Newmark Represents 26,200-Square-Foot Lab Lease in Lower Gwynedd, PA
Philadelphia, PA (July 11, 2022) — Newmark1 announces the 26,200-square-foot lab lease at Spring House Innovation Park (“SHIP”) located at 727 Norristown Road in Lower Gwynedd, Pennsylvania. Newmark Managing Director Justin Bell represented the tenant, FlowMetric LLC a KCAS company (“FlowMetric”) in the lease transaction.
FlowMetric is an industry leading contract resource organization (CRO) specializing in flow cytometry and cellular assay R&D services, with offices in Doylestown, Pennsylvania and Milan, Italy.
“This project has been in the works for many years and as we explored different life science options in the market, we kept returning to the Spring House Innovation Park,” said Bell. “It is truly exciting to help FlowMetric realize its goal of designing a first-class lab facility that will fuel the company’s growth moving forward.”
“The Spring House Innovation Park checked all the boxes we were looking for—well-capitalized ownership, attractive economics, convenient location, lab-ready infrastructure and on-site amenities that will help FlowMetric thrive in a unique campus environment,” said Ren Capocasale, Vice Chair & Founder of FlowMetric.
SHIP is a premier, 600,000-square-foot life science, office and research campus in suburban Philadelphia. The park offers move-in ready and build-to-suit laboratories, state-of-the-art R&D facilities and Class A office space, and will feature campus amenities including an eatery, walking trails, conference and event space and a fitness center. Beacon Capital Partners, a private real estate firm with a 75-year legacy of successful real estate development, management and transformation, owns the property through a joint venture with MRA Group, a privately held, multi-disciplined real estate solutions firm which also serves as the property manager.
Greater Philadelphia is one of the largest life science markets by employment and laboratory inventory nationwide, according to a report from Newmark Research. This is supported by the area’s rich concentration of colleges and universities, renowned healthcare institutions and a strong legacy of pharmaceutical manufacturing. The market’s world-class healthcare and educational institutions have fostered expanding innovation in biotech research and development, especially relating to novel gene and cell therapies. Demand from research institutions and biotechnology and pharmaceutical companies remains high, with an estimated 2.5 million square feet of active tenant requirements as of early 2022.
1 Dba Newmark Real Estate in Pennsylvania
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Press Contact: Lizzy Mahan