3.0 University Squarelocated at 4101 Market Street, will open in Q4 2022 and serve as a hub for innovation and discovery in science, and support Greater Philadelphia‘its reputation as a world leader in cell and gene therapies and connected health
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PHILADELPHIA CREAM, March 16, 2022 /PRNewswire/ — Silverstein Properties, a national private real estate developer, owner and property manager; Cantor Fitzgerald, a leading global financial services company and real estate investment firm based in manhattan; and University Place Associates (UPA), a sustainability and community development firm based in philadelphia creamrecently celebrated the coronation of 3.0 University Square, a state-of-the-art life sciences building located in the rapidly growing University City submarket. They were joined in a ceremony by the Philadelphia State Senator Vincent HughesRepresentative Amen Brown and local community leaders.
The eight-story, 250,000-square-foot laboratory and office building opened in May 2021 and advanced rapidly despite the ongoing pandemic. In a study conducted by Econsult Solutions, the multi-phase project is expected to create 410 construction jobs and 215 operations jobs upon completion, directly linked to the surrounding community. The economic impact of the project during construction will be $221 million, representing 1,270 direct and indirect jobs. The predicted economic impact for each year of operation is $309 millionrepresenting 1,340 jobs.
“Life sciences will be critical to the future of urban economic development, and nowhere is that clearer than here at University City,” said Marty Burger, CEO, Silverstein Properties. “3.0 University Square will be home to some of the sharpest minds in the country as they work on life-changing solutions to the world’s public health challenges. We are proud that construction progressed smoothly despite the pandemic, allowing us to quickly deliver this important resource to the life science ecosystem. »
“When we started this project, we saw an opportunity to help bring much-needed investment into a community where this type of development made sense and would have the greatest impact. The project, to date, has created hundreds jobs and has the potential to create thousands more over the next decade,” said Chris Milner, Head of Real Estate Investment Management at Cantor Fitzgerald. “Today is an exciting day. We are about to see this building to its full potential and we are proud to be a part of it.”
“3.0 University Square will be the most advanced laboratory and research building in the city, and it’s happening in one of the fastest growing life science centers in the United States,” said Scott Mazo, Founder and CEO of the UPA. “Our vision goes far beyond this building alone. UPA and our partners intend to create a life sciences campus in University City that will provide approximately 1 million square feet of laboratories and office space centered on 41st Street and Market Street – all built in accordance with the highest standards of environmental sustainability and healthy workspaces.”
“While some construction projects have been slowed by supply chain issues, 3.0 is actually ahead of schedule, with occupancy scheduled for January 2023,” said Antoine Maher, president of the UPA. “Our business and construction partners have done an incredible job of keeping us on track and we are immediately starting fit-ups for our tenants.”
“The history of Market Street has been that new and exciting development has always stopped at 40th Street,” said the Pennsylvania state senator. Vincent Hughes. “We were able to break through this barrier thanks to a high level of community engagement and a 50% minority stake in this project.”
“We are excited to see 3.0 University Square rise from the corner of 41st and Market Street, not only for the positive economic impact and new jobs this project brings to west philadelphiabut the commitment UPA has shown to the community at every stage of the project has been impressive,” said Representative Amen Brown.
Philadelphia Board Member Jamie Gauthier added, “With 3.0 University Squarewe have the ability to create multigenerational and transformational opportunities, not only for scholars and researchers, but also for the people who live in this community.”
“This region is becoming a world-class hub for life sciences that could one day cure cancer,” commented Pamela Andrews, President – West Powelton / Saunders Park Registered Community Organization. “Scott, Anthony and the entire team have reached out and demonstrated their commitment to working with the community at every stage of this project.”
Designed by the Sheward Partnership, 3.0 University Square will feature floor plates of 30,000 square feet and slab-to-slab heights of 15-18 feet. The facility will include ground floor retail space and curated wet/dry lab space, including an incubation lab co-working floor operated by Ben Franklin Technology Partners, and a dedicated floor to 3,000 to 10,000 square foot prebuilt “Growth Pods” with 3 to 5 year leases for graduates/small businesses. Future tenants of the building will benefit from significant tax incentives as well as the proximity to the 40th & Market public transit center, The University of Pennsylvaniaand Drexel University.
University City sits at the epicenter of the philadelphia cream the region’s renowned healthcare and education employment sectors and the rapidly growing life sciences and biotechnology industries, with over 55% of the college town’s workforce dedicated to these 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 aiming for WELL v2 Platinum® certification with a focus on employee safety and well-being, maximizing environmental sustainability and l ‘energetic efficiency. The building is expected to open in the fourth quarter of 2022, completing the first phase of this multi-phase project.
Silverstein Properties and UPA have been at the forefront of implementing sustainable practices in 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 Squarethe first multi-tenant, multi-LEED Platinum-certified commercial office building in the country.
About Silverstein Properties
Silverstein Properties is a private full-service property development, investment and management company based in new York. Founded in 1957 by President 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), Four Seasons Downtown and 30 Park Place (2016), A West End (2017) and 3 World Trade Center (2018). For more information about Silverstein Properties, please visit www.silversteinproperties.com Where wtc.com.
About Cantor Fitzgerald LP
Cantor Fitzgerald, with more than 12,000 employees, is a leading global financial services group at the forefront of financial and technology innovation and has been a proven and resilient leader for 77 years. Cantor Fitzgerald & Co. is a leading investment bank serving more than 5,000 institutional clients worldwide, recognized for its strengths in the fixed income and equity markets, investment banking , SPAC underwriting and PIPE investments, prime brokerage, asset management, commercial real estate and for its global distribution platform. Cantor Fitzgerald & Co. is one of 24 primary dealers authorized to transact with the Federal Reserve Bank of new York. For more information, please visit: www.cantor.com.
About University Place Associates
University Place Associates [UPA] East Philadelphia leader in sustainable and socially responsible commercial real estate development. Based and concentrated in the University City area of philadelphia cream, UPA is committed to creating the highest quality, state-of-the-art, and healthiest commercial developments in a socially responsible and environmentally responsible manner. UPA also seeks to engage and intersect with surrounding residential communities, start-up 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 Square:
3.0 University Square is a 250,000+ square foot commercial laboratory/office trophy building enabled by life sciences. It is a flagship of social and environmental responsibility, specially designed for those who demand both from their workplace. This location will serve as an expansion of an innovation corridor which is designated as a Key Opportunity Zone (KOZ) and a Qualified Opportunity Zone (QOZ). Future tenants in the corridor will benefit from these tax incentives, as well as its proximity to the 40th & Market transit hub, the University of Pennsylvaniaand Drexel University.
Dara McQuillan, [email protected]212-551-7352
Rick Gillespie, [email protected]215-870-7000
SOURCE Silverstein Properties