D2 Capital Advisors Arranges $130 Million Life Sciences Construction Financing
D2 Capital Advisors Arranges $130,000,000 Construction Financing for Center City Trophy Life Science Development in Philadelphia, PA
D2 Capital Advisors arranged $130,000,000 in construction financing for the development of 2300 Market Street, a 223,000 square foot state-of-the-art life science project in Philadelphia’s Center City West submarket being developed by Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture between Tishman Speyer and Bellco Capital.
The construction financing was arranged by Philadelphia-based D2 Capital Advisors’ Jack Cortese and David Frankel. The financing was provided by Corebridge Financial.
Located in the center of the Market Street Corridor and steps from Amtrak’s 30th Street Station and University of Pennsylvania, 2300 Market sits at the intersection of University City’s eastward expanding life sciences district and Center City’s westward expanding commercial and residential district. The trophy life science building will be 8 stories with flexible open floor plates tailored to Philadelphia’s rapidly expanding life science tenant base. The site offers a purpose-built facility catered to research and development in an unmatched location with superior access to transit and amenities.
Breakthrough acquired the site in December 2021. D2 Capital Advisors consulted with Breakthrough on the site selection and served as the debt financing advisor for the project.
“D2’s local expertise and market insight were extremely valuable to Breakthrough throughout both the acquisition and financing process,” said Dan Belldegrun, CEO of Breakthrough Properties. “Their team’s flexibility, creativity, and understanding of our business helped make it possible for us to obtain financing in this complex lending environment.”
2300 Market sits in the heart of Center City West, which will benefit from roughly $1 billion of new investment between projects completed and under construction in recent years. The project will be the first purpose-built lab space in Center City and offers close proximity to University City with all the amenities of Center City.
“Having a strong established sponsor in Breakthrough Properties with experience and a track record of success was fundamental in securing financing in a very challenging credit environment” said Jack Cortese, Vice President of D2 Capital Advisors. “Breakthrough has tremendous vision, and they are capitalizing on the explosive growth already underway in Center City West which will place 2300 Market in the center of terrific lifestyle amenities for their tenants.”
2300 Market will be Breakthrough’s first project in Philadelphia. Other notable Breakthrough projects include The 105 by Breakthrough in Boston, home to CRISPR Therapeutics’ U.S. research facility; the 10-acre Torrey View by Breakthrough campus which will house global medical technology company BD (Dickinson and Company)’s growing BD Biosciences division in San Diego; Trinity House in Oxford, England; and The Vitrum Building, located in St. John’s Innovation Park in Cambridge, England.
Construction is already underway with a projected delivery for start of tenant fit-out in the summer of 2024. Hunter Roberts is serving as construction manager, KieranTimberlake is the project architect, and Cushman & Wakefield is the exclusive leasing agent.