Tuesday, May 18, 2021

Joint Venture Breaks Ground on West Philadelphia Life Science Hub

 By Javon Roach CoStar Research

Silverstein Properties, Cantor Fitzgerald and University Place Associates have broke ground on 3.0 University Place, a life science hub in West Philadelphia.

The eight-story lab and office building is set to total 250,000 square feet and include ground-floor retail and curated wet/dry lab space. It will also include a dedicated floor for prebuilt "Growth Pods" with three- to five-year leases for graduate/smaller-scale companies, the joint venture said in a statement.

The joint venture, along with Philadelphia State Senator Vincent Hughes, Representative Amen Brown, Councilmember Jamie Gauthier, local community, labor and arts leaders, and two tenants in the building, held a groundbreaking ceremony for 3.0 University Place on May 13.

The West Philadelphia project already secured leases from Ben Franklin Technology Partners, which plans to open an incubator offering shared lab and office space for early-stage tech companies, The Wistar Institute and Fulton Bank. Future tenants at the building are set to benefit from significant tax incentives and proximity to the 40th and Market transit hub, the University of Pennsylvania and Drexel University, according to joint venture.

"We believe there is a real need for quality office and lab space in this area due to its proximity to world-class educational institutions and the life sciences community here in Philadelphia," Howard Lutnick, chairman and CEO of Cantor Fitzgerald, said in a statement. "3.0 University Place will provide the much-needed space and be an economic development engine driving job growth in the local community."

The project is located at 4101 Market St. within University City, which sits at the epicenter of the Philadelphia region's healthcare and education employment sectors and rapidly growing life science and biotech industries. Over 55% of the University City workforce is dedicated to those areas, according to the joint venture.

3.0 University Place is set to open in the fourth quarter of 2022. The building is also slated to be the first phase of a multiphase project, according to the joint venture.


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.