Swiss pharmaceutical firm Novartis and Penn Medicine unveiled the Novartis-Penn Center for Advanced Cellular Therapeutics. The $27 million, 23,610-square-foot center on University of Pennsylvania campus is meant to serve as an “epicenter” for research and early development of personalized cellular therapies for cancer.
Philadelphia International is one three U.S. airports that will house American Airlines new luxury “Flagship” lounges for First—and Business—class international travelers. The new lounge will be located in Terminal A-West where there is currently an Admirals club and is part of a $3 billion investment in the customer experience. Two other flagship lounges will be located at Dallas Fort Worth and Miami International.
Gov. Tom Wolf signed an executive order to raise the minimum wage for state employees and contractors to $10.15 as part of his “Jobs that Pay” initiative. The 40 percent increase will take effect for all state contracts signed or modified after July 1. He is also pushing the Legislature to raise the statewide minimum wage, a move that would boost annual revenues by $60 million and benefit 1.2 million residents.
PMC Property Group announced plans to renovate the former Marketplace Design Center building at 2400 Market St. into a block-wide 22-story office and residential tower, comprised of 450,000 square feet of offices over six floors and 350 apartments above. The $250 million project follows the company’s acquisition of an acre of land on nearby West Market Street last year.
Drexel University announced a partnership with Brandywine Realty Trust for the development of its Innovation Neighborhood, a 10-acre stretch in University City that could ultimately host more than 5 million square feet of new space. The plan is part of the school’s goal to become among the most competitive universities in the country and positioning Philadelphia as a major research and innovation hub along the East Coast.
Design Within Reach (DWR) has signed on as East Market’s latest retail tenant, with a commitment to lease 15,000 square feet for its newest studio. With plans to open in early 2017, the DWR studio will be located at the corner of 11th and Ludlow Streets, a part of East Market’s 4.3-acre development.
Published (and copyrighted) in Philly Biz, Volume 1, Issue 4 (March, 2016).
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