University Place 3.0 Topping Out New Life Sciences Building
Updated: Mar 16, 2022
SILVERSTEIN PROPERTIES, CANTOR FITZGERALD AND UNIVERSITY PLACE ASSOCIATES CELEBRATE TOPPING OUT OF LIFE SCIENCE BUILDING
IN UNIVERSITY CITY, PHILADELPHIA
3.0 University Place, located at 4101 Market Street, will serve as a hub for innovation and discovery in science, and support Greater Philadelphia’s reputation as a world leader in cell and gene therapies and connected health
PHILADELPHIA, March 15, 2022 – Silverstein Properties, a national private real estate developer, owner and property manager; Cantor Fitzgerald, a leading global financial services firm and real estate investment company based in Manhattan; and University Place Associates (UPA), a sustainable and community development firm based in Philadelphia, recently celebrated the topping out of 3.0 University Place, a state-of-the-art life sciences-enabled building located in the rapidly growing submarket of University City. They were joined at a ceremony by Philadelphia State Senator Vincent Hughes, Representative Amen Brown and local community leaders.
The 250,000-square-foot, eight-story lab and office building broke ground in May 2021 and has moved along swiftly despite the ongoing pandemic. In a study conducted by Econsult Solutions, the multi-phase project is set to create 410 construction jobs and 215 operations jobs upon completion, directly related to the surrounding community. 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.
“Life sciences will be crucial to the future of urban economic development, and nowhere is that more clear than here in University City,” said Marty Burger, CEO, Silverstein Properties. “3.0 University Place will house some of the country’s sharpest minds as they work on life-changing solutions to the world’s public health problems. We are proud that construction has progressed smoothly despite the pandemic, allowing us to quickly deliver this important resource to the life sciences ecosystem.”
“When we started this project, we saw an opportunity to help bring much-needed investment into a community where this kind of development made sense and would have the greatest impact. The project, to date, has created hundreds of jobs and has the potential to create 1000's more over the next decade,” said Chris Milner, head of real estate investment management at Cantor Fitzgerald. “Today is an exciting day. We are one step closer to seeing this building at its full potential and we are proud to be a part of it.”
“3.0 University Place will be the most advanced lab and research building in the city and it’s happening in one of the fastest growing life science hubs in the US,” said Scott Mazo, Founder and CEO of UPA. “Our vision goes well beyond this one building. UPA and our partners have plans to create a life sciences campus in University City that will offer approximately 1 million sq. ft. of lab and office space centered at 41st St. and Market St. — all built in accordance with the highest standards of environmental sustainability and healthy work spaces.”
“While some construction projects have been slowed by supply chain issues, 3.0 is actually ahead of schedule with occupancy targeted for January of 2023,” said Anthony Maher, President of UPA. “Our business and construction partners have done an amazing job keeping us on track and we are starting fit-outs for our tenants immediately.”
“The history on Market Street has been that new and exciting development always stopped at 40th Street,” said Pennsylvania State Senator Vincent Hughes. “We’ve been able to break through that barrier with a high level of community engagement and 50% minority participation in this project.”
“We’re excited to see 3.0 University Place rise from the corner of 41st and Market Streets, not only for the positive economic impact and new jobs this project brings to West Philadelphia, but the commitment UPA has shown to the community at every step of the project has been impressive,” said Representative Amen Brown.
Philadelphia Council Member Jamie Gauthier added, “With 3.0 University Place we have the ability to create multi-generational and transformational opportunities, not just for academics and researchers but for people who live in this community as well.”
“This area is now becoming a world-class hub for life sciences that may one day cure cancer,” commented Pamela Andrews, Chair - West Powelton / Saunders Park Registered Community Organization. “Scott, Anthony and the entire team have reached out and demonstrated a commitment to work with the community at every stage of this project.”
Designed by The Sheward Partnership, 3.0 University Place will feature 30,000-square-foot floor plates and 15- to 18-foot slab-to-slab heights. The facility will include ground-floor retail and curated wet/dry lab space, including an incubation lab co-working floor operated by Ben Franklin Technology Partners, and a dedicated floor for prebuilt 3,000- to 10,000-square-foot “Growth Pods” with 3- to 5-year leases for graduate/smaller-scale companies. Future tenants in the building will benefit from significant tax incentives as well as proximity to the 40th & Market transit hub, the University of Pennsylvania, and Drexel University.
University City sits at the epicenter of the Philadelphia region’s renowned 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-square-foot development site at 4101 Market Street in 2014 as part of a strategic vision to create a cluster of energy efficient life science buildings.
The building 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. The building is expected to open in Q4 2022, completing the first phase of this multi-phase project.
Silverstein Properties and UPA have been at the forefront of implementing sustainable practices into commercial properties. In 2006, Silverstein Properties opened 7 World Trade Center, the first LEED-certified office building in New York City. In 2013, UPA completed 2.0 University Place, the first multi-tenant, multi-certified LEED Platinum commercial office building in the country.
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About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Walt Disney Resort (2014), the Four Seasons Downtown and 30 Park Place (2016), One West End (2017), and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
About Cantor Fitzgerald L.P.
Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for 77 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, asset management, commercial real estate and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. For more information, please visit: www.cantor.com.
About University Place Associates
University Place Associates [UPA] is Philadelphia's leading sustainable and socially conscious commercial real estate development firm. Based and focused in the University City area of Philadelphia, UPA is dedicated to creating the finest quality, state-of-the-art, healthiest commercial developments in a socially conscious and environmentally responsible way. UPA also seeks to engage and intersect with the surrounding residential communities, startup businesses, schools, and universities, to create local jobs, and attract organizations hungry for innovation and talent. For more information, please visit www.upaphila.com and follow @UPAphila on Twitter and University Place Associates on Facebook.
About 3.0 University Place:
3.0 University Place is a 250,000+ square-foot Life Sciences enabled commercial lab/office trophy building. It is a flagship for social and environmental responsibility, purpose-built for those that demand both from their workplace. This location will serve as an expansion of an innovation corridor that is designated as a Keystone Opportunity Zone (KOZ) and a Qualified Opportunity Zone (QOZ). Future tenants in the corridor will benefit from these tax incentives, as well as its close proximity to the 40th & Market transit hub, the University of Pennsylvania, and Drexel University. For more information, please visit: www.universityplacephl.com
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