CBRE Arranges Lease for Life Sciences Company in Philadelphia
Century Therapeutics will occupy 32,500 square feet of office and lab space in the new, mixed-use community, One uCity Square.
PHILADELPHIA – CBRE has arranged a long-term lease for biotechnology company, Century Therapeutics in Philadelphia.
The lease encompasses 32,500 square feet of new office and lab space within in One uCity Square, a 400,000-square-foot mixed-use community, comprising class-A office, lab and retail space. Located in Philadelphia’s University City neighborhood, the mixed-use community is a joint-venture between University City Science Center, Wexford Science & Technology LLC and Ventas Inc.
The development recently broke ground and is expected to deliver in early 2022. Century Therapeutics will occupy the space within the city’s growing life science ecosystem, upon completion.
According to CBRE research, Pennsylvania’s life sciences venture capital funding has totaled more than $392 million year-to-date, compared to $86.7 million within the first half of 2019; representing a more than 350% increase. The funding in Pennsylvania ranges from $250,000 to $200 million, with firms growing and in need of various-sized space of all sizes.
Century Therapeutics has retained CBRE project management team member, John Richards to oversee the design and construction of its new office space.
Negotiating the lease on behalf of Century Therapeutics was CBRE’s Philadelphia life sciences team of Bob Zwengler, Matthew Knowles and Anthony Pell, alongside CBRE’s life science consulting team of Eric Smith, Joseph DeRosa and Steve Purpura.
Century Therapeutics launched in 2019 to focus on developing cell therapies.
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 100,000 professionals across 530 offices worldwide.