More Center City Office Landlords are Seeking Refuge in Lab Space Conversions

The owner of a 120,000-square-foot office building on Chestnut Street is willing to spend more than $40 million to convert it into lab space in a play to attract life sciences companies and fill its pending vacant space.

Rebranded as 2323 Chestnut St., Miller Investment Management is marketing the building long known as 2301 Chestnut St. for redevelopment into lab and related manufacturing space. Its plans entail retrofitting existing space into labs and extending the structure by two stories, adding another roughly 44,000 square feet to it.

Longtime tenant Jacobs Engineering, which has occupied the building in one iteration or another for the last two decades, is expected to leave in January 2022 when its lease expires, leaving Miller with few options to backfill it. In a market where demand for office space continues to decline, landlords are scrambling to find ways to fill empty space and making a play for life sciences tenants has become the most popular pivot.

The building at 2323 Chestnut joins a growing list of buildings in Center City looking at this option. So far, eight buildings with a total of more than 1.7 million square feet are being repositioned to attract life sciences companies.

*Article courtesy of The Philadelphia Business Journal

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