August 24, 2022 08:48 AM Eastern Daylight Time
The Curtis
CONSHOHOCKEN, Pa.–(BUSINESS WIRE)–Keystone Development + Investment has secured a $265.2 million loan from Nuveen Real Estate, an affiliate of Teachers Insurance & Annuity Associates of America (TIAA), to expand its Life Science conversion of The Curtis in Philadelphia, and to construct the mission-critical infrastructure required for the surging demand for lab space.
A portion of the funding will be allocated to infrastructure upgrades and leasing costs at The Curtis, validating the firm’s approach to adaptive reuse at a time when economic conditions make refinancing challenging. The proceeds of Nuveen’s loans are intended to provide sufficient capital to convert the next 200,000 square feet of space at The Curtis to cGMP and research laboratories over the next several years.
After purchasing the property in 2014, Keystone revitalized the ground-floor streetscape and building atrium, transformed existing office space into luxury residential units, and converted the former printing press space to wet lab space for life science companies like IMVAX, Vivodyne, and Aro Biotherapeutics.
BioLabs, the global pioneer in flexible, premier biotech lab space and services, selected The Curtis for their 53,000-square foot Philadelphia incubator and graduate suites facility, which offers emerging life science companies unparalleled turnkey support and a full growth pipeline in one location.
“We’re excited to give promising biotech startups a chance to start, grow, and stay in one building, embedded in a rich life sciences community,” says Melina Blees, PhD, Site Director of BioLabs Philadelphia. “Top biotech companies aren’t just looking for this year’s solution—they’re thinking two to five years out, into the clinic and beyond. We’re proud to offer top emerging biotech companies a full growth plan in one beautiful, highly resourced and connected location.”
About Keystone Development + Investment
Keystone is a vertically integrated commercial real estate development and investment company. It delivers value for investors and tenants by creating mixed-use developments that revitalize neighborhoods, empower people, and drive productivity and collaboration. Headquartered in West Conshohocken, PA., its portfolio of iconic projects attracting world-class companies includes 10 million square feet of office and mixed-use properties with 2 million square feet under development and spans locations along the East Coast. Keystone has offices in Philadelphia, PA, Morristown, NJ, and Miami, FL.
For more information, please visit www.keystone.us.
Contacts
Media
Britni Ackrivo
Gregory FCA
backrivo@gregoryfca.com
484-504-9920
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