Philly Medical Space

SIGNAGE_PA_MEDICALWolf Commercial Real Estate is the Philadelphia commercial real estate broker that can transform your Philly medical space goals into reality.  Whether you are planning to buy, sell, lease or rent medical space in Philadelphia, we are the go-to team of commercial real estate professionals that can help you meet all your medical space in Philly needs.

As a premier Philadelphia commercial real estate brokerage firm, we are the unparalleled experts in the Philly medical space market.  We work hand in hand with our clients to help them realize their goals by providing ongoing detailed information about available medical space in Philadelphia.  As a leading Philadelphia commercial real estate broker, Wolf Commercial Real Estate offers proven expertise and the highest standard of service in the Philly commercial real estate market.

Owners who are planning to sell and/or lease their medical space in Philly can depend on Wolf Commercial Real Estate for a customized, defined marketing process that is unmatched in the Philadelphia commercial real estate market.  This decidedly successful marketing strategy from an experienced Philadelphia commercial real estate brokerage firm puts your medical space in Philly in front of the buyers and tenants who are actively looking for available Philadelphia medical space.

For clients planning to buy or lease new medical space in Philadelphia, the team at our Philadelphia commercial real estate brokerage firm acts as the strategic partner who can identify the Philadelphia medical space that is ideal for their needs.  Our team of seasoned commercial real estate professionals will ensure that the sale or lease terms for our client’s new medical space in Philly perfectly complements their real estate goals.

For more information about Philly medical space, look no further than the team at Wolf Commercial Real Estate, the Philadelphia commercial real estate broker that offers unequaled service to the Philadelphia commercial real estate market.

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University City Building Sells for $79M as Life Sciences Market Remains Red Hot

GI Partners, a San Francisco investment firm, has paid $79 million, or roughly $567 a square foot, for 3701 Market St. in the University City neighborhood of Philadelphia.

The sale of the 8-story, 141,913-square-foot building highlights how life sciences properties trade at a premium and continue to attract outside real estate investors to Philadelphia and the region.

Spring House Innovation Park in Lower Gwynedd, a building that houses the University of Pennsylvania’s translational research lab at 125 S. 31st St. in University City along with the WuXi Apptec portfolio at the Philadelphia Navy Yard are among life sciences and health care properties to have recently sold to national firms from outside of the Philadelphia area. In other cases, international firms have also made investments in these Philadelphia properties.

The sale prices of those properties have been steep. For example, 125 S. 31st. sold last December for $634 a square foot and an equity stake in Spring House Innovation went for $211 a square foot that same month.

Interest in the life sciences sector has gained momentum as a result of how the city and region are positioned as a leader in cell and gene therapy.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Four Story Philly Medical Space for Sale on Locust Street

1200 Locust Street, Philadelphia, PA

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, now has available Philly medical space for sale in a four-story building at 1200 Locust Street Philadelphia PA.

Please call for the asking sale price of this medical space for sale in Philly. For additional information, contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This Philly medical space for sale at 1200 Locust Street Philadelphia PA is in the heart of Center City Philadelphia. In addition, this medical space in Philly is an income-producing property with a tenant currently in place.

Medical equipment and facilities included in the purchase of this Philly medical space for sale at 1200 Locust Street are an operating room, multiple private offices, multiple exam rooms, and two reception areas. This medical space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

Nearly 77.000 potential customers live within a one-mile radius of this Philly medical space for sale at 1200 Locust Street Philadelphia PA through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.  The average household income in the same five-mile radius of this Philly medical space for sale is $83,294.

For more information about this Philly medical space for sale at 1200 Locust Street Philadelphia PA, or about any other Philly commercial properties for sale, please contact Sean Kelly (856-630-5806; sean.kelly@wolfcre.com) or Phil Costa (215-799-6195; phil.costa@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, medical buildings, and other Philly commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of Philly commercial properties for sale through our Philly commercial real estate brokerage firm.

Life Sciences Companies Sign HQ Leases in Chester County as Deals Begin to Pick Up

Three life sciences companies have leased space for their headquarters in two different corporate centers in Chester County, making long-term commitments to the region.

Though it explored options in the suburbs and Philadelphia, Castle Creek Biosciences Inc. decided to stay in its 86,500 square feet at Eagleview Corporate Center in Exton, where $20 million will be spent in upgrades to the company’s manufacturing and research space. It signed a 10-year deal.

Around the corner, Frontage Laboratories signed a 10-year renewal on its 80,000-square-foot headquarters at 700 Pennsylvania Drive in Eagleview. It also signed another 70,000-square-foot, 10-year lease in a nearby building in the office park where Hankin Group, the landlord, undertook a $15 million project to construct new labs.

Down Route 202, XyloCor Therapeutics, a gene therapy company working on a treatment for patients with cardiovascular diseases, signed a lease on 3,800 square feet at 1550 Liberty Ridge in Chesterbrook. The space will serve as the fledgling company’s first headquarters. It outgrew using temporary space at Life Sciences Pennsylvania offices off Swedesford Road in Wayne.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

After Nearly 2 years on the Market, Valley Forge Medical Center is Getting a New Owner

A Montgomery County behavioral health care hospital that was put up for sale nearly two years ago is getting a new owner.

Avenues Recovery Center of Lakewood, New Jersey, expects to close on its acquisition of Valley Forge Medical Center on June 14.

Financial terms of the deal are being kept confidential.

Valley Forge Medical Center, an 88-bed addiction treatment center in East Norriton, will become the ninth facility in Avenues’ growing national network.

Founded in 2016, Avenues Recovery Center has an existing local facility in Jamison, Bucks County. Its other substance abuse treatment centers are in Maryland, Louisiana, New Hampshire and Indiana.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Penn Medicine Planning $60M Parking Garage for Penn Presbyterian Campus

Penn Medicine plans to spend an estimated $60 million to build a new parking garage for the Penn Presbyterian Medical Center campus in West Philadelphia.

The 495,000-square-foot garage at 3800 Powelton Ave. is designed to have 1,439 parking spaces.

A Penn Medicine spokesperson said the structure will consolidate the parking spaces that are currently split between the existing garage on the Penn Presbyterian Medical Center campus, which will be demolished, and several satellite surface parking lots that serve the hospital.

The plan includes extensive pedestrian and traffic improvements to enhance safety in the area and ensure ease of access. As a result of working with local community organizations as part of the planning for the project, the spokesperson said, Penn Medicine will also provide support for a community garden and extensive greening measures for nearby areas.

The parking garage requires approval from the Philadelphia Zoning Board of Adjustment, which is scheduled to hold a meeting to review the project in mid-July. If the project is approved, Penn Medicine expects the parking garage will be completed in the summer of 2023.

Penn Medicine expanded the Penn Presbyterian Medical Campus in 2015 with the opening of a six-story, $144 million patient care pavilion at 38th Street and Powelton Avenue. The health system said last year it expects to add another building on the campus within the next five to eight years.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Mast Labs Surgical Training Center Coming to Philadelphia Navy Yard

The Philadelphia Navy Yard is getting another health care tenant later this year when Mast Labs opens an independent surgical training center at the site.

The first Mast Labs was established in Bethesda, Maryland, two years ago by Dr. Scott Faucett and Terence Redmond to serve the Washington, D.C., region.

Jeff O’Donnell Jr., who was recently named president of Malvern-based Waypoint Orthopedics, joined the Mast Labs group as a general partner to bring the organization’s first expansion site — with its own limited partnership of local surgeon investors — to Philadelphia.

“I’ve wanted to do something like this forever,” said O’Donnell, a health care entrepreneur who has spent the past decade in the medical device industry working for companies such as DePuy Synthes, Intact Vascular and Trice Medical. “There is no independent place companies can use for training. I talked with Scott and Terry and said we need to do this in Philadelphia. … This is a growing med-tech hub. There is a market here for something like this.”

O’Donnell said while large medical companies typically have cadaver labs at their headquarters where they can bring surgeons in for device demonstrations and training, smaller companies are left scrambling to rent space after hours at places such as ambulatory surgery centers or hospitals.

Such arrangements are not ideal, he said, because companies need to get in and out of such sites quickly, limiting their contact time for “relationship building” with the surgeons they hope become customers.

O’Donnell said they have raised just under $1 million to create and fund a 5,000-square-foot Mast Lab at One Crescent Drive in the Navy Yard.

Construction of the facility is expected to begin in the next few weeks with an opening targeted for September.

O’Donnell said the site will feature two wet labs, a lecture hall, modular space for large or small meetings, and locker rooms.

“We want to be that one-stop shop companies need,” he said. “When they have a new product, physicians need to be trained and the best way to do that is with a cadaver. Our site will have all the amenities companies need to do that training.”

O’Donnell said they selected the Navy Yard because of its centralized location in the Philadelphia region and its proximity to the Philadelphia International Airport, which will make it easy for companies to fly in experts to talk with doctors.

He expects the lab to be staffed by 20 to 25 per diem nurses and technicians, and projections are the facility will be profitable within two and a half years.

O’Donnell was named president of Waypoint Orthopedics earlier this month. He joined the company at the start of the year as vice president of business development and marketing.

Waypoint, which was founded last year, is developing instrumentation for use in spine surgery. The company, according to documents filed with the Securities and Exchange Commission, recently raised $600,000 through a private stock sale — augmenting the $300,000 in raised in December — to fund its ongoing product development efforts.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Children’s Hospital of Philadelphia Opens New Specialty Care Center in Abington

Children’s Hospital of Philadelphia (CHOP) today announced the opening of a new, 37,000-square-foot Specialty Care Center in Abington, PA. This is the latest expansion in the CHOP Care Network, which includes more than 50 primary care offices, specialty care and surgical centers, urgent care centers and community hospital alliances throughout Pennsylvania and New Jersey.

CHOP Specialty Care, Abington is located in the heart of Abington Township, at the intersection of Old York Road (Route 611) and Susquehanna Road. Designed to provide specialty care to patients in the surrounding communities of eastern Montgomery County, lower Bucks County and Northeast Philadelphia, the Center includes 28 exam rooms, as well as ancillary facilities including Audiology, Speech Therapy, Radiology (diagnostic x-ray) and EEG services.

“We are thrilled to introduce our brand-new facility, which will ensure that our patients continue to have access to high-quality, convenient care, closer to home,” said Michael J. Drnach, MBA, Assistant Vice President, CHOP Specialty Care Network. “With our Specialty Care Center in Abington, we aim to meet the needs of the growing patient population in Montgomery County, providing families a full range of specialty care services and features such as plentiful parking to make their experience as hassle-free as possible.”

Core outpatient services include Cardiology, Gastroenterology & Nutrition, Orthopaedics, Neurology, Endocrinology & Diabetes, Plastic Surgery, Ophthalmology and Pulmonology. An additional 10,000 square-feet has been earmarked for future clinical programs. Coming this summer, the new Abington facility will offer pediatric-specific after-hours urgent care for children and teens with mild-to-moderate illnesses or injuries that do not require the resources of an emergency room.

CHOP currently serves more than 1.3 million children each year on its main campus in the University City area of Philadelphia and as part of the CHOP Care Network. The Specialty Care Center in Abington joins five existing CHOP facilities in Montgomery County, in addition to a new inpatient hospital on the King of Prussia campus opening in Fall 2021.

*Article courtesy of CHOP.EDU

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Cancer Treatment Center of America-Philadelphia Closure Will Eliminate 365 Hospital Positions, Some May Find New Jobs With Temple

The closing of Cancer Treatments Centers of America’s Philadelphia hospital will result in the loss of 365 jobs, according to a notice filed with the state by the specialty medical center.

CTCA announced last week it was closing the cancer hospital at 1331 E. Wyoming Ave. in the Juniata Park section of the city. The for-profit company has entered into an agreement to sell the hospital building and its assets to Temple University Health System, in a deal that still requires the approval of the Pennsylvania Department of health.

In a Worker Adjustment and Retraining Notification filed by CTCA with the Pennsylvania Department of Labor and Industry, the company notes “some” of the displaced Philadelphia workers may be offered employment at affiliated entities outside of the state. The company’s other hospitals are in Atlanta, Chicago, Tulsa and Phoenix.

CTCA also stated it does not have an exact date for the closure of its facility; however, it anticipates that layoffs will begin after May 30.

In an interview with the Philadelphia Business Journal, Temple Health CEO Michael Young said the system wants to higher as many CTCA employees as possible. Young said Temple Health System is need of additional clinical and office space, and studying is studying how best to use the CTCA campus, which is less than two miles from Temple University Hospital in North Philadelphia.

CTCA, based in Boca Raton, Florida, operates a for-profit network of five cancer hospitals. In late 2005 it entered the Philadelphia market taking over what had been Parkview Hospital, a community hospital that was closed by Tenet Healthcare Corp. (NYSE: THC) two years earlier.

CTCA faced formidable competition here from three established cancer care providers in Philadelphia: Fox Chase Cancer Center, Jefferson Health’s Kimmel Cancer Center, and Penn Medicine’s Abramson Cancer Center.

In a statement released when the closing was announced, CTCA Philadelphia President Maria Scenna said Temple “is well-positioned to integrate the hospital into a broader continuum of care, while expanding access to their services for the local community.

“Our top priority will be to ensure the seamless transition of patient care as well as work with Temple Health on employee transitions,” she said. “We are proud that our investment here will continue to be a valuable resource for patients and the community it serves.”

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Penn Medicine and PHMC take over at Mercy hospital in West Philly

Penn Medicine

The University of Pennsylvania Health System early Thursday started running the emergency department at the former Mercy Hospital in West Philadelphia as part of a partnership with Public Health Management Corp., Independence Blue Cross, and Trinity Health, the hospital’s former owner.

The new name of the facility at 501 S. 54th St. is PHMC Public Health Campus on Cedar. In addition to the emergency department, Penn will operate about 100 inpatient beds — including bed for patients needing mental health treatment — under the license of its flagship Hospital of the University of Pennsylvania.

PHMC, which will own the building, plans to add additional services, including primary care, outpatient behavioral health services, and respite care for patients leaving a hospital but needing more recovery time before they can go home, PHMC’s chief executive Richard Cohen said.

Negotiations are underway with the Children’s Hospital of Philadelphia about what services that institution might provide. Cohen said it was possible that CHOP would be the second biggest tenant in the building behind Penn.

Penn, which is investing $30 million in the project, prepaid its $10 million lease, so PHMC could use that money to buy the building from Trinity, said Kevin Mahoney, CEO of Penn’s health system. Mahoney said Penn didn’t want to take over the whole building because it’s too big for Penn’s needs there.

Penn executives hope that over time with a stronger primary care base that the emergency room won’t need to have 48,000 visits a year, as it was doing, Mahoney said. “If we’re effective, 10 years from now, we don’t need beds or the emergency room because we’ve put other ambulatory services in place, doctors offices, primary care, maybe some specialty practices, better imaging.”

In a recent credit report, Standard & Poor’s described the effort at Mercy as an example of strong leadership at Penn Medicine.

“UPHS spearheaded the creation of a new entity, in partnership with other market participants, to assume control of a soon-to-be-closed neighboring hospital to spare the local community from a possible healthcare desert and prevent an influx of volumes at its already high-census downtown campuses,” S&P said.

Mercy, which was licensed for 157 beds when Trinity owned it, employed 800 in September when the sale to PHMC was announced. Penn said it offered jobs to 500 former Trinity employees in the areas of the hospital it is taking over. That includes jobs with vendors for food service and cleaning.

A job fair is scheduled for April 14 for openings in nursing, clinical operations, and support staff roles, Penn said.

*Article courtesy of The Inquirer

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

New Hahnemann Landlord Aims to Keep Drexel Labs in Philly, as school eyes Move to Former GSK Site in Montgomery County

Investment group Iron Stone Real Estate Partners has a deal to buy a section of the former Hahnemann University Hospital campus on North Broad Street that’s partly occupied by Drexel University’s medical labs.

But Drexel may not be sticking around for long: It is in talks to move those researchers to GlaxoSmithKline’s former pharmaceutical plant in Montgomery County.

Drexel is considering leasing about 300,000 square feet at the Upper Merion site to consolidate medical researchers now spread between the New College Building at 15th and Vine Streets on the former Hahnemann property and at its Queen Lane Campus in East Falls, said Alan Greenberger, Drexel’s newly appointed vice president of real estate and facilities.

Although Drexel’s “long-term” aim is to locate those labs near the school’s main campus in University City, there is no such space in the pipeline for delivery before its Hahnemann campus lease expires in mid-2022, said Greenberger, previously a city economic development official under then-Mayor Michael Nutter.

Separately, the University of Pennsylvania is said to be exploring a deal to lease space at the former GSK plant that includes an animal-research lab previously used by the drugmaker.

The suburban facility is coming into play as Philadelphia’s universities and other medical institutions come up against a dearth of available lab space in the city for life-science research, which has been a bright spot for the regional economy, said Joseph Fetterman, who leads the life-sciences practice at commercial real estate firm Colliers International.

Lab users “are working hard to find the right solution that aligns timing with the specialized nature of their needs,” Fetterman said. “There aren’t that many places to go.”

What once was the Hahnemann campus sprawls over nearly six acres, centered on Broad Street along the Vine Street Expressway, comprising seven medical buildings, a parking garage, and surface lots.

Iron Stone is under contract to buy the campus’ New College Building and other properties comprising about 800,000 square feet currently owned by Harrison Street Real Estate Capital of Chicago, said Jason Friedland, an Iron Stone partner.

The deal does not include the attached main hospital tower at Broad and Vine Streets or other properties owned by California-based investment banker Joel Freedman, who teamed with Harrison Street to buy Hahnemann and St. Christopher’s Hospital for Children near Kensington in 2018.

When Harrison Street and Freedman acquired the hospital properties, they set up the deal so that a separate Freedman-backed company called Philadelphia Academic Health System would lease most of that space as the operator of Hahnemann and St. Christopher’s.

Because of that arrangement, Harrison Street and Freedman’s group were able to retain ownership of the hospitals’ real estate when Philadelphia Academic filed for bankruptcy protection in June 2019.

Iron Stone bought St. Christopher’s and surrounding properties from Harrison Street and Freedman affiliates for $65.3 million in February 2020 so it could lease the hospital building to Drexel and Tower Health, which took over from Hahnemann as Drexel’s hospital partner after the Hahnemann bankruptcy.

At the Hahnemann campus on North Broad Street, meanwhile, Drexel remained a tenant of the medical labs in the New College Building after the bankruptcy left much of the rest of the campus vacant.

Jason Friedland, an Iron Stone partner, said his company agreed to buy that building and other Harrison Street-owned properties under the premise that Drexel would opt to have a new lab facility built for itself in University City within the next few years.

In that case, Iron Stone would aim for a deal with Drexel to renovate its existing lab space at the New College Building to tide over the university until its new facility is completed, Friedland said.

“There are other paths if they say ‘No,’ but we are going to try our best to provide them with something that helps them stay in the city,” he said. “We’ve literally said to them: ‘Just tell us what you need.’”

Greenberger said Drexel has multiple locations under consideration, but the only one he would discuss was the former GSK site at 411 Swedeland Rd. in King of Prussia.

Drexel has struck past development agreements with Wexford Science & Technology LLC and Brandywine Realty Trust. Both are building large office and lab complexes within blocks of the school’s main campus.

Greenberger declined to comment on whether Drexel was in talks with either developer about lab space for the university being included in their University City projects — uCity Square for Wexford and Schuylkill Yards for Brandywine.

A Wexford official declined to comment on Drexel’s lab plan. Brandywine did not respond to a message.

“A new building takes a bit of time to design and build, and we have leases that are expiring next year,” Greenberger said. “One way or another, we have to do something.”

If Drexel does move its labs to the former GSK space, it would be a boon to owner J. Brian O’Neill, a Main Line developer who has been promoting the property as part of a planned network of lab and office buildings occupied by life-science tenants.

The other components of what he has dubbed Discovery Labs consist of the Philadelphia Inquirer’s former Schuylkill Printing Plant and office-park buildings that O’Neill’s business bought from Liberty Property Trust.

Currently, the only known tenants at the 972,000-square-foot GSK building are the drugmaker itself, which remained at the site as a lessee, and Wuxi Biologics, a Shanghai-area-based biotechnology company. Together, the two occupy 120,000 square feet of the complex.

Penn is also in discussions to lease the animal-research lab — a “vivarium” — at the building that had been left behind by GSK when it sold the property, according to a person familiar with that university’s plans. The school has an immediate need for such a facility that the GSK site may be able to fulfill, the person said.

A Penn spokesperson did not respond to a message. O’Neill, who is also founder of the substance-abuse chain Recovery Centers of America, declined to comment on discussions with Drexel and Penn.

*Article courtesy of The Inquirer

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.