Drexel and Gattuso Development has announced a new life sciences building in University City, adding to the projects underway in the Philadelphia region for medical research.
. Spark signed a 99-year ground lease on the university’s Lot F parking lot at the intersection of 30th and Chestnut Streets. Terms were not disclosed.Spark Therapeutics to build $575 million gene therapy center on Drexel campus at 30th & Chestnut
With its various projects, Drexel can align the university’s work-focused co-op education with commercial entities, Fry said. Drexel also has benefited financially with more than $100 million in prepaid ground leases that will be invested for the university’s endowment, he said. Vigilant Real Estate Holdings, in New York, and the Baupost Group, a Boston investment firm, are equity investors in the Gattuso Development project, according to a news release.
John Gattuso, cofounder and chief executive officer at Gattuso Development Partners, said that Philadelphia has emerged as a viable center for gene-therapy companies behind Boston and San Francisco.. Drexel plans to lease 60,000 of the 500,000-square-foot proposed life sciences complex. Tenants, including Drexel, have committed to leasing 55% of the building’s available space, according to a statement.
Gattuso and several others of Liberty Property Trust’s urban development team broke off and created the new firm,
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