Republic Properties Group is planning a $190 million, 11-story, 185,000 square foot life sciences and light manufacturing facility just north of Drexel’s Anthony Caneris Hall on 32nd St. The facility will be called Ultra Labs. The development team has negotiated a 90 year ground lease with SEPTA for the land rights.
Republic Properties Group was previously planning an $83.5 million, 8-story 125,000 square foot building on the property. We must say we appreciate the increased project size and the new design.
Life sciences and gene therapy facilities have become a focus in University City. Brandywine Realty Trust’s Schuylkill Yards project and Wexford Science and Technology’s uCity Square development both include large life sciences components.
Philadelphia is becoming a major hub for cell and gene therapy along with other life sciences sectors. The continued development of lab space in University is a clear indication of this phenomenon. We look forward to these major developments continuing to progress and bringing more jobs and activity to University City. This part of Philadelphia is transforming before our eyes and the skyline is continuing to shift westward.
How do you feel about this project? Do you like the new design more than the old one?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property