Navy Yard reaches milestone

The Philadelphia Navy Yard has reached a significant milestone in its transition into a business campus.

More new companies — a total of 22 — and amenities were added to the Navy Yard last year than in any other year, according to the Philadelphia Industrial Development Corp., which oversees the development of the 1,100-acre property. The activity brought the tally of companies located at the former Naval base to 143 with a total of 11,000 employees.

GlaxoSmithKline ZSX Medical, a medical device firm, Graboyes Commercial Window Co. were some of the companies that moved to the South Philadelphia site last year, and those moves and other activity have meant the Navy Yard is finally coming into its own.

“I think the Navy Yard has achieved a certain status within the marketplace,” said John Grady, president at the Philadelphia Industrial Development Corp., which oversees the development of the 1,100-acre property. “Every transaction in the region knows to look at the Navy Yard as one of its options. That wasn’t true 10 years ago or 5 even years ago. It was viewed more as an experiment and economic development initiative and because of the investments that have been made, it has become established as a viable option. It’s a mature, stable and important option.”

One of its selling points is that the Navy Yard is a place where small companies can grow, Grady said. He cited Iroko Pharmaceuticals as an example. The firm started out with a handful of employees and is expected to have more than 200 people this year and bring its first drugs to market soon.

“Liberty and PIDC share the perspective that any tenant that needs to grow, we will tear up that lease and write up a new one,” Grady said.

Liberty Property Trust (NYSE: LRY) and Synterra Partners are developers of the Navy Yard Corporate Center.

As tenants have moved in so has the need to expand the amenities that can be offered to them. Last year, Flat Rock Health, the Galley Cafe, Independence Imaging, Jefferson Comprehensive Concussion Center, Matarazzo & Milici Dental Group, and a 172-room Courtyard by Marriott opened at the Navy Yard.

Source: Philadelphia Business Journal