This Week’s Philadelphia Deal Sheet: Life Sciences Space Leases Up In Exton
Capitalizing on a niche market focused on medical manufacturing companies, Hankin Group has announced a new lease in Exton.
The firm’s Eagleview development has added Koko Medical, a startup specializing in postpartum hemorrhage intervention, to its tenant roster at 770 Pennsylvania Drive. The company will take up a 20K SF space in the near fully leased 63K SF development, Hankin Chief Operating Officer Michael Hankin told Bisnow.
“We've delivered more than 1M SF of life sciences and research development clients in Eagleview itself, with tenants including West Pharmaceuticals, Takeda, Castle Creek Biosciences and many more,” he said. “At this point we're around 98% leased in just that spectrum of life sciences space.”
Hankin said if demand was great enough, the company would be expanding and seeking out similar tenants.
“In fact, we're just starting to break ground on a 63K SF life sciences building at 100 Arrowhead Drive,” he said. “We definitely see this as a niche.”
This week, Pennsylvania Gov. Josh Shapiro promised to create a regional life sciences “triangle” akin to the Research Triangle in North Carolina, according to the Philadelphia Business Journal. Shapiro's announcement puts an exclamation point on one of five key pillars of his 10-year economic development plan introduced in January.
SALES
J.P. Petrucci purchased a 21K SF warehouse in Bucks County at 32 Appletree Lane in Pipersville from Watson-Marlow Technology Solutions.
DEVELOPMENT
D3 Development and Concordia Group have proposed 441 residential units at the Northbank development along the Delaware River, a 39% larger project than the duo had originally planned for the site, according to the PBJ. The property will be split into a 307-unit apartment building and 134 townhouse units.
CORRECTION, SEPT. 20, 4 P.M. ET: This story has been updated to correct the name and title of a commenter.
