Posted Feb 8, 2023, 9:13 PM
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Chris
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Join Date: Aug 2020
Location: New York city
Posts: 1,604
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Gattuso says $450M Drexel building will elevate Philadelphia’s rise as life sciences hub
https://www.bizjournals.com/philadel...Pos=0#cxrecs_s
Gattuso Development Partners and Drexel University’s future 11-story, 520,000-square-foot development at 3201 Cuthbert St. will not only be Philadelphia’s largest life sciences building, but it’ll elevate the city into the stratosphere of industry leading markets like Boston and San Francisco, Gattuso CEO John Gattuso said.
The project will be “a true world-class building,” Gattuso said. It’s planned to have a mix of specialized research and laboratory space and commercial, academic and office uses. It’ll have “significant additional capacity” compared with other life sciences buildings, Gattuso said, with freight elevators and floor-to-floor heights ranging from 16 feet to 24 feet, which is bigger than most buildings in Philadelphia. He called the future building’s mechanical specification and loading capacity “robust.”
The building at 3201 Cuthbert so far is 45% leased, with Drexel University and Boston-based SmartLabs taking up 235,000 square feet. SmartLabs designs, builds and operates integrated, enterprise-grade research environments.
The 3201 Cuthbert building is planned to be finished in fall 2024. It’s the third development in Gattuso’s portfolio.
Gattuso Development is also building a 130,000-square-foot building to be used as a life sciences manufacturing facility at 2500 League Island Blvd. at the Navy Yard costing more than $66 million that’s expected to be completed by next month.
By the time the 3201 Cuthbert St. building is complete next year, Gattuso said he plans to be in the planning process of another development. He declined to discuss any further details.
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