JLL’s Capital Market has arranged a $290 million construction loan that will allow project partners Gattuso Development Partners and Vigilant Holdings of New York to build a state-of-the-art research facility at 3201 Cuthbert St., an 11-story life sciences development in the heart of Philadelphia’s University City submarket.
Working on behalf of Gattuso and Vigilant, JLL secured the loan through Corebridge Financial, as well as an additional equity commitment through The Baupost Group.
Designed by world-renowned architect Robert A.M. Stern Architects, the LEED® Gold-certified building will be the largest life sciences research and lab facility in the city – featuring 519,647 square feet of wet lab / dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. Critical lab infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best practice