Race Streets Labs, the new 180,000-square-foot complex carved out of a portion of the former Hahnemann University Hospital, has welcomed its first tenant, writes John George for the Philadelphia Business Journal.
Zahav Biosciences has taken 8,200 square feet of built-out lab and office space across the building’s 15th floor, becoming Race Street Labs’ first occupant.
The floor below Zahav has been renovated similarly and is being marketed to prospective life sciences tenants.
Two additional floors are in the process of being built out for labs and offices and are expected to be completed this summer.
Iron Stone Real Estate Partners, a Philadelphia-based real estate firm, acquired Hahnemann properties out of bankruptcy for $36 million in 2021.
By the end of the year, Iron Stone anticipates having another two floors set up for use by multiple tenants.
Jason Friedland, co-owner and director of operations and investments at Iron Stone, sees the tide turning in the local pharmaceutical and biotechnology industry.
“The market has picked up. … We have noticed that tours have picked up substantially in the past few weeks,” he said.
Race Street Labs has a big role to play in providing a space for that growth.
“Our competitive edge is our Center City location,” Friedland said.
Read more about Race Street Labs in the Philadelphia Business Journal.
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Editor’s Note: This post first appeared on PHILADELPHIA Today in February 2023.
