Wednesday, June 5, 2019

University Place, Wistar Institute Partner on Major Life Sciences Project

by John Jordan
Locally-based University Place Associates and the Wistar Institute are looking to move forward on a new 240,000-square-foot life sciences building to be built at 4101 Market St. here
UPA will build the 3.0 University Place project that will offer state-of-the-art laboratory/office space in the heart of Philadelphia’s University City District. The two firms state that the property, which is expected to be completed and ready for occupancy in the first quarter of 2021, will “deliver the critical infrastructure and support network needed to advance biomedical research.”

The Philadelphia Business Journal reported the cost of the project at $100 million.
“There is so much to say about The Wistar Institute, its history, its ethos and its mission. We are humbled and excited to be working with this very special giant of life-saving scientific research,” says Scott Mazo, founder and CEO of University Place Associates. “To have Wistar championing the Philadelphia life sciences ecosystem at 3.0 University Place is terrific news for the city, the state, and the region.”

“Early stage discovery science requires both patience and urgency,” says Dario C. Altieri, M.D., president and CEO at The Wistar Institute and director of its NCI-designated Cancer Center. “We now have an opportunity to build on the collaborations that are essential to changing the future of healthcare. Extending our reach through this state-of-the-art facility in University City District will foster Wistar’s ability to work more closely and effectively with collaborators and potentiate the discovery process to accelerate critical innovation.”

The Wistar Institute is an international leader in biomedical research with special expertise in cancer, immunology, infectious diseases, and vaccine development. Founded in 1892 as the first independent nonprofit biomedical research institute in the United States, Wistar has held the prestigious Cancer Center designation from the National Cancer Institute since 1972. The institute works actively to ensure that research advances move from the laboratory to the clinic as quickly as possible.
Wistar and UPA are in the process of defining specific space commitments, floor locations, and other management details as part of the partnership.

The eight-story 3.0 University Place building will serve as the first expansion of an innovation corridor that was recently designated as a Keystone Opportunity Zone (KOZ) and a Qualified Opportunity Zone (QOZ). Future tenants in the corridor will benefit from significant tax incentives, as well as close proximity to the 40th & Market transit hub, the University of Pennsylvania, and Drexel University. In addition to the biomedical and lab space, the property will also feature retail space.

Another major biotech project is also on the horizon in Philadelphia. Republic Properties Corp. and PHL Next State Med LLC is proposing an eight-story, 125,000-square-foot building with office and lab space on SEPTA-owned property near the 30th Street station at 32nd and Arch streets, according to a report in the Philadelphia Inquirer.

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