Harrison Street, Sterling Bay, Botanic Properties buy first Philadelphia-based site for life sciences development

Sterling Bay, Harrison Street and Botanic Properties have entered into a joint venture to acquire and develop a 33,400-square-foot land parcel in the University City neighborhood of Philadelphia. The joint venture intends to develop the site, located at 3801 Chestnut St., into a 13-story, 310,000-square foot class A life sciences facility.

Situated steps from the University of Pennsylvania, Drexel University and Children’s Hospital of Philadelphia, as well as other world-class academic institutions, 3801 Chestnut St. represents a prime opportunity to develop much-needed modern lab facilities in one of the country’s most sought after submarkets for life sciences development.

“Philadelphia is one of the country’s strongest markets for life sciences growth. It has it all — a world‐renowned academic and medical research reputation, a steady growth of venture capital investment, and a diverse ecosystem of emerging and established biotechnology companies,” said