A partnership involving the University City Science Center has sold 3440 Market St., a 118,000-square-foot building in the University City neighborhood of Philadelphia, for $45 million.
Ventas Inc., a Chicago real estate investment trust that is partnering with Wexford Science & Technology and the Science Center on the development of uCity Square, bought 3440 Market. The Science Center and an undisclosed outside investor group developed and have owned the property for more than 40 years.
The building was 94% leased at the time of the sale with Children’s Hospital of Philadelphia and the University of Pennsylvania serving as its two anchor tenants.
As interest in the life sciences sector has gained momentum, investors continue to look for opportunities to buy or develop properties that cater to those firms and organizations. In the case of 3440 Market, it is part of the uCity Square community that is under development in University City.
Last June, the Science Center sold 3701 Market St., an 8-story, 141,913-square-foot building, to GI Partners, a San Francisco investment firm, for $79 million. The Science Center put both 3701 Market and 3440 Market up for sale to take advantage of the robust demand for such buildings. It is not looking to sell additional buildings at this time.
*Article courtesy of Philadelphia Business Journal
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