JLL arranges major capitalization for Gattuso Development's new Philadelphia life sciences project

/PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a $290 million construction loan that will allow project partners Gattuso...

JLL arranges major capitalization for Gattuso Development's new Philadelphia life sciences project

The new state-of the-art building at 3201 Cuthbert Street is the city's largest life sciences research and laboratory facility.PHILADELPHIA -- December 19, 2022 /PRNewswire/ -- JLL Capital Markets announced today that it secured a $290 million construction loan for project partners Gattuso and Vigilant. JLL also secured a loan through Corebridge Financial and an additional equity commitment through The Baupost Group.

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Rendering 3201 Cuthbert Street

Robert A.M. Stern, a world-renowned architect, designed the LEED(r), Gold-certified building. It will feature 519,647 sq. feet of lab/dry space, 11,908 sq. feet of street-level retail space, and 137 underground parking spaces. Lab infrastructure is critical. This includes lab-friendly columns, increased floor-to-floor heights and an HVAC system specifically designed for lab research. It also features best-practice chemical storage space and pH neutralization capability. Six enclosed loading docks are available and ample space for tenant equipment. SmartLabs and Drexel University pre-leased 45%. 3201 Cuthbert St. is a prime location in University City. It is home to Drexel University, Philadelphia's largest university and an international hub for gene and cell therapy. This sector is growing. University City covers 2.4 miles. It is home to the largest concentration of life sciences and pharmaceutical companies, as well as teaching institutions and health systems. John Gattuso (Gattuso's President, and co-founder) said that he appreciated the opportunity to work with JLL on the capital stack. We are thrilled to start construction. "The project confirms Philadelphia's position as a global center for life sciences research. "JLL's Capital Markets Debt and Equity Advisory Teams were headed by Senior Managing Director Ryan Ade and Brett Segal. Segal and Ade stated that University City is in the top tier national life science markets and, like other prime markets, is facing a shortage due to high barriers to development. The market has responded well to the offer of 3221 Cuthbert, with 45% of the space leased. We expect the market to be very attractive due to the location of the proposed development, and the proximity to Drexel University and The University of Pennsylvania. This will allow for the attraction of best-in-class tenants. JLL's Capital Markets Group is a global provider of capital solutions to real estate investors and occupiers. This group has the ability to provide clients with best-in class solutions, whether it is for investment and sales advisory, debt advisory or equity advisory. Gattuso Development Partners develops exceptional, sustainable, high-performance workplaces. This platform draws on nearly 70 years combined experience in real estate and relationships to capitalize transactions of different sizes and risk profiles. Vigilant, which is led by David Fowler and is based in New York has over 1,000,000 square feet of life science developments on the east and west coasts. JLL is changing the face of real estate by using the latest technology to create amazing opportunities and sustainable real estate solutions that benefit our clients, their people, and communities. JLL, a Fortune 500 company, has operations in more than 80 countries and more than 102,000 employees worldwide as of September 30, 2022. JLL is Jones Lang LaSalle Incorporated's brand name and registered trademark. For further information, visit with Kristen Murphy, JLL Director, Public RelationsPhone: +1 617 543 4873Email: [email protected]SOURCE JLL