CBRE Expands Life Sciences Group into Greater Philadelphia
With the new regional team, the firm aims to capitalize on its research, suggesting a growing demand of life sciences real estate within the market.
PHILADELPHIA, PA – CBRE has announced an expansion of its Life Sciences Consulting Practice into the greater Philadelphia market.
CBRE’s latest research suggests that more than 1 million square feet of life sciences real estate requirements have entered the Philadelphia region within the past 12 months. The firm intends to capitalize on the market’s growing demand by expanding its Life Sciences Consulting Practice with a local Philadelphia life sciences team.
According to CBRE research, life sciences venture capital funding in Pennsylvania has experienced a more than 350% increase; totaling more than $392 million year-to-date, compared to $86.7 million within the first half of 2019. The firm reports that the funding in Pennsylvania ranges from $250,000 to $200 million, with firms growing and in need of various-sized spaces.
CBRE’s Life Sciences Consulting Practice is led by Boston-based, Steve Purpura. Purpura will now oversee more than 110 professionals, spanning Philadelphia to Boston.
The advisory group has been involved in more than 15 million square feet of life sciences transactions throughout the past five years. The group’s specialized professionals offer experience in project leasing, tenant representation, investment sales, structured finance, project management, labor analytics and workplace strategy.
The new team is currently active on multiple projects throughout the greater Philadelphia region, including arranging renovation financing for the more 1.6 million-square-foot, Discovery Labs innovation hub in King of Prussia, PA.
The regional life sciences team is comprised of Bob Zwengler, Ken Zirk, Matthew Knowles, Anthony Pell, Phil Share and others.
CBRE Group Inc., headquartered in Los Angeles, is one of the world’s largest commercial real estate services and investment firms. The Fortune 500 and S&P 500 company offers a range of commercial real estate services and currently employs more than 80,000 professionals across 450 offices worldwide.