Institution: The University of Pennsylvania

Requirement: Penn required 128,000 square feet of laboratory space to support NIH research programs affiliated with the medical school and other NIH efforts.

Solution: In a vacant industrial shell owned by Penn located just off of their campus, Forest City is creating flexible, efficient and cost effective laboratory facilities to support Penn’s translational research programs. Over a matter of months, Forest City analyzed the facility, assembled a team of professionals, developed the appropriate architectural program, and commenced construction on a fast-track basis.

Forest City also crafted a unique financial structure that funds the construction of the base building and the complete lab build-out, establishes a bondable, long-term operating lease off Penn's balance sheet, and minimizes annual rent obligations through a financing arrangement closely linked to the strength of Penn's credit. This creative approach exemplifies Forest City’s ability to work efficiently with academic institutions that need to construct space within a short window of time, keeping costs at a reasonable level and conforming to strict financial constraints.

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