Brian O’Neill, developer of Discovery Labs in King of Prussia, is completing a $1 billion financing package to recapitalize Innovation 411, the life sciences campus centerpiece, writes John George for the Philadelphia Business Journal.

The funds will cover existing debt, building improvements, and nearly $100 million owed to over 70 contractors, 30 of whom filed mechanics’ liens totaling $150 million. O’Neill disputes the amount, estimating $95 million due to overlapping claims.

The financing, expected to close by year-end, includes a $325 million C-PACE loan, $260 million in senior debt, $108 million from historic tax credits, and $50 million in equity sales. The partnership-owning Discovery Labs will also contribute $200 million in sponsor equity.

Innovation 411 spans 1 million square feet across 14 interconnected buildings. Tenants include SK Pharmteco, WuXi Biologics, and GSK, with the site fully leased. The project’s advanced lab spaces and dual-grid power infrastructure have driven costs to $1,000 per square foot, significantly higher than traditional office projects.

O’Neill acknowledged contractor frustrations after a prior financing deal fell through, delaying payments. He emphasized transparency throughout the process and pledged to pay all contractors in full. “We worked together and we are getting the financing done,” he said, adding that the project positions Discovery Labs as a leader in AI-enabled research facilities.

Read more about Discovery Lab’s refinancing in the Philadelphia Business Journal.

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