New Jersey

Both renovated buildings have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation.

“Building communities requires some sort of incentives program—but it must be one that is predictable and sustainable, transparent and accountable, and smartly devised and strategically deployed,” said Gov. Murphy in his address.

Discovery Labs is targeting major markets across the US and also has several international locations in its plans as well. Target domestic markets include: Boston; New York City; Northern New Jersey; Washington, DC; Raleigh-Durham, NC; Chicago, Houston, Austin, San Diego, Los Angeles, San Francisco and Seattle.

Since the $61-million purchase, the new ownership has engaged in a more than $10-million capital improvement program aimed at creating a modern and flexible industrial property.

The two firms state that the property, which is expected to be completed and ready for occupancy in the first quarter of 2021, will “deliver the critical infrastructure and support network needed to advance biomedical research.”

“CBRE continues to heavily invest in our retail practice in both Center City, Philadelphia and the extended surrounding suburbs,” says Adam Kohler, EVP at CBRE.