/PRNewswire/ Silverstein Properties, a national private real estate developer, owner and property manager; Cantor Fitzgerald, a leading global financial.
/PRNewswire/ Silverstein Properties, a national private real estate developer, owner and property manager; Cantor Fitzgerald, a leading global financial.
Silverstein, Cantor Fitzgerald Buy Massive Life Sciences Development In Philly
Two powerhouses of New York real estate have bought into Philadelphia’s booming life sciences market in a big way.
A joint venture of Silverstein Properties and Cantor Fitzgerald has purchased a majority ownership stake in 3.0 University Place, the forthcoming lab and office hub that was being developed by University Place Associates. Silverstein and UPA will be equal partners in developing the property, UPA said in a press release on Wednesday. Courtesy of University Place Associates A rendering of 3.0 University Place, a life sciences development in University City, Philadelphia.
The Silverstein/Cantor Fitzgerald JV paid $56M for 90% ownership of 3.0 University Place. University Place Associates, which will retain the final 10% piece of ownership, marketed the equity investment opportunity through JLL Capital Markets Managing Director Brett Segal.