JLL arranges major capitalization for Gattuso Development's new Philadelphia life sciences project
JLL's Capital Markets group has secured a $290 million construction loan for a new life sciences facility at 3201 Cuthbert Street in Philadelphia, developed by Gattuso Development Partners and Vigilant Holdings. The 11-story building will be the city's largest lab facility, featuring 519,647 square feet of lab space and 11,908 square feet of retail space. Notably, 45% of the lab space is pre-leased to SmartLabs and Drexel University. This project reflects Philadelphia's growing profile as a life sciences hub, with significant interest expected due to high demand and limited supply in the area.
- Secured a $290 million construction loan, enhancing financial stability.
- 45% of the lab space pre-leased, indicating strong demand.
- The project positions Philadelphia as a key player in the life sciences sector.
- None.
The state-of-the-art building at 3201 Cuthbert Street will be the largest life sciences research and lab facility in the city
PHILADELPHIA, Dec. 19, 2022 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a
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 chemical storage space and ph neutralization capability, six enclosed loading docks and generous space for tenant equipment and vertical shaft infrastructure. SmartLabs and Drexel University have pre-leased
3201 Cuthbert St. benefits from its location on Drexel University's campus in University City, which is the epicenter of Philadelphia's life sciences market and a global hub for gene and cell therapy, a growing segment of the sector. 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 appreciate the chance to work with the great team at JLL to complete the capital stack for this important project," said John Gattuso, Gattuso's President and co-founder. "We believe the project validates Philadelphia's emergence as a global hub for life sciences research, and we are excited to begin construction."
JLL's Capital Markets Debt and Equity Advisory teams were led by Senior Managing Directors Ryan Ade, Brett Segal and Christopher Peck.
"University City stands within the top tier of national life sciences markets, and similar to other premier markets, is experiencing a shortage of supply caused by high barriers to development," Ade and Segal said. "3201 Cuthbert has already been well-received by the market with
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Gattuso Development Partners
Gattuso Development Partners is a developer of exceptional, sustainable high-performance workplaces. Gattuso recognizes that the right work environment is the most critical asset a business can offer to attract, retain and inspire its employees and promote long term success. For more information, please visit: gattusodevelopmentpartners.com.
About Vigilant Holdings
Vigilant Holdings was founded in 2020 to acquire strategic and diversified assets across the United States with a specific focus on life sciences developments. The platform leverages nearly 70 years of combined real estate experience and relationships to capitalize transactions of varying sizes and risk profiles. Led and co-founded by David Fowler and based in New York, Vigilant currently owns over 1 million square feet of life sciences developments on both the east and west coasts.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of
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