CBRE kicks off major leasing campaign for life sciences project at 4101 Market Street, developed by Silverstein Properties, Cantor Fitzgerald and University Place Associates

Silverstein Properties, Cantor Fitzgerald and University Place Associates (UPA), announced today that CBRE has been appointed the exclusive leasing agent at 3.0 University Place, a state-of-the-art life sciences-enabled building located in the rapidly growing submarket of University City. The veteran CBRE team comprised of Bob Zwengler, Kevin Maloney, David Mendez and Anthony Pell will spearhead the leasing campaign.

“CBRE is honored to become part of the 3.0 University Place team,” said Executive Vice President Bob Zwengler. “We are excited to join forces with University Place Associates, Silverstein Properties and Cantor Fitzgerald to bring this state-of-the-art life sciences building to Philadelphia. 3.0 will raise the bar in the flourishing life sciences ecosystem in University City.”

“We are thrilled to partner with CBRE on this iconic project,” said Anthony Maher, President of UPA. “The CBRE Philly team is part of a well-known national life science practice that will bring some great cell and gene therapy companies to 3.0 University Place. With a world-class institutional partner in The Wistar Institute, robust lab infrastructure, and the sustainability elements of being the only lab building in Philadelphia with LEED and WELL Platinum certifications, 3.0 will be a world-class building for scientists.”

“We’ve had a very positive experience leasing life science space with CBRE in New York,” said Jason Kaufman, Senior Vice President at Silverstein Properties. “This team has deep-rooted knowledge based on their background in Boston which has positioned them well in Philadelphia and elsewhere due to their technical understanding of tenant needs for specialized real estate.”

Designed by The Sheward Partnership, the 250,000 square foot, eight-story lab and office building will feature 30,000 square foot floor plates and 15-18 foot slab to slab heights. The facility will include ground-floor retail and curated wet/dry lab space, including an incubation co-working floor operated by Ben Franklin Technology Partners, and a dedicated floor for prebuilt 3,000-10,000 square foot “Growth Pods” with 3- to 5-year leases for graduate/smaller-scale companies. Future tenants in the building will benefit from significant tax incentives as well as proximity to the 40th & Market transit hub, the University of Pennsylvania, and Drexel University.

University City sits at the epicenter of the Philadelphia region’s renowned healthcare and education employment sectors and rapidly growing life sciences and biotech industries, with over 55% of the University City workforce dedicated to those 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.

With an expected opening in the 4th quarter of 2022, the building will be the first phase of a multi-phase project. In a recent study conducted by Econsult Solutions, the project will 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.

3.0 University Place is a pre-certified LEED Platinum® v4 BD+C Core and Shell building, also targeting WELL v2 Platinum® certification with a focus on employee safety and wellbeing, maximizing environmental sustainability, and energy efficiency. Both Silverstein Properties and University Place Associates have been at the forefront of implementing sustainable practices into 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 Place, the first multi-tenant, multi-certified LEED Platinum commercial office building in the country.

About Silverstein Properties

Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman 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), the Four Seasons Downtown and 30 Park Place (2016), One West End (2017), and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.

About University Place Associates

University Place Associates [UPA] is Philadelphia's leading sustainable and socially conscious commercial real estate development firm. Based and focused in the University City area of Philadelphia, UPA is dedicated to creating the finest quality, state-of-the-art, healthiest commercial developments in a socially conscious and environmentally responsible way. UPA also seeks to engage and intersect with the surrounding residential communities, startup 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 UniversityPlaceAssociates on Facebook.

About Cantor Fitzgerald L.P.

Cantor Fitzgerald L.P., with over 12,500 employees, is a leading global financial services firm at the forefront of financial and technological innovation and has been a proven and resilient leader for over 75 years. Cantor Fitzgerald is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate. Cantor Fitzgerald is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

About 3.0 University Place:

3.0 University Place is a 250,000+ sq ft Life Sciences enabled commercial lab/office trophy building. It is a flagship for social and environmental responsibility, purpose-built for those that demand both from their workplace. Currently, 3.0 is on track to break ground early first quarter 2021. This location will serve as an expansion of an innovation corridor that is designated as a Keystone Opportunity Zone (KOZ) and a Qualified Opportunity Zone (QOZ). Future tenants in the corridor will benefit from these tax incentives, as well as its close proximity to the 40th & Market transit hub, the University of Pennsylvania, and Drexel University.