PHILADELPHIA, PA – CBRE has announced an expansion of its LifeSciences Consulting Practice into the greater Philadelphiamarket.

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CBRE's latest research suggests that more than 1 million squarefeet of life sciences real estate requirements have entered thePhiladelphia region within the past 12 months.  The firmintends to capitalize on the market's growing demand by expandingits Life Sciences Consulting Practice with a local Philadelphialife sciences team.

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According to CBRE research, life sciences venture capitalfunding in Pennsylvania has experienced a more than 350% increase;totaling more than $392 million year-to-date, compared to $86.7million within the first half of 2019. The firm reports that thefunding in Pennsylvania ranges from $250,000 to $200 million, withfirms growing and in need of various-sized spaces.

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CBRE's Life Sciences Consulting Practice is led by Boston-based,Steve Purpura. Purpura will now oversee more than 110professionals, spanning Philadelphia to Boston.

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The advisory group has been involved in more than 15 millionsquare feet of life sciences transactions throughout the past fiveyears. The group's specialized professionals offer experience inproject leasing, tenant representation, investment sales,structured finance, project management, labor analytics andworkplace strategy.

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The new team is currently active on multiple projects throughoutthe greater Philadelphia region, including arranging renovationfinancing for the more 1.6 million-square-foot, Discovery Labsinnovation hub in King of Prussia, PA.

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The regional life sciences team is comprised of Bob Zwengler,Ken Zirk, Matthew Knowles, Anthony Pell, Phil Share and others.

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CBRE Group Inc., headquartered in Los Angeles, is one of theworld's largest commercial real estate services and investmentfirms. The Fortune 500 and S&P 500 company offers a range ofcommercial real estate services and currently employs more than80,000 professionals across 450 offices worldwide.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.