{"id":1004641794,"date":"2023-01-27T02:45:05","date_gmt":"2023-01-27T10:45:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004641794"},"modified":"2023-01-27T06:34:19","modified_gmt":"2023-01-27T14:34:19","slug":"keystone-to-add-more-lab-space-at-philly-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/","title":{"rendered":"Keystone to Add 200 KSF of Labs at Philly Landmark"},"content":{"rendered":"
\"The

The Curtis. Image courtesy of Keystone<\/p><\/div>\n

Keystone<\/strong> continues to transform The Curtis, an approximately 900,000-square-foot mixed-use tower in Philadelphia, into a premier life sciences destination. The company plans to repurpose 200,000 square feet at the 12-story building for laboratory use.<\/p>\n

Following the planned reconfiguration of space, The Curtis will soon encompass a total of more than 325,000 square feet of laboratory offerings. The undertaking will also yield a handful of improvements including a new exhaust system, together with expanded hot water loops and steam infrastructure. Keystone intends to commence work on the conversion project in the first quarter of 2023, relying on proceeds from a $265.2 million loan<\/a> the company obtained from Nuveen Real Estate<\/strong> in August 2022.<\/p>\n

\n

READ ALSO:<\/strong> Build-to-Suit or Adaptive Reuse? Meeting Lab Space Demand<\/a><\/p>\n

\n

Located at 601 Walnut St. in Philadelphia\u2019s booming Center City, The Curtis first opened its doors in 1910 as the home of Curtis Publishing. In 2014, Keystone and Mack-Cali Realty Corp.<\/strong> acquired the property in a $125 million, all-cash transaction with the goal of repositioning the 12-story tower into a live-work-play destination. The partners maintained the 300-space parking garage, transformed roughly 90,000 square feet of the original office space into luxury residential units, reinvented 30,000 square feet of retail space and converted the former printing press area into more than 100,000 square feet of premier life sciences accommodations.<\/p>\n

Calling all lab space<\/h2>\n

Philadelphia continued to hold its own as a leading life science cluster<\/a> in the U.S. in 2022. \u201cDespite tenant demand slowing in the latter part of the year, the Philadelphia region had one of its best leasing years with 1.5 million square feet of completed transactions through Q4,\u201d according to a report by CBRE.<\/p>\n

The future bodes well for the lab expansion at The Curtis. Conversion projects in Philadelphia outpaced new builds in the fourth quarter, and they also surpassed the pipeline of new construction in pre-leasing activity. As of the close of the fourth quarter, 47 percent of converted lab projects had been pre-leased, compared to just 29.5 percent for new developments.<\/p>\n","protected":false},"excerpt":{"rendered":"

This project is part of an historic tower\u2019s makeover as a mixed-use destination.<\/p>\n","protected":false},"author":969,"featured_media":1004600171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,10,21747,1494],"tags":[35464,33554,43901],"class_list":["post-1004641794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-northeast","category-office","category-philadelphia","tag-keystone-property-group","tag-mack-cali-realty-corporation","tag-nuveen-real-estate"],"acf":[],"yoast_head":"\nKeystone to Add 200 KSF of Labs at Philly Landmark - CPE<\/title>\n<meta name=\"description\" content=\"Keystone plans to repurpose 200,000 square feet at The Curtis, a 900,000-square-foot building in Philadelphia, for laboratory use.\" \/>\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\/keystone-to-add-more-lab-space-at-philly-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keystone to Add 200 KSF of Labs at Philly Landmark\" \/>\n<meta property=\"og:description\" content=\"Keystone plans to repurpose 200,000 square feet at The Curtis, a 900,000-square-foot building in Philadelphia, for laboratory use.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/\" \/>\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=\"2023-01-27T10:45:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-27T14:34:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/The-Curtis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\/keystone-to-add-more-lab-space-at-philly-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/\",\"name\":\"Keystone to Add 200 KSF of Labs at Philly Landmark - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/The-Curtis.jpg\",\"datePublished\":\"2023-01-27T10:45:05+00:00\",\"dateModified\":\"2023-01-27T14:34:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"description\":\"Keystone plans to repurpose 200,000 square feet at The Curtis, a 900,000-square-foot building in Philadelphia, for laboratory use.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-to-add-more-lab-space-at-philly-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/The-Curtis.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/The-Curtis.jpg\",\"width\":800,\"height\":600,\"caption\":\"The Curtis. 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