5 Real Estate Development Projects to Watch in Philadelphia

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The rapidly growing Philadelphia life sciences sector is hungry for lab and manufacturing space. Real estate developers are meeting that demand with ambitious projects to build, rebuild, and overbuild sites to produce facilities that will retain and attract life sciences companies.

800,000 sf of New Lab Space to Come Online in Montgomery County

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Developers announced plans Thursday to build a pair of big laboratory facilities, totaling 800,000 square feet, in Montgomery County, reflecting that municipality’s ongoing efforts to remain a magnet for the life sciences and biohealth industries.
The lab sites are collectively branded EvolutionLabs, with their primary driver being Bethesda-based developer Stonebridge. The smaller of the two projects, but the first to get underway, will comprise two buildings, together weighing in at 250,000 square feet. The first building, six stories and 150,000 square feet, is anticipated to break ground this fall, with tenant construction to follow next winter. The second building, at 100,000 square feet, will break ground in 2024.

Philadelphia Real Estate Round-Up 2021

Image showing various photos of Philadelphia, with text saying "Philadelphia Real Estate Roundup"
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In 2021, Philadelphia continued to prove why it’s an up-and-coming life sciences and biotech cluster. Current reports state the city received $1.23 billion in National Institute of Health (NIH) funding in 2021 — and that number is expected to be bigger once finalized, said Lauren Gilchrist, Managing Director of Research at Longfellow Real Estate Partners.

Secretary of Commerce tours new I-270 Innovation Labs, flexible lab space meeting critical industry need

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From left to right: Kelly Shultz – Secretary of Commerce, State of Maryland; Luis Rugeles – Co-founder & CEO, I-270 Innovation Labs; and Doug Bane – Co-founder & COO, I-270 Innovation Labs.

Central Virginia Launches New ‘Cluster Accelerator’ Plan to Fast-track Development of Advanced Pharmaceutical Manufacturing

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Activation Capital, a leading entrepreneurship and ecosystem development organization, announced the launch of a cluster accelerator to catalyze the growth of advanced pharmaceutical manufacturing and R&D in Central Virginia. A coalition of private-public entities from Greater Petersburg and Greater Richmond helped form the accelerator, secured $2.5M in seed funding from GO Virginia and others, and appointed Activation Capital as the organizing entity – a first-of-its-kind initiative for the Commonwealth of Virginia.

Data Center Firm DataBridge Sites Expands into Philadelphia, Maryland, and Chicago | Business Wire

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Data Center Firm DataBridge Sites Expands into Philadelphia, Maryland, and Chicago
Cloud, Colocation, and Interconnection offered in Key Data Center Markets
June 10, 2020 06:00 AM Eastern Daylight Time
SILVER SPRING, Md.–(BUSINESS WIRE)–Three proven multi-tenant data centers have been brought together as a single-service entity by DataBridge Sites, offering cloud, colocation, and interconnection services. The three data center campuses are located in Silver Spring, Maryland, convenient to both the Washington DC and Baltimore markets; King of Prussia, Pennsylvania, serving Philadelphia; and Aurora, Illinois, a proven data center destination near Chicago.
“Due to COVID-19, companies are transitioning even more aggressively to digital operations and the ability to always be available for their customers and employees is of even greater concern than ever before”
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DataBridge Sites is a rebranding by 20-year old ESite Systems, which in 2019 purchased Maryland and Pennsylvania data centers that had been operated by former ownership under the Agile name. All three data centers have exceptional uptime records, well-established customer bases, and offer the range of services integral to true hybrid computing.
“Our portfolio of proven data centers offers colocation and cloud services as well as direct access to multiple public cloud providers and carrier hotels,”…

VaLogic acquires vacant Frederick building to create tech hub

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Biotech company VaLogic has acquired a 75,400-square-foot building in Frederick to create a suburban tech center near Interstate 270.
The company bought a vacant commercial building at 7495 New Horizon Way for $7.7 million and soon will begin to gut and redo the interior to create the new office and lab space to lease to several smaller companies.
VaLogic for years has consulted on engineering and compliance issues for life science and bioscience companies. It is one of dozens of existing bioscience companies in the county, which is considered a suburb of both Baltimore and Washington, D.C. because of its location off Interstates 70 and 270.

New Frederick facility delivers in-demand lab, workspace for growing biotech firms

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The biotechnology and pharmaceuticals industry continues to heat up in Frederick, with startups launching and raising significant funding, and larger companies expanding beyond hubs like Gaithersburg and Rockville. And these companies all need lab space to grow.
Co-founders Doug Bane and Luis Rugeles are aiming to fill that need with a newly renovated 22,000-square-foot building in Frederick, specially outfitted to serve that growing pool of biotechs. The space, called I-270 Innovation Labs, is stationed in the Westview Business Park at 5107 Pegasus Court and provides researcher-grade facilities for growing companies in need of affordable lab space. Bane and Rugeles said the concept for the space came from a group of local investors — including themselves, but the rest of whom they did not name — who recognized the need for additional biotech-focused real estate assets.
The space is designed to be flexible, to accommodate members that may need to rent space only temporarily or for longer periods.

Q&A: JLL’s Pete Briskman on Montgomery County’s Life Science Market – Commercial Observer

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With the highest concentration of Ph.D.s in the country — plus proximity to the government, top-tier medical universities and numerous biomedical companies — the life sciences sector in Montgomery County is ripe to accelerate in the coming years.
There’s also a rising interest among building owners in converting assets to lab, research and biotech space throughout the D.C. region.
SEE ALSO: Investor Blackwells Comes Out Against Sam Zell’s Acquisition of Monmouth
Pete Briskman, JLL’s executive managing director and co-lead for the firm’s mid-Atlantic life sciences practice, spoke with Commercial Observer about why the area is so popular and his belief that demand will continue in the months and years ahead.
Commercial Observer: How would you portray Montgomery County’s life sciences business as we stand here in the first week of August?