In Philly, A Hospital-Turned-Lab Conversion Shows Appeal Of Low-Cost Space

Philadelphia’s Hahnemann University Hospital campus — a teaching and research center that closed before the pandemic — was empty for years, an institution in search of a new role.

Its recent revitalization and reopening as a new source of affordable lab space offers a case study in new adaptive reuse opportunities and evidence of a dearth of budget-friendly workspaces for biotech startups.

Iron Stone Real Estate Investments, a private equity firm focused on acquiring and redeveloping antiquated healthcare infrastructure, including disused hospitals, purchased the campus in 2021.
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RSK: Great example of repurposing.