Silverstein Properties, Cantor Fitzgerald, University Place Associates to develop life science center in Philadelphia
Silverstein Properties, a private real estate developer, owner and property manager based in Manhattan, and Cantor Fitzgerald, a leading global financial services firm and real estate investment company based in Manhattan, are partnering 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. 3.0 University Place is located in a Qualified Opportunity Zone as well as Keystone Opportunity Zone.
The 250,000 square foot, eight-story lab and office 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.
“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.”
Silverstein Properties’ foray into the life science market began in 2017 when the company acquired and repositioned 619 West 54th Street, later renamed the Hudson Research Center, one of Manhattan’s premier life science hubs.
“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 in science. 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.”
Designed by The Sheward Partnership, 3.0 University Place will feature 30,000-square-foot 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 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.
“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.”
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% 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.
With an expected opening in the 4th quarter of 2022, the building will be the first phase of a multi-phase project. In a recent study conducted by Econsult Solutions, the project will 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.
Both Silverstein Properties and University Place Associates 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.