Developer plans to transform Budd Co. site in Philadelphia into campus for life sciences manufacturing
The owner of the sprawling former Budd Co. property in Philadelphia plans to transform it into a biomanufacturing hub, seizing upon Philadelphia’s burgeoning life sciences sector and demand by companies that need the space.
Backed by Centerbridge Partners, a New York private equity firm, Plymouth Group envisions a multi-phased, multiyear development of the site that would eventually create upwards of 2.4 million square feet of lab and manufacturing space. The property is being rebranded as the Budd Campus in a nod to its original use as a factory for the historic Budd company that made stainless steel rail cars and components for the automotive industry.
Budd will add to growing life sciences nodes throughout the region where bio manufacturing and lab work is being done including the Philadelphia Navy Yard, University City, King of Prussia, Exton and Spring House.
New York-based Plymouth Group, which tackles large adaptive reuse projects, bought in 2019 the property’s vacant 1.87 million square feet at an auction for $6.5 million. The company began contemplating which direction to take in redeveloping the site, which is in the Hunting Park neighborhood of Philadelphia.
Click here to read more via the Philadelphia Business Journal.
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