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Transactions - MAY 16, 2022

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Breakthrough Properties acquires life sciences development site in Philadelphia

by Released

Breakthrough Properties announced the acquisition and development of the 2300 Market Street block in Philadelphia’s Center City district. Breakthrough plans to redevelop the site to support over 200,000 square feet of best-in-class, life-science space.

Greater Philadelphia ranks first in the nation for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and attracted more than $3.8 billion in venture capital and NIH funding in 2021. The city is home to more than 730,000 professionals who hold degrees in the engineering and science fields.

The Center City submarket, and 2300 Market in particular, are well positioned to capture the intense and growing demand for modern lab space throughout Philadelphia that cannot currently be met by the existing supply-constrained life science market. Breakthrough's site is situated adjacent to the University of Pennsylvania and Drexel University and within a short walk of some of Philadelphia's most esteem

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