Zurich Insurance Group Purchases 2.0 University Place for Record Amount

-- The 98,000 square-foot, Trophy Class A office building is part of a long-term vision to build a "LEED Platinum Corridor" for commercial and retail space in University City --

News provided by

University Place Associates

Apr 20, 2016, 08:00 ET

PHILADELPHIA, April 20, 2016 /PRNewswire/ -- 2.0 University Place, one of the few multi-certified, multi-tenant LEED Platinum new construction office buildings in the world, has been sold to Zurich Insurance Group for a record $41.25 million, with an implied rate of $438 square-foot. At the time of the sale, 2.0 University Place, located at 30 N. 41st Street, was fully leased. The U.S. Department of Homeland Security, Citizenship and Immigration, serves as the anchor tenant leasing three floors of the five-story building.

2.0 University Place was built with the highest standards for environmental sustainability, providing a cleaner, healthier work environment and lower operating and maintenance costs. The rooftop garden, which overlooks the Philadelphia skyline, improves air quality, conserves energy and reduces storm water runoff.
2.0 University Place was built with the highest standards for environmental sustainability, providing a cleaner, healthier work environment and lower operating and maintenance costs. The rooftop garden, which overlooks the Philadelphia skyline, improves air quality, conserves energy and reduces storm water runoff.
2.0 University Place was built with the highest standards for environmental sustainability, providing a cleaner, healthier work environment and lower operating and maintenance costs. The rooftop garden, which overlooks the Philadelphia skyline, improves air quality, conserves energy and reduces storm water runoff.
2.0 University Place was built with the highest standards for environmental sustainability, providing a cleaner, healthier work environment and lower operating and maintenance costs. The rooftop garden, which overlooks the Philadelphia skyline, improves air quality, conserves energy and reduces storm water runoff.
2.0 University Place was built with the highest standards for environmental sustainability, providing a cleaner, healthier work environment and lower operating and maintenance costs. The rooftop garden, which overlooks the Philadelphia skyline, improves air quality, conserves energy and reduces storm water runoff. 2.0 University Place was built with the highest standards for environmental sustainability, providing a cleaner, healthier work environment and lower operating and maintenance costs. The rooftop garden, which overlooks the Philadelphia skyline, improves air quality, conserves energy and reduces storm water runoff.

"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 Scott 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."

In October of 2015, University Place Associates announced plans to proceed with the construction of 3.0 University Place at the corner of 41st and Market Streets, located adjacent to 2.0 University Place.  Groundbreaking for the new structure is expected to occur later this year.  3.0 University Place is the world's first commercial office building to be pre-certified LEED v4 Platinum, the highest standard of Leadership in Energy and Environmental Design. Discussions with potential anchor tenants are ongoing.

About University Place Associates
University Place Associates is a progressive team dedicated to creating the highest quality commercial developments in socially conscious and environmentally responsible ways. By designing and constructing all its developments to achieve LEED Platinum Certification from the United States Green Building Council (USGBC), University Place Associates ensures each project will minimize its impact on the environment and promote the healthiest indoor workplace in the Philadelphia marketplace.

Photo - http://photos.prnewswire.com/prnh/20160419/357523

Photo - http://photos.prnewswire.com/prnh/20160419/357522

SOURCE University Place Associates

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