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Silverstein Properties, Cantor Fitz in Philly Life Sciences Play

Silverstein Properties, Cantor Fitz in Philly Life Sciences Play

New York-based developer, owner and property manager Silverstein Properties, Manhattan-based investment bank Cantor Fitzgerald and Philly-based sustainable developer University Place Associates partnered to build 3.0 University Place, a state-of-the-art life sciences-enabled building located in the fast growing Philly submarket of University City. 

The three were joined recently at a topping out ceremony for 3.0 University Place by Philadelphia State Senator Vincent Hughes, Representative Amen Brown and local community leaders.

The 250,000-square-foot, eight-story lab and office building broke ground in May 2021 and moved along swiftly despite the ongoing pandemic. In a study conducted by Econsult Solutions, the multi-phase project is set to 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.

“Life sciences will be crucial to the future of urban economic development, and nowhere is that more clear than here in University City,” said Marty Burger, CEO, Silverstein Properties. “3.0 University Place will house some of the country’s sharpest minds as they work on life-changing solutions to the world’s public health problems. 

“When we started this project, we saw an opportunity to help bring much-needed investment into a community where this kind of development made sense and would have the greatest impact.” said Chris Milner, head of real estate investment management at Cantor Fitzgerald. 

“The history of Market Street has been that new and exciting development always stopped at 40th Street,” said Pennsylvania State Senator Vincent Hughes. “We’ve been able to break through that barrier with a high level of community engagement and 50% minority participation in this project.”

Designed by The Sheward Partnership, 3.0 University Place will feature 30,000-square-foot floor plates and 15- to 18-foot slab-to-slab heights. The facility will include ground-floor retail and curated wet/dry lab space, including an incubation lab co-working floor operated by Ben Franklin Technology Partners, and a dedicated floor for prebuilt 3,000- to 10,000-square-foot “Growth Pods” with 3- to 5-year leases for graduate/smaller-scale companies.

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Inside The Story

Marty BurgerCantor Fitzgerald University Place AssociatesVincent HughesThe Sheward Partnership

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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