"After seeing the success of their major rehab project in an adjacent building, we chose Townsend Capital as our partner for the development of 3701 Market Street in 2000. This building has been both economically successful and functionally satisfying for us and our tenants."

3701 Market Street; Philadelphia, Pennsylvania

Project Description:

• Design and build 141,000 square feet of speculative clinical and research space on eight stories in partnership with the University City Science Center.

Project Challenge:

• Create a flexible structure, without the benefit of pre-leasing, that accommodates not only state-of-the-art laboratories, but also a variety of high tech users.

New Perspective Solution:

• Design a "smart building" that includes redundant telecommunication and power.
• Utilize available state and city economic incentives to reduce build-out cost to start-up tenants.
• Develop a unique partnership with the University City Science Center that minimizes front-end costs.
• Take current research approaches into account in creating a space that marries clinics, labs, high tech research and doctors' offices.

Today:

• The $25,000,000 facility has been completed and is 100% leased to five tenants. As a joint venture partner, the University City Science Center has already achieved a significant return on its investment.