Breakthrough Properties Secures $130M Construction Loan For Life Sciences Building In Philadelphia

A best-in-class life science building has been financed and construction has commenced at 2300 Market Street in Philadelphia's Center City District. The property, spanning 223,000 square feet, is owned by Dan Belldegrun of Breakthrough Properties and represents a prime investment in the flourishing life sciences sector. The building is set to become a prominent feature of the vibrant Philadelphia market.

Summary of transaction details

• Property Type: Life Sciences
• Transaction Amount: $130,000,000
• Address: 2300 Market Street
• Market: Philadelphia
• Asset Size: 223,000 square feet

The $130 million construction loan for the project has been provided by Corebridge Financial. Working alongside Breakthrough Properties, Philadelphia-based D2 Capital Advisors, represented by Jack Cortese and David Frankel, played a key role in securing the financing. With the backing of Tishman Speyer and Bellco Capital, Breakthrough Properties continues to expand its global portfolio of life sciences real estate, driven by its commitment to innovation and growth.