Former CEO of Amstar Global and co-head of AIG/Lincoln has overseen more than 13 million square feet and $10 billion of commercial development
PHILADELPHIA, July 28, 2022 (GLOBE NEWSWIRE) — Philadelphia’s life science corridor is one of the top 10 life sciences research talent clusters in the United States, according to a report from CBRE, but needs development space that can keep up with the pace of innovation. Aviridi, a life sciences company and Qualified Opportunity Zone Business, has committed to meeting that growing demand.
The company announced the addition of real estate development veteran Jeffrey Rutishauser as strategic advisor and the acquisition of an 11-acre industrial land parcel in Pottstown, Pennsylvania, to develop as a manufacturing facility.
Rutishauser has more than 30 years’ commercial real estate development experience across the Americas and Europe, was chief executive officer of Amstar Global Partners Ltd., and managing director and co-head of AIG/Lincoln, a multi-billion dollar developer.
“Jeff brings a rich set of experiences to Aviridi, including deep knowledge of the development process, project financing, and the capital markets,” said Jamie Anderson, co-founder of Aviridi. “His experience with large-scale development projects is unparalleled and will help us continue to build Philadelphia’s growing life sciences corridor.”
According to a Life Sciences Trend Report from CBRE, biotechnology research and development jobs are growing at their fastest pace on record, but available laboratory space is at a premium, with demand in Q3 2021 up nearly 40% from Q1 in the Philadelphia region.
“As we have seen through multiple business cycles, real estate adapts to the evolving needs of the end-user,” Rutishauser said. “Life sciences real estate is entering an opportunistic phase where new technologies require flexible, cost-effective lab and manufacturing space, so the next wave of leading biotech firms can be successful.”
Aviridi intends to prep the 11-acre site for redevelopment as an Opportunity Zone facility and to position the site with a life sciences anchor tenant prior to breaking ground on new construction. Aviridi believes that investments in advanced biofermentation—the manufacturing process of biosynthesis combined with fermentation—are critical to creating a sustainable future and better products.
Learn more about biofermentation and how life sciences can help create a sustainable future.
About Aviridi
Aviridi is a life sciences platform and Qualified Opportunity Zone Business that enables more efficient, sustainable, and consistently high-quality ingredients for pharmaceuticals, nutraceuticals, and consumer products. Through its life sciences R&D and biofermentation capacity, Aviridi aims to relieve the strain on global supply chains and meet consumer demand while creating a more sustainable world. Learn more at Aviridi.co.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
