New Hahnemann Landlord Aims to Keep Drexel Labs in Philly, as school eyes Move to Former GSK Site in Montgomery County

Investment group Iron Stone Real Estate Partners has a deal to buy a section of the former Hahnemann University Hospital campus on North Broad Street that’s partly occupied by Drexel University’s medical labs.

But Drexel may not be sticking around for long: It is in talks to move those researchers to GlaxoSmithKline’s former pharmaceutical plant in Montgomery County.

Drexel is considering leasing about 300,000 square feet at the Upper Merion site to consolidate medical researchers now spread between the New College Building at 15th and Vine Streets on the former Hahnemann property and at its Queen Lane Campus in East Falls, said Alan Greenberger, Drexel’s newly appointed vice president of real estate and facilities.

Although Drexel’s “long-term” aim is to locate those labs near the school’s main campus in University City, there is no such space in the pipeline for delivery before its Hahnemann campus lease expires in mid-2022, said Greenberger, previously a city economic development official under then-Mayor Michael Nutter.

Separately, the University of Pennsylvania is said to be exploring a deal to lease space at the former GSK plant that includes an animal-research lab previously used by the drugmaker.

The suburban facility is coming into play as Philadelphia’s universities and other medical institutions come up against a dearth of available lab space in the city for life-science research, which has been a bright spot for the regional economy, said Joseph Fetterman, who leads the life-sciences practice at commercial real estate firm Colliers International.

Lab users “are working hard to find the right solution that aligns timing with the specialized nature of their needs,” Fetterman said. “There aren’t that many places to go.”

What once was the Hahnemann campus sprawls over nearly six acres, centered on Broad Street along the Vine Street Expressway, comprising seven medical buildings, a parking garage, and surface lots.

Iron Stone is under contract to buy the campus’ New College Building and other properties comprising about 800,000 square feet currently owned by Harrison Street Real Estate Capital of Chicago, said Jason Friedland, an Iron Stone partner.

The deal does not include the attached main hospital tower at Broad and Vine Streets or other properties owned by California-based investment banker Joel Freedman, who teamed with Harrison Street to buy Hahnemann and St. Christopher’s Hospital for Children near Kensington in 2018.

When Harrison Street and Freedman acquired the hospital properties, they set up the deal so that a separate Freedman-backed company called Philadelphia Academic Health System would lease most of that space as the operator of Hahnemann and St. Christopher’s.

Because of that arrangement, Harrison Street and Freedman’s group were able to retain ownership of the hospitals’ real estate when Philadelphia Academic filed for bankruptcy protection in June 2019.

Iron Stone bought St. Christopher’s and surrounding properties from Harrison Street and Freedman affiliates for $65.3 million in February 2020 so it could lease the hospital building to Drexel and Tower Health, which took over from Hahnemann as Drexel’s hospital partner after the Hahnemann bankruptcy.

At the Hahnemann campus on North Broad Street, meanwhile, Drexel remained a tenant of the medical labs in the New College Building after the bankruptcy left much of the rest of the campus vacant.

Jason Friedland, an Iron Stone partner, said his company agreed to buy that building and other Harrison Street-owned properties under the premise that Drexel would opt to have a new lab facility built for itself in University City within the next few years.

In that case, Iron Stone would aim for a deal with Drexel to renovate its existing lab space at the New College Building to tide over the university until its new facility is completed, Friedland said.

“There are other paths if they say ‘No,’ but we are going to try our best to provide them with something that helps them stay in the city,” he said. “We’ve literally said to them: ‘Just tell us what you need.’”

Greenberger said Drexel has multiple locations under consideration, but the only one he would discuss was the former GSK site at 411 Swedeland Rd. in King of Prussia.

Drexel has struck past development agreements with Wexford Science & Technology LLC and Brandywine Realty Trust. Both are building large office and lab complexes within blocks of the school’s main campus.

Greenberger declined to comment on whether Drexel was in talks with either developer about lab space for the university being included in their University City projects — uCity Square for Wexford and Schuylkill Yards for Brandywine.

A Wexford official declined to comment on Drexel’s lab plan. Brandywine did not respond to a message.

“A new building takes a bit of time to design and build, and we have leases that are expiring next year,” Greenberger said. “One way or another, we have to do something.”

If Drexel does move its labs to the former GSK space, it would be a boon to owner J. Brian O’Neill, a Main Line developer who has been promoting the property as part of a planned network of lab and office buildings occupied by life-science tenants.

The other components of what he has dubbed Discovery Labs consist of the Philadelphia Inquirer’s former Schuylkill Printing Plant and office-park buildings that O’Neill’s business bought from Liberty Property Trust.

Currently, the only known tenants at the 972,000-square-foot GSK building are the drugmaker itself, which remained at the site as a lessee, and Wuxi Biologics, a Shanghai-area-based biotechnology company. Together, the two occupy 120,000 square feet of the complex.

Penn is also in discussions to lease the animal-research lab — a “vivarium” — at the building that had been left behind by GSK when it sold the property, according to a person familiar with that university’s plans. The school has an immediate need for such a facility that the GSK site may be able to fulfill, the person said.

A Penn spokesperson did not respond to a message. O’Neill, who is also founder of the substance-abuse chain Recovery Centers of America, declined to comment on discussions with Drexel and Penn.

*Article courtesy of The Inquirer

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

D.C. Real Estate Firm Proposes $190M Life Sciences Building in University City

A Washington, D.C., real estate company plans to develop a $190 million, 185,000-square-foot life sciences building in University City that will also have manufacturing space, setting it apart from some of the other proposed or newly constructed properties that cater to these companies.

Republic Properties Group entered into a 90-year ground lease with SEPTA on a parcel at 125 N. 32nd St., which sits between Powelton and Market streets. The site is adjacent to SEPTA’s Powelton Rail Yard and overlooks the Schuylkill Expressway.

Republic is partnering on the project with Richard Hayden, who co-founded Philadelphia real estate firm PHL Next Stage Med LLC.

The proposed 11-story building will be called Ultra Labs and is being billed as “one of the world’s most advanced cell-and-gene therapy research, development, and fully engineered [Certified Good Manufacturing Practices] production centers.”

In the race to land tenants and develop buildings catering to life sciences companies, providing manufacturing space will be a differentiator.

Republic Properties will join Brandywine Realty Trust (NYSE: BDN) and a partnership involving Wexford Science and Technology and Ventas Inc. (NYSE: VTR) in pursuing the development of life sciences real estate in University City. The desire to fill vacant office space in Center City has also prompted landlords to explore converting existing space to cater to life sciences tenants who don’t want to wait for new developments to be completed.

Though an experienced developer, Ultra Labs is the first lab-office-manufacturing project Republic Properties has undertaken and its first in Philadelphia. The company’s interest is another example of Philadelphia increasingly attracting outside real estate investors looking to seize upon its growth in life sciences. Silverstein Properties of New York and GIC, an investment arm of the Singapore sovereign wealth fund, have also made significant investments in Philadelphia life sciences real estate development.

“I think Philadelphia is a special place because of its concentration of expertise and institutions and that, coupled with its position on the Northeast Corridor and proximity to New York and Washington, D.C., vis-à-vis the National Institutes of Health, make it very special from a locational standpoint,” said Steven Grigg, president and co-founder of Republic Properties. “The project in many ways is unique.”

Ultra Labs was designed from the outset to incorporate both lab and manufacturing space, Grigg said. Manufacturing spaces will have mezzanines and floors sized such that natural light flows into the core. Elevators catering to the different spaces were located and placed in separate areas. Emergency and redundant power sources were also incorporated into the design.

L2P, a Philadelphia architecture firm, designed the space.

Grigg and Robert Scheer of Scheer Partners Inc., which will oversee leasing the space with colleague Tim Conrey, believe tenant interest for this specialized space will support its development. In fact, Sheer predicts that current and future demand by life sciences firms in Philadelphia will fill the projects that are in the works including Ultra Labs.

“We actually think Philadelphia could become one of the top-tier clusters in the United States,” Scheer said, adding that Ultra Labs is positioned to seize upon that demand because the ability for companies to do small scale manufacturing on site.

“There are other buildings that can support lab but this building has been designed specifically for cell-and-gene labs and the ability to CGMP manufacturing,” Conrey said. The building sits in a Federal Opportunity Zone.

Grigg expects to break ground on Ultra Labs by year end.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Medical Office Campus Trades for $53M

BG Capital has sold its medical office campus in Philadelphia’s Port Richmond neighborhood for $53.1 million.

The campus, comprising three medical office buildings, was purchased by the New Jersey-based commercial real estate company, the Hampshire Cos., and its international investment partner, Arbah Capital.

The sale resulted in BG Capital BG Capital has sold 90% equity ownership to the Hampshire Cos. for the three properties.

The campus’ three assets consist of a renovated 200,000-square-foot, multi-tenant office building, located at 2301 E. Allegheny Ave., a renovated 30,000-square-foot, single-tenant medical office building, and a new 16,000-square-foot, ground-up recreational facility for a medical office tenant.

BG Capital originally acquired the formerly-distressed campus properties in 2017. The company then completed a renovation program for more than 230,000-square feet of medical office space.

The firm coordinated a full lease-up of 100% occupancy with existing anchor tenants and new healthcare providers and users at the renovated buildings.

The campus is currently tenanted by Temple University Health Systems, Pediatric Dental Advisors, Ambrosia Treatment Centers and others.

Additionally, BG Capital and the Hampshire Cos. have recently formed a strategic joint-venture partnership to develop 7.1 acres of land, located near the campus at 2201 E. Allegheny Ave.

“We are very proud to revitalize a large Medicare facility in our home city of Philadelphia,” states Joseph Byrne IV, managing partner of BG Capital. “The jobs that were saved, and the additional jobs that were created in this process, along with the new and existing services provided to the community, truly define the success of this project. Our firm’s new strategic partnerships established with both domestic and foreign investors, are a testament to what has been and can be accomplished moving forward on future development projects.”

“The execution of a complex transaction of this magnitude in the middle of a global pandemic is an incredible representation of the proficiency and fortitude of our team here at BG Capital,” says Tyler Huffman, senior associate at BG Capital. “We are extremely excited to build off the relationships, knowledge and experience we have acquired through the development of this project to help propel the company moving forward into larger endeavors and deal sizes. In the end, being able to help bring additional healthcare services to a facility and area in need is an exceptionally rewarding project for all that were involved.”

*Article courtesy of Globest

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Penn Medicine Opens $80M Instrument Processing Center in Philadelphia

Penn Medicine on Monday officially opened what it is describing as the largest instrument processing and surgical supply preparation facility in the country.

Workers at the $80 million, 110,000-square-foot Interventional Support Center in Southwest Philadelphia will sterilize and package thousands of instruments each day for use in surgeries and procedures. The instruments to be sterilized and packaged range from basic scissors and clamps to advanced robotic devices.

The center at 3250 S. 76th St. was created to combine instrument processing services at the Hospital of the University of Pennsylvania and Pennsylvania Hospital along with three outpatient facilities: the Perelman Center, Penn Medicine Radnor, and the Tuttleman Center. Penn Medicine’s new $1.5 billion Pavilion, opening later this year, will also be served by the Interventional Support Center when it opens this fall.

The facility — which the health system said is also the first of its kind in Pennsylvania — opened with 140 employees who came over from on-site instrument processing facilities. In addition, 25 new employees were hired for the facility.

Chris Pastore, the facilities managing director, said the opening of the center marks a new approach for Penn Medicine.

“By moving our processing operations from the traditional hospital setting to an offsite, dedicated facility, we’re able to increase efficiency in a cost-effective way — all while keeping up with increasing demand,” Pastore said. “Plus, the [center] alleviates space at our clinical locations, providing the breathing room hospital departments need to expand services.”

As an example, he said, the opening of the Interventional Support Center will enable the health system to dedicate more space to patients at the 500-patient-room Pavilion.

The facility includes features that enhance sterilization efficiency, such as the use of clean steam using reverse osmosis water and airlocks throughout the building to prevent the cross-contamination of air between areas where dirty instruments are processed and clean ones are repackaged.

The $80 million cost for the center represents land acquisitions cost, infrastructure, and the facility itself. Penn officials said the site also has additional space that may be used for future projects.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Medical Space for Sale or Lease in Port Richmond

Wolf Commercial Real Estate, the leading Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has available Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA in the city’s Port Richmond neighborhood.

Please call for the asking sale price and the asking lease price of this Philly medical space for sale or lease. This Philly medical space for sale or lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

The main building of this Philly medical space for sale or lease contains +/- 120,000 sf in five stories while the secondary building of this Philly medical office space for sale or lease has +/- 8,000 sf on one floor. Overall, this Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA sits on seven-plus acres.

This medical space for sale or lease in Philly is part of a fully approved development aiming to provide premier medical space for Northeast Philadelphia. There also is a branding opportunity available for this medical space in Philly. In addition, the tenant of this medical space in Philly will reap the benefits of a city tax abatement for new construction over its first 10 years of operation.

This medical space for sale or lease in Philly at 2201 East Allegheny Avenue Philadelphia PA is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This medical space for sale or lease in Philly is less than a half-mile from the Allegheny Station of the SEPTA Regional Rail Line and this Philly medical office space for sale or lease is a similar distance from Exit 25 of Interstate 95.

This Philly medical office space for sale or lease provides parking for patients, visitors, and employees. This medical space in Philly is in a rapidly developing and gentrifying neighborhood of North Philadelphia.

For more information about this Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA, or about any other Philly commercial properties for sale or sale or lease, please contact Andrew Beauchemin (215-799-6145; andrew.beauchemin@wolfcre.com), or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease or sale through our Philly commercial real estate brokerage firm.

Design of Brandywine’s Proposed $300M Schuylkill Yards Life Sciences Building Takes Shape

Brandywine Realty Trust is working to pre-lease a proposed $300 million, 500,000-square-foot life sciences building at its Schuylkill Yards campus in University City and expects to buy a lease hold interest in the site during the first half of 2021.

It will strike that long-term lease deal at 3151 Market St. with Drexel University, its partner on the campus and expects to begin construction based on market conditions and meeting a certain level of pre-leasing.

As demand for space by life sciences companies continues to rise amid waning interest in traditional office tenants, landlords are positioning new buildings and existing spaces that will be converted to capture some of those firms. One way they are doing that is through design.

In the case of Brandywine, the Philadelphia-based real estate investment trust enlisted Gensler as the architectural firm to design 3151 Market. In an interview, Managing Director Doug Gensler shared his thoughts on what goes into the design of a research building that has both office and lab space and is competing with other buildings vying for similar tenants.

What is your approach to a building such as 3151 Market? As a design firm, we think about our work through a user experience and making sure the environment being created is enabling the activity that is intended to happen there. When we look at a science building, we are thinking critically around the way scientists work and how life sciences as an industry is evolving.

You have lots of different activities going on in those buildings but you start with the core function – the lab spaces themselves. There is a lot of range depending on the type of science that is being done and you have to make sure you are not over or under engineering a building to meet their needs. Floor to floor we want to create buildings that are nimble. We want to design a building that never gets in the way of an evolving organization.

How are they structurally different than a typical office building? You have to look at the structural implications of a building. It’s not just floor loading but uses, vibration criteria and planning modules. You have to look at lab benching considerations and other functions that exist within these environments and lay it out in a way that is efficient and effective. You have scientists who are working with other parts of the business and we recognize companies need to build community and organizational culture. On any given day, a scientist may be spending time on the bench, in the office, meeting room, networking or training. We’re making sure we’re not over biasing one of those activities over another activity.

Health and wellness have become more important as a result of the pandemic. How are health and wellness incorporated into the building? We are creating a building that has great light, great views and an opportunity to get outside and get fresh air. These are tactical strategies that the architecture needs to embed. We created an eco porch. We have limited time we can comfortably spend outside with our climate in the northeast so we are trying to create an environment accessible year round, where you are one step closer to nature and can get some fresh air without getting into an elevator and leaving the building. Research has shown that access to fresh air and a change to environment is a stimulant for energy levels and cognitive function and by providing that to employees, you can optimize productivity of individuals. If they go downstairs and outside, you’ve lost them for a half hour. If they go to the eco terrace, they can run into a colleague and have a spontaneous conversation.

How is this like any other building you design? I think the expectation for work environments has risen significantly and I think high performing companies are recognizing they are important to recruit and retain talent. There is pressure on organizations to create a place to inspire them to be here, innovate and work together.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Medical Space for Sale or Lease with Naming Rights

Wolf Commercial Real Estate, the foremost Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has available +/- 7 acres of land for a build-to-suit Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA.

Please call for the asking sale price and for the asking lease price of this Philly medical space for sale or lease. This Philly medical space for sale or lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

The primary building of this fully approved Philly medical space for sale or lease contains +/- 120,000 sf on five stories while plans for the secondary building of this Philly medical office space for sale or lease has +/- 8,000 sf on one floor. This Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA offers ample parking opportunities for employees and patients.

The developers of this Philly medical office space for sale or lease will provide an opportunity for the naming rights on the building along with exterior building signage. This medical space for sale or lease in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This medical space for sale or lease in Philly is designed to provide premier medical services for Northeast Philadelphia. Ownership of this medical space in Philly at 2201 East Allegheny Avenue Philadelphia PA is willing to providing needed amenities requested by tenants such as a fitness center, lounge, or conference center. The tenant of this medical space in Philly will experience the benefits of a 10-year Philadelphia tax abatement for new construction.

This medical space for sale or lease in Philly is only a half-mile from the Allegheny Station of the SEPTA Regional Rail Line and this Philly medical office space for sale or lease also is a half-mile from Exit 25 of Interstate 95. This medical space in Philly is in the rapidly developing and gentrifying Port Richmond neighborhood.

For more information about this Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA, or about any other Philly commercial properties for sale or sale or lease, please contact Andrew Beauchemin (215-799-6145; andrew.beauchemin@wolfcre.com) or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease or sale through our Philly commercial real estate brokerage firm.

Silverstein, Cantor Fitzgerald Invest $56M in University City Life Sciences Development

Silverstein Properties Inc. and Cantor Fitzgerald have made a $56 million investment in the development of 3.0 University Place, a proposed 250,000-square-foot life sciences building in the University City neighborhood of Philadelphia.

The two New York firms will join Philadelphia-based University Place Associates on the eight-story $100 million project that will have a combination of office and lab space. Under the terms of the deal, Silverstein and Cantor Fitzgerald own 90% of the development at 4101 Market St. and intend to hold the property on a long-term basis.

This marks Silverstein’s second acquisition in Philadelphia. It bought in early 2019 the BNY Mellon Bank Center, a 54-story, 1.3-million-square-foot trophy office tower for $451.6 million. The company, bullish on Philadelphia, has been looking for another investment in the city and adding to its growing portfolio of life sciences buildings.

“It’s a city that has many attributes of New York,” said Larry A. Silverstein, chairman of Silverstein Properties. “It’s an attractive city and a cosmopolitan city with lots of activity that mirrors New York. Having an opportunity to actively participate in the dynamism of Philadelphia, I find very exciting. Given a chance to do in Philadelphia what we are doing in New York, I like to take advantage of that.”

Silverstein’s focus on Philadelphia comes as it winds down the work it undertook at the World Trade Center, providing the company a chance to look outside of New York, Silverstein said. The company has spent nearly two decades rebuilding Lower Manhattan with several new office towers. “We look forward to doing more in Philadelphia,” he said.

The site sits in a Qualified Opportunity Zone, a federal program used to encourage real estate investment and development in struggling urban and rural areas. The property is also in a state Keystone Opportunity Zone, which provides breaks on certain taxes to tenants and developers and is also an economic development tool used to stimulate investment in underserved areas.

In 2019, Cantor Fitzgerald and Silverstein formed a joint venture to buy and develop real estate projects in federal Opportunity Zones and 3.0 University Place fit into that investment strategy.

Silverstein was also drawn to Philadelphia’s burgeoning life sciences sector and the role the city’s higher education and medical institutions are playing in that growth, Kaufman said. University City with uCity Square, Schuylkill Yards and the Science Center also has a track record of catering to companies spinning out of these research institutions. The office submarket often registers some of the lowest vacancy rates in the city and highest rents.

Silverstein first began to venture into life sciences real estate in 2017 when it formed a partnership with Taconic Investment Partnership to purchase a building on the Upper West Side of Manhattan and began repositioning it to cater to life sciences companies. While that was the beginning of a shift into life sciences space, its investment in this specialized real estate has accelerated during the pandemic.

“Recognizing the enormity of the need for life sciences space, especially at this time when we’re in the middle of a terrible pandemic — and it’s a probably just a question of time we find ourselves in another — we are rising to the challenge to provide the facilities that are needed to find solutions to these issues that affect us,” Silverstein said.

Silverstein’s investment means a ground breaking of the new building will happen sooner than anticipated, said Scott Mazo, CEO of University Place Associates. Ground breaking is expected sometime during the first half of 2021 and the building expected to be completed over two years.

University Place Associates has had a presence in University City since 2013 when it first developed University Place 2.0, a 97,000-square-foot office building at 30 N. 40th St. that was sold in 2016 for $41 million. The company has a long-term vision to develop a life sciences corridor on a total of five parcels in the area in several phases. It wants to eventually build a total of 1.5 million square feet of office, co-working and research and development space. It controls three of those properties and is working on acquiring the other two.

A few tenants have already leased space at 3.0 University Place. Wistar Institute, a nonprofit research organization, signed a 10-year lease on 8,000 square feet in the building. Wistar has an option to take additional space in the future.

The building will also include a 30,000-square-foot incubator that will be operated by Ben Franklin Technology Partners along with a floor dedicated to pre-built 2,500- to 10,000-square-foot “Growth Pods” with short-term and flexible leases for smaller-scale life science companies.

“These organizations are dynamic examples of how Philadelphia is creating a community of scientists whose collaborations will go far beyond the walls of a new building,” said Anthony Maher, president of University Place Associates.

*Article courtesy of Philadelphia Business Journals

For more information about Philadelphia space for sale or lease Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of  Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Medical Space for Sale or Lease in Northeast Philadelphia

Wolf Commercial Real Estate, the leading Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has build-to-suit Philly medical space for sale or lease available at 2201 East Allegheny Avenue Philadelphia PA.

This Philly medical space for sale or lease in Northeast Philadelphia is being brokered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. Please call for the asking lease price and the asking sale price for this Philly medical space for sale or lease.

The main building of this Philly medical space for sale or lease has approximately 120,000 sf on five stories while the secondary building of this Philly medical office space for sale or lease has about 8,000 sf on one floor. This Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA sits on more than seven acres.

This medical space for sale or lease in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This medical space for sale or lease in Philly is part of an approved development in a plan to bring premier medical space for Northeast Philadelphia. Buyers or renters can take advantage of a branding opportunity that includes building signage at this medical space in Philly at 2201 East Allegheny Avenue Philadelphia PA. In addition, the tenant of this medical space in Philly will receive a 10-year Philadelphia tax abatement for new construction.

This medical space for sale or lease in Philly is within walking distance of the SEPTA Regional Rail Line’s Allegheny Station, and this Philly medical office space for sale or lease is about a half-mile from Exit 25 of Interstate 95.

This Philly medical office space for sale or lease will have ample parking available for employees, patients, and guests ,and the owners of this medical space in Philly are open to providing a fitness center, lounge, and conference facility.

For more details – including the asking sale and lease prices – about this Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA, or about any other Philly commercial properties for sale or sale or lease, please contact Chris Henderson (856-857-6337; chris.henderson@wolfcre.com), Andrew Beauchemin (215-799-6145; andrew.beauchemin@wolfcre.com), or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease or sale through our Philly commercial real estate brokerage firm.

Build-To-Suit Philly Medical Space for Sale or Lease

Wolf Commercial Real Estate, the foremost Philly commercial real estate broker with experience in Philly commercial real estate listings and services, now has available build-to-suit Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA.

This Philly medical space for sale or lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. Please call for the asking sale price and the asking lease price of this Philly medical space for sale or lease.

The primary building of this Philly medical space for sale or lease contains +/- 120,000 sf on five stories while the secondary building of this Philly medical office space for sale or lease has +/- 8,000 sf on one floor. Overall, this Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA sits on seven-plus acres.

This medical space for sale or lease in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This medical space for sale or lease in Philly is part of a fully approved development aiming to provide premier medical space for Northeast Philadelphia. There is, as well, a branding opportunity available for this medical space in Philly at 2201 East Allegheny Avenue Philadelphia PA. In addition, the tenant of this medical space in Philly will experience the benefits of a 10-year Philadelphia tax abatement for new construction.

This medical space for sale or lease in Philly is only a half-mile from the Allegheny Station of the SEPTA Regional Rail Line and this Philly medical office space for sale or lease also is a half-mile from Exit 25 of Interstate 95.

The development at this Philly medical office space for sale or lease can provide ample parking opportunities for employees and patients. This medical space in Philly is in the rapidly developing and gentrifying Port Richmond neighborhood that is well positioned for future growth.

For more information about this Philly medical space for sale or lease at 2201 East Allegheny Avenue Philadelphia PA, or about any other Philly commercial properties for sale or sale or lease, please contact Chris Henderson (856-857-6337; chris.henderson@wolfcre.com), Andrew Beauchemin (215-799-6145; andrew.beauchemin@wolfcre.com), or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease or sale through our Philly commercial real estate brokerage firm.