3.0 University Place, Awarded WELL Precertification
Philadelphia, PA (October 5, 2022) — Newmark announces that 3.0 University Place—a state-of-the-art, life sciences-enabled building located in Philadelphia’s rapidly growing University City submarket—has been awarded the prestigious WELL Precertification by the International WELL Building Institute (IWBI). The building is the second in the multi-phase life sciences campus in University City and will be ready for tenant fit-out with completion before the end of 2022.
Newmark Executive Managing Directors Jim Egan and Craig Scheuerle and Senior Managing Director Neil Brazitis were selected for the leasing assignment 3.0 University Place on behalf of the ownership comprising University Place Associates (UPA), a sustainable commercial development firm based in Philadelphia; Silverstein Properties, a national private real estate developer, owner and manager and Cantor Fitzgerald, a leading global financial services firm and real estate investment company based in Manhattan.
WELL is a performance-based rating system for measuring, certifying and monitoring building features that impact human health and wellness through: air, water, nourishment, light, movement, thermal comfort, sound, materials, mind and community. WELL precertification allows registered projects to undergo pre-delivery review, confirming that they are on the correct path towards achieving certification. The building is also pre-certified for LEED Platinum V4 status.
“3.0 University Place is delivering at the ideal time to capture demand from the many companies in the market for lab space, and ownership takes the sustainability of and future-tenant experience at the project very seriously,” said Egan. “We expect a significant amount of both suburban and national demand."
Designed by The Sheward Partnership, 3.0 University Place is a 250,000-square-foot, eight-story lab and office building with ground-level retail and floor plates ranging from 29,000 to 40,000 square feet. The building’s unique infrastructure includes SEMCO chilled beam HVAC, a 14,000-square-foot green roof and View Smart Glass windows. 3.0 University Place is the only building in the market to offer the smart glass technology. In order to accommodate GMP manufacturing, the 40,000-square-foot second floor offers a ceiling height of eighteen feet.
“Philadelphia is a top-tier life sciences market attracting national tenants and institutional developers. Its explosive growth resembles that of Boston's Longwood Medical and Academic Area ten years ago,” said Co-Head of U.S. Capital Markets Robert Griffin. “Newmark’s Life Sciences practice is one of the strongest in the U.S.—with a record year in 2021—and we look forward to deploying all of our resources to continue that success.”
According to Newmark Research, demand from research institutions and biotechnology and pharmaceutical companies remains high, with an estimated 2.5 million square feet of active tenant requirements as of early 2022. University City remains the most sought-after life science submarket.