JLL Arranges $290M Construction Loan for Life Sciences Project in Philadelphia’s University City Neighborhood

by Jeff Shaw

PHILADELPHIA — JLL Capital Markets has arranged a $290 million construction loan for project partners Gattuso Development Partners and Vigilant Holdings of New York to build a new research facility and life sciences development in the heart of Philadelphia’s University City submarket. The development will be the largest life sciences research and lab facility in the city, according to JLL.

Located at 3201 Cuthbert St., the 11-story development features 519,647 square feet of wet lab and dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. SmartLabs and Drexel University have preleased 45 percent of the lab space. This will be SmartLab’s first location in a market outside of San Francisco or Boston.

Infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best-practice chemical storage space and ph neutralization capability, and six enclosed loading docks.

Robert A.M. Stern Architects designed the property to meet LEED Gold certification.

University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world.

“We believe the project validates Philadelphia’s emergence as a global hub for life sciences research,” says John Gattuso, Gattuso’s president and co-founder.

JLL secured the loan through Corebridge Financial, as well as an additional equity commitment through The Baupost Group. Ryan Ade, Brett Segal and Christopher Peck led the JLL Capital Markets debt and equity advisory teams.

— Kari Lloyd

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