PHILADELPHIA | 3201 Cuthbert Street | 251 FT | 12 FLOORS

[mcgrath618]

AND MYERS HALL IS GETTING DEMOLISHED LET'S GOOOOO

Title: 3201 Cuthbert Street
Project: Lab/Office
Architect: Robert AM Stern
Developer: Gattuso & Drexel University
Location: 3201 Cuthbert Street, Philadelphia, PA
Neighborhood: University City
District: West Philadelphia
Floors: 12 floors
Height: 251 feet





Drexel, Gattuso Development Partners to build $400M life sciences project

A venture that involves Gattuso Development Partners and Drexel University plans to build a $400 million, 500,000-square-foot life sciences research and lab building on the school’s campus in University City.

The 11-story project will be developed at 3201 Cuthbert St., which is currently a recreation field used by Drexel and located next to the Armory.

Gattuso, which is leasing the parcel from Drexel, has also partnered with New York-based Vigilant Real Estate Holdings and Boston-based the Baupost Group on the project. Robert A.M. Stern Architects designed the building.

The structure has been designed to function as a dedicated research building with expansive heights, a special mechanical system used in laboratory research, fully enclosed loading docks, and extra space designated for equipment.

“One of the things recognized by groups around the country is the emergence of Philadelphia as a center for life sciences," Gattuso said. "Historically, there has been two, Boston and the Bay Area in San Francisco. The consensus is Philadelphia will be the third center to emerge and because of that increased recognition nationally, this is a place where people need to be. That is the case for tenants, capital and talent.”

The building is already 55% pre-leased. Drexel intends to occupy 60,000 square feet for academic and research uses and several undisclosed life sciences tenants have signed commitments to lease space in the building.

Drexel plans to relocate the recreational uses that will be displaced by the new building to its Vidas Athletics Complex and new green space will be created at the current site of Myers Hall, which will be demolished.

Groundbreaking for the building is expected this fall with a projected completion by fall 2024.

https://www.bizjournals.com/philadel...Pos=6#cxrecs_s

[summersm343]

Fantastic project! UCity is on absolute fire!!

[summersm343]

Amid a Philly lab space shortage, Drexel is building a 500K-square-foot life sciences hub

Read/view more here:
https://technical.ly/civic-news/drex...s-development/

[mcgrath618]

Though, I have to wonder.

The article says that this is 55% Leased. With delivery in 2024.
Meanwhile, WTF is Brandywine doing????? Schuylkill Yards keeps lagging behind!

[McBane]

What makes Brandywine's foot dragging all the more annoying is that they own the primo lots in and around 30th Street, a current deadzone that has improved considerably in recent years but still has long stretches of blank walls and empty lots. The SY lots are key to giving the area a unified, pedestrian friendly vibe.

[Nova08]

Some of the recent proposals are for Q4 '22 or Q1 '23 starts which gives Brandywine time to start something that is already "in motion" like the 2nd JFK building. Either way, Brandywine's inaction continues to be surprising given all of the other action around them and the continued reports (e.g. CBRE) that demand outweighs supply in the Philadelphia area.

Based on the general in-office work environment and the maturity of the biotech industry in Philadelphia I think it is going to be hard for them to find an anchor tenant that will take 250k+ sq feet. Unless there is another Philadelphia biotech ready to make a move into the Spark category. It sounds like many of the new/proposed buildings are comprised of tenants with less than 100k sq ft. Someone correct me if I wrong.

[summersm343]

Well, we know Brandywine is building 3025 JFK which has 200,000 square feet of life sciences space, and they're about to start 3151 Market which has 417,000 square feet of life sciences space...

Maybe with them building 600K of life sciences space, PLUS this Gattuso building, the 3801 Chestnut building, 3.0 University Place, One uCity Square and 3838 Market, PLUS other stuff going on in uCity and the Navy Yard... maybe they decided to just pump the breaks to see how this all absorbs?

At the very least, maybe they're working on getting 3001 JFK up and running too. If Dechert is moving to this building, they could put them in the middle floors, and turn the first floors and top floors into Life Science space? The floor plates seem large enough to me.

[McBane]

^ True. With all these recent announcements, it may very well be prudent for Brandywine to take a wait and see approach. But prior to these new projects, Brandywine was in a much much better position to develop their plans and be first to market; they had the plans, owned the properties, and probably have a team dedicated to getting leases. And all of a sudden a rash of new developers, even out of towners, were able to jump ahead of Brandywine? Certainly makes you wonder.

Is Brandywine being too conservative after years of being a bit of trailblazer? On the other hand, they should know the market better than most developers and of course have more knowledge than us. I'd be very interested to understand their line of thinking.

[summersm343]

How About Another New Lab for University City?

Current site:



Renderings:





Read/view more here:
https://www.ocfrealty.com/naked-phil...niversity-city

[colemonkee]

Love the design, but is this taking out a park or a parking lot?

[PHLtoNYC]

Originally Posted by colemonkee

Love the design, but is this taking out a park or a parking lot?

Buckley playing field. https://www.google.com/maps/@39.9571...!7i5504!8i2752

Per Drexel, Myers Hall (down the street) will be demolished and replaced with outdoor recreational space.

[gjrip]

Myers is finally gonna die, I never thought this day would come. Great lot for green space too, given the location next to the other dorms, Race Lawn, the community garden, and Drexel Park. This is an awesome project, can't believe I'm just noticing this thread! Building looks sharp.

[volguus zildrohar]

This is what the fourth time Myers was supposed to be demo'ed?

I'll believe it when it happens.

[mcgrath618]

CDR Submission

Official height is 251' from 32nd Street

[McBane]

Wow 250 feet on only 12 floors!

[phishtown]

I was disappointed by the removal of student rec space at my old school, even knowing they plan to add some by tearing down Meyers.
But now after seeing the CDR I feel better about it. They're adding a lot of retail to 33rd street, and the new Cuthbert Walk looks pretty nice. I also like fancy new buildings haha

[gjrip]

That looks really great!! So glad to see this moving.

Originally Posted by phishtown

I was disappointed by the removal of student rec space at my old school, even knowing they plan to add some by tearing down Meyers.
But now after seeing the CDR I feel better about it. They're adding a lot of retail to 33rd street, and the new Cuthbert Walk looks pretty nice. I also like fancy new buildings haha

I can agree with the sentiment for sure. But honestly I wouldn't be surprised if the footprint of the Myers lot is actually larger than that of Buckley. It might be a net positive regarding green space, since Myers is sooo long and spread out. Hope so! Either way it's definitely comparable.

[PHLtoNYC]

Originally Posted by gjrip

That looks really great!! So glad to see this moving.



I can agree with the sentiment for sure. But honestly I wouldn't be surprised if the footprint of the Myers lot is actually larger than that of Buckley. It might be a net positive regarding green space, since Myers is sooo long and spread out. Hope so! Either way it's definitely comparable.

It's definitely a bigger plot, and more central to the dorm buildings. This will be a huge improvement for Drexel. And the separate project at 3151 Market is another game changer.

[PHLtoNYC]

Small update.

Update: More Details for a Glimmering New Lab at 3200 Arch St.

https://www.ocfrealty.com/naked-phil...t-3200-arch-st

[summersm343]

Update: More Details for a Glimmering New Lab at 3200 Arch St.

Current site:




Project renderings:






Future "Cuthbert Walk":


Site plan:


Read/view more here:
https://www.ocfrealty.com/naked-phil...t-3200-arch-st