Zurich Buys 2.0 University Place for $41.3M

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.

For more news and information visit Blumberg Partners.

Navy Yard Corporate Center Project Breaks Ground in Philly

The Navy Yard Corporate Center, an integrating office and residential development with, retail shopping, restaurants, a conference center and a marina in Philadelphia, saw a groundbreaking on Monday on two of three planned flex buildings. The first two buildings will total 103,137 square feet of space. The facility at 4020 S. 26th Street will offer 51,560 square feet while its sister building at 4050 S. 26th Street will provide 51,577 square feet. A third building, which is expected to begin development once leasing of the first two is well underway, will expand the capacity by an additional 82,863 square feet. Liberty Property Trust and Synterra Partners also announced the signing of the project's first tenant as The Fretz Corp., an appliance wholesale distributor,agreed to lease 22,391 square feet, taking nearly half of the 4050 S. 26th Street building according to a CoStar report.

"The expansion of The Philadelphia Navy Yard as a growing center of business has been a smart investment for the city, developers and the companies that do business there. These two, new buildings will help the city to attract businesses that are new to the region or expanding within the city," said Mayor Michael A. Nutter. "I would like to thank PIDC, Liberty Property Trust and Synterra Partners for investing in the Naval Yard."

For more news and information visit Blumberg Capital Partners.