Silverstein Properties is partnering with Cantor Fitzgerald
and a local operator to push into the Philadelphia life science sector.
The New York-based developer announced the partnership was
joining with University Place Associates (UPA), a sustainable commercial
development firm based in Philadelphia, to develop, operate and lease 3.0
University Place, a state-of-the-art life sciences-enabled building located in
the rapidly growing submarket of University City.
According to the local Philadelphia Business Journal, the partnership
is investing $56 million in the venture.
The 250,000 s/f, eight-story lab and office building (rendering top) is a pre-certified LEED Platinum v4 BD+C Core and Shell building, also targeting WELL v2 Platinum certification with a focus on employee safety and wellbeing, maximizing environmental sustainability, and energy efficiency.
“I am very excited to participate in the development of this outstanding project,” said Larry A. Silverstein, chairman of Silverstein Properties.
“With more life science companies locating in Philadelphia, this project will greatly impact the industry’s growth in the city. We look forward to working closely with Scott Mazo and the UPA organization. This partnership offers us an opportunity to impact thousands of lives in a positive way in Philadelphia.”
University City sits at the epicenter of the Philadelphia
region’s healthcare and education employment sectors and rapidly growing life
sciences and biotech industries, with over 55 percent of the University City
workforce dedicated to those areas.
UPA acquired the
43,000 s/f development site at 4101 Market Street in 2014 as part of a
strategic vision to create a cluster of energy efficient life science
JLL Capital Markets arranged the partnership which,
according to managing director Brett Segal, drew a high level of institutional
With an expected opening in the 4th quarter of 2022, the
building will be the first phase of a multi-phase project.
Designed by The Sheward Partnership, 3.0 University Place
will feature 30,000 s/f floor plates and 15-18 foot slab to slab heights. The
facility will include ground-floor retail and curated wet/dry lab space,
including an incubation co-working floor operated by Ben Franklin Technology
Partners, and a dedicated floor for prebuilt 3,000-10,000 s/f for “Growth Pods”
with three- to five-year leases for smaller-scale companies.
Future tenants in the building will benefit from significant
tax incentives as 3.0 University Place is located in a Qualified Opportunity
Zone as well as Keystone Opportunity Zone.
Earlier this year, UPA signed an 8,000 s/f lease with Wistar,
an NCI-designated cancer center with a research and discovery engine that is
focused on translating breakthrough biomedical discoveries into impactful new
treatments to combat cancer and infectious diseases.
Cancer research group The Barer Institute Inc. a subsidiary of Rafael Holdings, Inc. has also signed a Letter of Intent to lease Growth Pod space.
According to the project partners, 3.0 University Place will
create 410 construction jobs, and 215 operations jobs upon completion. The
project’s economic impact during construction will be $221 million,
representing 1,270 direct and indirect jobs. The anticipated economic impact
for every year in operation is $309 million, representing 1,340 jobs.
“Our team is honored by the trust and confidence expressed
in us by such accomplished organizations as Silverstein Properties and Cantor
Fitzgerald,” said Scott Mazo, Founder and CEO of UPA. “I look forward to
working with Larry Silverstein, Howard Lutnick and their entire teams in
creating the finest facilities designed and built for innovation and discovery
“With ‘The Wistar Institute’ as one of our lead tenants, 3.0
University Place will be a critical hub for collaborations that support the
biomedical research that is solving the most challenging problems in cancer,
infectious diseases and vaccine research.”
“3.0 University Place will connect some of the world’s
finest scientific companies, academic and industry partners, and entrepreneurs
– including The Wistar Institute and Ben Franklin Technology Partners,” said
Anthony Maher, President of UPA. “These organizations are dynamic examples of
how Philadelphia is creating a community of scientists whose collaborations
will go far beyond the walls of a new building.”
“This project is a great example of a cross-pollination of
two of our businesses, and marks our expansion into the life science
development business,” said Jason Kaufman, Senior Vice President at Silverstein
“The project addresses the needs of Philadelphia’s biotech
and advanced life sciences sector while also creating jobs at a time when
people need it most. We’re excited to be breaking ground with the UPA team in
the near future.”
In 2013, UPA completed 2.0 University Place, the first
multi-tenant, multi-certified LEED Platinum commercial office building in the
country. In 2015, Mazo announced the 3.0 development with a price tag that was
then $80 million.
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