Partnership to Develop Philadelphia Life Sciences Project

PHILADELPHIA, PA – New York-based, private real estate developer, owner and property manager, Silverstein Properties and New York-based, global financial services firm and real estate investment company, Cantor Fitzgerald are partnering with Philadelphia-based, sustainable commercial development firm, University Place Assoc. to develop, operate and lease a state-of-the-art life sciences-enabled building in Philadelphia’s University City submarket.

The project, titled 3.0 University Place, is situated in a qualified Opportunity Zone and a Keystone Opportunity Zone. The building’s future tenants will benefit from significant tax incentives.

Encompassing a 250,000-square-foot, eight-story lab and office building, 3.0 University Place is pre-certified as a LEED Platinum v4 BD+C Core and Shell building. The property is also targeting a WELL v2 Platinum certification to focus on employee safety and wellbeing, maximum environmental sustainability and energy efficiency.

University Place Assoc. acquired the 43,000-square-foot development site at 4101 Market St. in 2014, as part of a strategic vision to create a cluster of energy efficient life science buildings.

The partners expect to open the first phase of the multi-phase project in Q4 of 2022. The

“Our team is honored by the trust and confidence expressed in us by such accomplished organizations as Silverstein Properties and Cantor Fitzgerald,” states 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.”

The property, designed by the Sheward Partnership, will feature 30,000-square-foot floor plates, 15-18-foot ceiling heights, ground-floor retail and curated wet/dry lab space. The lab space includes an incubation co-working floor operated by Ben Franklin Technology Partners, and a dedicated floor for pre-built 3,000-10,000-square-foot Growth Pods with three- to five-year leases for graduate or smaller-scale companies.

“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,” states 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.”

According to a recent study conducted by Econsult Solutions, the project is expected to create 410 construction jobs and 215 operations jobs upon completion. The economic impact during construction of the project will be $221 million; representing 1,270 direct and indirect jobs. The project’s anticipated economic impact for every year in operation is $309 million; representing 1,340 jobs.

“I am eager to see this project come to fruition in University City and look forward to the growth it will bring to our community,” states Vince Hughes, PA State Senator for District 7. “The economic impact of this project in our community will be immediate and will also be felt for generations to come. In addition to creating hundreds of construction jobs, 3.0 University Place will provide long-term employment opportunities for our area. I look forward to this project contributing to the Philadelphia Region’s explosive growth in life sciences.”

Located in the center of Philadelphia’s healthcare and education employment sectors, the University City submarket’s workforce is strongly dedicated to the area’s growing life sciences and biotech industries.

“We are very excited to see the development of 3.0 University Place in University City,” says Sylvie Gallier Howard, acting commerce director for the City of Philadelphia. “This major investment in our city is further proof that Philadelphia is the epicenter for cell and gene therapy research – an industry that is of critical importance as it continues to grow and contribute to our city and region’s economy.”

“I am very excited to participate in the development of this outstanding project,” says 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.”

“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,” says Jason Kaufman, SVP at Silverstein Properties. “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.”

“JLL Capital Markets is thrilled to assist in arranging this partnership,” says Brett Segal, managing director, of capital markets at JLL. “The institutional interest that the opportunity generated was considerable. We look forward to a seeing a landmark development rise in University City.”