[summersm343]

Title: 3801 Chestnut Street
Architect: Perkins and Will
Developer: Sterling Bay, Harrison Street & Botanic Properties
Location: 3801 Chestnut Street, Philadelphia, PA
District: West Philadelphia
Neighborhood: University City
Floors: 13
Height: 285 FT





Chicago and N.Y. development firms plan new lab-and-office tower in U. City life-science hotbed

A consortium of Chicago- and New York-based real estate developers plans to acquire land at 38th and Chestnut Streets to build high-tech offices and labs in a bet that University City will remain an epicenter for the nation’s booming life-sciences industries.

Sterling Bay and Harrison Street of Chicago and New York-based Botanic Properties are forming a venture to acquire the 3801 Chestnut St. site, currently home to Abner’s Cheesesteaks and other shops, for development into a 13-story, 310,000-square-foot office tower for life-science tenants, the companies said ahead of a planned announcement of the tie-up Tuesday.

The announcement comes amid surging demand from companies seeking lab space to develop and commercialize cell-therapy innovations and other cutting-edge treatments, many of them based on research conducted at area institutions such as the University of Pennsylvania, Drexel University, and Children’s Hospital of Philadelphia.

Construction of the 3801 Chestnut St. lab-and-office building is slated to begin during the first three months of 2023, with completion anticipated in mid-2025.

“We already believe the demand is in this location,” said Burkemper.

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https://www.inquirer.com/business/st...e=app-web-view