Breakthrough worked with Philadelphia-based D2 Capital Advisors to secure the $130 million construction loan from Corebridge Financial. With financing now in place, Breakthrough is rapidly advancing construction on 2300 Market by Breakthrough, an eight-story, 223,000-square-foot life science research and discovery building.
Situated adjacent to the University of Pennsylvania and Drexel University, within a short walk of academic medical centers and steps from Philadelphia's 30th Street Station and Rittenhouse Square, 2300 Market by Breakthrough is designed with flexible lab zones that can accommodate a wide range of research uses. The building will also house a cafe and lounge, fitness center, elevated terraces, and other amenities tailored to Philadelphia's biotechnology companies. Breakthrough expects to deliver floors for the start of tenant fit-out in summer 2024.
"Over the past few years, Philadelphia has emerged as a leading research hub for pioneering new modalities in immunology, cell and gene therapy, and mRNA-based technologies to name a few. These advances have opened a new multi-billion-dollar marketplace for local companies and made Philadelphia a hotspot for next generation discoveries," said Breakthrough Properties CEO and Co-Founder Dan Belldegrun. "This is an exciting moment to commence construction on our 2300 Market development, which will be the most robust lab environment in the region and an ecosystem for cutting-edge companies to scale and collaborate."
"In addition to world-class infrastructure and amenities, 2300 Market by Breakthrough will also be defined by its premier location," said Breakthrough Properties Senior Director of Development Joe Traynor, who has more than a decade of development experience in the Greater Philadelphia area. "Nestled between the dynamic neighborhoods of Center City and University City, 2300 Market by Breakthrough clients will enjoy the proximity to top quality housing, restaurants, bars, retail, and mass transit."
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Designed by Philadelphia-based architecture studio KieranTimberlake, the project received unanimous approval during the Civic Design Review process last August and was issued full building permits earlier this year. Breakthrough, which has engaged Hunter Roberts as Construction Manager for the project, is disassembling the original terracotta facade of the 2314 Market building for storage off-site and reinstallation during the course of construction to maintain an authentic streetscape that blends the old with the new.
2300 Market by Breakthrough offers access to the SEPTA bus, trolley, and commuter rail lines, as well as Amtrak train routes connecting to New York City, Boston, and the Washington Metropolitan Region via the William H. Gray III 30th Street Station.
Breakthrough currently has more than 5 million square feet in its under-construction and development pipeline across the United States and Europe.
