first half of 2025. The development’s total cost is set to exceed $400 million.<\/p>\n

University City is the core of Philadelphia’s life science market. The area is home to major players specializing in health care, biotech, the pharmaceutical industry and education. In recent years, the district has also grown into an international hub for cell and genes therapy.<\/p>\n

Philadelphia is an emerging life science industry leader. The city’s talent pool ranks fourth<\/a> nationwide, behind Boston, the San Francisco Bay Area and the New York City – New Jersey region, according to recent CommercialEdge data. In October, Children’s Hospital of Philadelphia and its partners<\/a> broke ground on a 350,000-square-foot research facility in the city. The project is designed to achieve LEED Silver certification and will be situated next to the developer’s Roberts Center for Pediatric Research.<\/p>\n","protected":false},"excerpt":{"rendered":"

Scheduled for completion in early 2025, the development is worth more than $400 million.<\/p>\n","protected":false},"author":2991,"featured_media":1004636202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21808,21825,21742,10,21747,1494],"tags":[44006,32779,36695,34172,33175],"class_list":["post-1004636196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-featured","category-finance","category-latest","category-northeast","category-office","category-philadelphia","tag-jll-capital-markets","tag-leed","tag-life-science-real-estate","tag-robert-a-m-stern-architects","tag-the-baupost-group"],"acf":[],"yoast_head":"\nGattuso Lands $290M for Philadelphia\u2019s Largest Life Science Project - CPE<\/title>\n<meta name=\"description\" content=\"Gattuso Development obtained $290 million financing for the development of a 519,647-square-foot life science center in Philadelphia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gattuso-lands-290m-for-philadelphias-largest-life-science-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gattuso Lands $290M for Philadelphia\u2019s Largest Life Science Project\" \/>\n<meta property=\"og:description\" content=\"Gattuso Development obtained $290 million financing for the development of a 519,647-square-foot life science center in Philadelphia.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gattuso-lands-290m-for-philadelphias-largest-life-science-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-20T12:51:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-20T12:52:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/3201-Cuthbert-Email-Robert-A.M-Stern-Architects-and-Kendall-Heaton-Associates-e1671530317288.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"876\" \/>\n\t<meta property=\"og:image:height\" content=\"657\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gattuso-lands-290m-for-philadelphias-largest-life-science-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gattuso-lands-290m-for-philadelphias-largest-life-science-project\/\",\"name\":\"Gattuso Lands $290M for Philadelphia\u2019s Largest Life Science Project - 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