GlaxoSmithKline Moves to Navy Yard

Liberty property Trust and Synterra Partners create the workplace of the future at five Crescent Drive, at the Philadelphia Navy Yard.  GSK has signed a 15.5 year lease for the new building.  The 205,000 square-foot, four story facility design by Robert A.M. Stern Architects will be designed to achieve LEED Platinum certification.  The project represents a $81 million investment by Liberty.  GSK plans to relocate all employes currently based in center city to the new location between fourth quarter 2012 and first quarter 2013, immediately after completion.

Liberty Property Trust senior vice president and regional director John Gattuso, notes that life science firms are looking to locate in communities that are vibrant and offer a high quality of life, because these kinds of communities will allow them to attract the high quality work force they need to succeed in the coming decades.  The city of Philadelphia has designated the historic Navy Yard to support the relocation of large companies and has an intensive master plan in place to revitalize that district into sustainable and functional destination.  Analysis by industry leaders has shown that the most important driver for company location is the proximity of other biotechnology companies and proximity to demand generators and centers of influence such as federal labs, academic institutions and hospitals.

Philadelphia Navy Yard Master Plan rendering

Philadelphia fares well in the game of luring life science companies to head city-bound.  Philadelphia has a concentration of academic and health care institutions that can provide both a skilled, science-oriented work force and opportunities for research collaborations.  Another attribute is the availability of venture capital and tax-incentives to support life science start-ups and early stage firms.

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