A new, 250,000-square-foot commercial lab and office space in University City is nearing completion and is now leasing tenants.
University City development firm University Place Associates’ latest development, 3.0 University Place, is a mixed-use commercial property located at 4101 Market St. with thousands of square feet of rentable space. The property includes lab space, office space, and retail space spread across eight floors. The space also features a 14,000-square-foot green roof. The Sheward Partnership served as the architect of the building.
This project is a part of University Place Associates’ Platinum Corridor vision, which seeks to create a sustainable, pedestrian-based development area from 39th to 42nd streets on Market Street.
Fulton Bank will be the first retail tenant of the building, occupying 2,250 square feet on the building’s ground floor, according to a press release sent in an email to The Daily Pennsylvanian. The Wistar Institute is a programmatic partner of the new building and will contribute to lab partnerships within the space.
The building also includes 25,000 square feet of retail space which developers said they hope to fill with a restaurant, urgent care center, and a cafe. The building is certified LEED and WELL platinum.
The DP sat down with the developers of University Place Associates to speak about their vision for the area and plans for the building.
Partner and President of University Place Associates Anthony Maher said that one of the missions of the building is making way for the intellectual capital and opportunities at Penn to reverberate through West Philadelphia.
“We want this building to be a significant contributor to the community,” founder and CEO of University Place Associates Scott Mazo said, citing how Penn’s research prowess encouraged the development of world-class labs and research spaces housed within the building.
In line with the impact on the community, Maher added that University Place 3.0's sustainability is unique for the area it is located in.
“I think the staples of what University Place Associates will bring to the table will be best-in-class community development, aligned with the best-in-class sustainability development,” Maher said.
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