Longfellow Real Estate Partners has acquired a 75-year ground lease to develop, finance and operate a new 455K SF life sciences facility on the Pennovation Works campus in Philadelphia.
Pennovation Works, a 23-acre University of Pennsylvania property across the Schuykill River from the university's core campus, is a former DuPont chemical research facility that was converted in 2016 into the Pennovation Center, and incubator for science and technology startups.
The $365M R&D facility Longfellow will develop is expected to include 387K SF of biotech research space and about 68K SF that will be reserved for biomanufacturing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
