JLL's Capital Markets group announced that it has arranged a $290 million construction loan that will allow project partners Gattuso Development Partners and Vigilant Holdings of New York to build a research facility at 3201 Cuthbert Street, an 11-story life sciences development in the heart of Philadelphia's University City submarket. Working on behalf of Gattuso and Vigilant, JLL secured the loan through Corebridge Financial, as well as an additional equity commitment through The Baupost Group. Designed by world-renowned architect Robert A.M. Stern Architects, the LEED Gold-certified building will be the largest life sciences research and lab facility in the city – featuring 519,647 square feet of wet lab /dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls.

Critical lab infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best practice chemical storage space and ph neutralization capability, six enclosed loading docks and generous space for tenant equipment and vertical shaft infrastructure. SmartLabs and Drexel University have pre-leased 45% of the lab space. This will mark SmartLab's seventh location and first commitment to a market outside of San Francisco or Boston, demonstrating the strength of the Philadelphia life sciences market, which was ranked fifth in the nation in JLL's 2022 Life Sciences Lab Real Estate Outlook.

3201 Cuthbert St. benefits from its location on Drexel University's campus in University City, which is the epicenter of Philadelphia's life sciences market and a global hub for gene and cell therapy, a growing segment of the sector. University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world.