University Place Associates, the Philadelphia-based development company, announced this week that it has sold 2.0 University Place to Zurich Insurance Group for a record $41.25 million, with an implied rate of $438 square-foot. The deal is Zurich's first acquisition in Philadelphia, and commits the company to completing up to $1.8 million in interior construction work, developer Scott Mazo said. Full terms of the deal were not disclosed.
"The sale of 2.0 University Place paves the way to continue the vision of establishing University City's 40th Street transit hub as Philadelphia's corridor for the highest standards in environmental responsibility," said Mazo, Principal of University Place Associates. "We are looking forward to breaking ground later this year on 3.0 University Place to further enhance University City's emerging status as a world-class destination and to demonstrate our commitment to building the highest quality and healthiest workplaces."
The over 90,000 square foot, Class A structure at 30 North 41st Street in Philadelphia is located on the northern edge of the University of Pennsylvania campus in Philadelphia. 2.0 University was developed to be completely eco-friendly, earning a Platinum rating from the U.S. Green Building Council's LEED program. At the time of the sale the building was 100% leased with the U.S. Department of Homeland Security, Citizenship and Immigration (USCIS) as an anchor tenant leasing three floors of the five-story building.
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