CBRE today announced that it has arranged leases for two life sciences companies at the Blue Bell PROTECS Innovation Center—a two-story, 50,000 sq. ft. lab and life sciences building owned by 4 Valley Square Group, LP.—located at 512 Township Line Road in Montgomery County, Pennsylvania.
KorGene, a market leader in developing targeted, molecular diagnostics, will occupy 8,259 sq. ft., while ThirdLaw Technologies, a company with expertise in synthetic and computational chemistry, pharmaceuticals, biotechnology, biologics and medical devices, has committed to 4,808 sq. ft.
CBRE’s Paul Touhey and Cody Lehrer represented ownership during the lease negotiations. Christopher R. Di Paolo,the principal of 4VSG, is also the president and founder of PROTECS, LLC, a full-service national design/build and construction management firm solely focused on providing regulated high-tech industries with professional services for R&D and manufacturing operations from project inception to full occupancy.
“The suburban Philadelphia life sciences real estate market has remained very strong during the COVID-19 pandemic,” said Touhey of CBRE. “These two tenants were attracted to the existing lab infrastructure and required quick occupancy of the space, a trend we are seeing more of during the pandemic. 512 Township Line Road has been dormant for nearly 10 years and by PROTECS applying their proven Innovation Center model to adaptively repurpose the building, it has been brought back to life in less than six months.”
Additionally, 4VSGis well underway with large-scale capital improvements at the property, which include modernizing interior common areas along with updating building façade and exterior hardscaping. Renovations are scheduled to be completed by the end of Q3 2020.4VSG is also planning to move forward with speculative lab space at the Blue Bell PROTECS Innovation Center to better accommodate some of these fast-moving, turnkey requirements.
“The limited supply of lab space in the region,coupled with the increasing demand from life sciences occupiers bodes well for this asset going forward,” added Cody Lehrer.“We are in conversations with a variety of tenants ranging from 5,000-37,000 sq. ft. about our remaining availability and are excited to be able to showcase the renovations when they are completed in the next few months.”
“The robust infrastructure of this property combined with our experience in cost effectively delivering space to research and development tenants is a huge advantage to current and prospective tenants, said DiPaolo.
In addition to512 Township Line Road,PROTECS has three other Innovation Centers; one in King of Prussia and two in Plymouth Meeting totaling which total 120,000 sq. ft.that contain 16 technology and life sciences companies.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.