Life Science Conversions in Real Estate 

May 24, 2023

Matt Weinstein discusses the legal issues surrounding the lease that need to be evaluated and addressed when considering converting office space to life science space in Area Development. The article addresses key legal issues surrounding such conversions, including credit enhancements, expansion and contract options, segregation, and zoning. 

A significant amount of office space has been left vacant due to the COVID-19 pandemic, resulting in many real estate options for life science purposes. However, issues remain with respect to retrofitting existing buildings to meet the standards of life science conversions. Conversions become further complicated by the recent string of bank failures, which has caused creditors to require a letter of credit to avoid defaults in science-based real estate. 

Matt notes that the office-to-life science conversion is an evolving area of law that will continue to encounter new issues and challenges and will require legal professionals to adapt to this asset category when considering conversions.  

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Matthew I. Weinstein

Chair, Real Estate Lease Restructuring

(215) 665-4199

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