Philadelphia

The authority states that new name more accurately reflects the park's life sciences focus and the spectrum of companies located there.

“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.

Tenants at the 302,346-square-foot property include Ross Dress for Less, TJ Max, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden.

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.

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.

The expansion of HealthHUB was just one of a number of initiatives announced by CVS Health at its 2019 Investor Day today as the company moves forward after its $69-billion merger with Aetna that was completed in November 2018.

NHI, headquartered in Murfreesboro, TN is the managing member and will own 97.5% of the joint venture equity and Bonita Springs, FL-based Discovery will own 2.5%.