Construction has commenced on a life science research building dubbed 2300 Market by Breakthrough at Philadelphia’s Center City District, Pennsylvania. The developer, Breakthrough Properties, secured a $130 million construction loan to build the 223,000-square-foot research facility at S. 23rd Street.
However, it was the Philadelphia-based D2 Capital Advisors who helped the developers to secure the construction loan from Corebridge Financial. Additionally, the 2300 Market by Breakthrough development is also receiving support from a joint venture of Tishman Speyer and Bellco Capital.
Breakthrough Properties felt more confident about the project’s completion. Especially since, they received unanimous approval earlier this year, during the Civic Design Review process.
Development Plans for the 2300 Market by Breakthrough
Construction on Breakthrough’s new 8-storey research facility is advancing rapidly and they expect it to reach completion by the summer of 2024.
2300 Market by Breakthrough includes highly flexible lab zones to cater to a variety of research needs. The facility will not only host Philadelphia’s top biotech companies but also provide various shared amenities. Therefore, residents will have access to a cafe, lounge, fitness center, and elevated terraces.
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In addition, the building is at a convenient location, that’s within walking distance of leading academic medical centers. Furthermore, is in close proximity to Philadelphia’s 30th Street Station, and Rittenhouse Square. Tenants will also have easy access to the University of Pennsylvania and Drexel University which are also near the facility.
The project team
The developer has contracted Hunter Roberts as the Construction Manager, and the project’s designer is architecture studio, Kieran Timberlake.
Hunter Roberts is currently disassembling the original terracotta of the 2314 Market building for storage off-site. It will be reinstalled during the course of construction to maintain an authentic streetscape that blends the old with the new.