CBRE Announces Major Life Sciences Expansion into Greater Philadelphia Market

26 May 2020

Philly Life Sciences Expansion copy

CBRE announced today a major expansion of its Life Sciences Consulting Practice into the greater Philadelphia market. 

The announcement comes at a time when, according to the latest CBRE Research, more than one million sq. ft. of life sciences real estate requirements have entered the market in the Philadelphia region over the past 12 months. As a result of this growing demand and with Philadelphia poised to become the next life sciences hotspot in the U.S., the CBRE Life Sciences Consulting Practice, led by Boston-based Steve Purpura, will now include the local Philadelphia life sciences team, comprised of Bob Zwengler, Ken Zirk, Matthew Knowles, Anthony Pell, Phil Share, and others. 

“Our unmatched life sciences practice in Boston is expanding through the Northeast corridor to lead our local life sciences group,” said Adam Mullen, CBRE Market Leader for greater Philadelphia. “As this sector continues to rapidly grow in Philadelphia, we see a tremendous opportunity for our regional life sciences platform to deliver exceptional outcomes for property owners and occupiers in the market.”

Year-to-date, life sciences venture capital funding in Pennsylvania has totaled greater than $392 million, compared with just $86.7 million over the first half of 2019, representing a more than 350 percent increase, according to CBRE Research. The funding in Pennsylvania ranges from $250,000 to as much as $200 million, with firms at every stage of the life cycle growing and in need of space of all sizes.

“Philadelphia has been at the forefront of the explosion of genomics-based research and the region has emerged as one of the fastest-growing life science centers in the world,” said Mr. Purpura. “We are very bullish on the growth of the life sciences market in Philadelphia and plan on putting our knowledge and resources to work in the region.” 

With the inclusion of the Philadelphia life sciences team, Mr. Purpura will now oversee more than 110 professionals spanning from Philadelphia to Boston. CBRE’s Life Sciences Consulting Practice is one of the most active life sciences real estate advisory groups in the country and has been involved in over 15 million sq. ft. of life sciences transactions over the last five years. 

The group includes specialized professionals in project leasing, tenant representation, investment sales, structured finance, project management, labor analytics and workplace strategy. The team is already active on multiple projects in the greater Philadelphia region, including arranging renovation financing at the 1.6 million sq. ft. Discovery Labs innovation hub in King of Prussia, Pennsylvania. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.