PHILADELPHIA, April 4, 2022 — The Philadelphia Business Journal awarded first place in the Best Office Lease Category to Biomeme, Inc. at its 2022 Best Real Estate Deals & Dealmakers Awards. Biomeme was represented by Beth Kearney, member of Cozen O’Connor’s real estate practice, and the landlord, Neutrality Data Centers, was represented by Mayer Brown.
Biomeme, Inc. is a Philadelphia-based startup that develops innovative mobile systems for advanced DNA diagnostics. Notably, Biomeme is behind an FDA-approved, highly sensitive, rapid COVID-19 test.
“I’m honored to have been part of this deal,” said Kearney. “Obtaining this space was a great outcome for our client as they continue to expand their core business and grow their footprint in Philadelphia and beyond.”
The company sought a space that could accommodate its entire Philadelphia-based workforce in a single location. Several potential hurdles stood in the way, including tax and regulatory challenges, capital constraints, and requirements for the laboratory and manufacturing spaces.
A grant of $3 million from Pennsylvania’s Redevelopment Assistance Capital Program (RACP) enabled the company to sign a 10-year lease on almost 50,000 square feet of mixed lab, office, and manufacturing space. The new headquarters, located at 401 N. Broad Street in Center City, Philadelphia, more than doubles its previous space of 20,000 square feet at 1015 Chestnut Street.
Jim Kwartnik, a member of Cozen O’Connor’s construction law practice, also assisted by structuring the construction contract on behalf of Biomeme. Kwartnik helped Biomeme achieve its goal of controlling costs by obtaining favorable terms for the architectural services agreement and by implementing a guaranteed maximum price mechanism in the construction management contract.
To read the announcement, click here.
About Cozen O’Connor Real Estate Practice
Cozen O’Connor’s Real Estate Practice represents national and regional developers, public companies and REITS, owners, builders, managers, private equity funds, institutional and private investors, banks, and governments in acquisitions and dispositions, development, financing, leasing, and the management of real estate.
About Cozen O’Connor
Established in 1970, Cozen O’Connor has over 925 attorneys who help clients manage risk and make better business decisions. The firm counsels clients on their most sophisticated legal matters in all areas of the law, including litigation, corporate, and regulatory law. Representing a broad array of leading global corporations and middle market companies, Cozen O’Connor serves its clients’ needs through 33 offices across two continents.