Thursday, April 11, 2013
Comcast Leases 110,000 SF at 2801 Valley Rd
Comcast has signed a deal to occupy 110,000 square feet of office space at 2801 Valley Rd. in Harrisburg, PA.
The former Olivetti Underwood building is a 283,000-square-foot, single-story, multi-tenant office building on 27.3 acres. It was built in 1998 and has parking for 500. The property is conveniently located near the intersections I-81 and I-83, and was previously occupied by Earthlink.
www.omegre.com
The former Olivetti Underwood building is a 283,000-square-foot, single-story, multi-tenant office building on 27.3 acres. It was built in 1998 and has parking for 500. The property is conveniently located near the intersections I-81 and I-83, and was previously occupied by Earthlink.
www.omegre.com
Lincoln Woods Apts Trade for $29.3M
BET Investments, Inc. acquired the 216-unit Lincoln Woods Apartments at 9801 Germantown Pike in Lafayette Hill, PA from TIAA-CREF for $29.3 million, or about $136,000 per unit.
The three-story, 10-building, 167,127-square-foot multifamily complex was built in 1991 on 22.8 acres in the Plymouth Mtg. / Blue Bell submarket of Montgomery County. The property offers a swimming pool, club house, fitness facility and access to public transportation. It was 98 percent occupied at the time of sale.
Berkadia Commercial Mortgage originated $25.5 million in acquisition financing through Fannie Mae's DUS platform. Jim Badolato, senior vice president with Berkadia negotiated the ten-year loan, providing 80 percent of the acquisition cost plus short-term capital budget.
Wednesday, April 10, 2013
Beneficial Bank is moving its headquarters to 1818 Market St.
Original article from Feb 2,2013: http://omegacre.blogspot.com/2013/02/beneficial-is-close-to-hq-decision.html
Joseph N. DiStefano, Inquirer Staff Writer
Looking for a new headquarters, Gerard P. Cuddy, chief executive of Beneficial Bank, the biggest and oldest bank still based in Philadelphia, has been cruising the tenants' market that is Center City's office-rental scene.
"We analyzed space in 28 buildings," Cuddy said Tuesday. "This is a good time to be a shopper looking for 100,000 square feet in Philadelphia."
On Wednesday, Cuddy plans to announce Beneficial's new headquarters: four floors of a 42-story tower at 1818 Market St., owned by Sovereign Capital Management Group, that will be renamed Beneficial Place. Runner-up was the former Dow Chemical headquarters on Independence Mall.
Beneficial will give up its current offices, spread through 11 suites in the former Penn Mutual complex overlooking Independence Hall and leafy Washington Square, for the EwingCole-designed tower in the glass-and-concrete heart of the city's modern financial district.
"We think it's a transforming move for us in terms of visibility and location," said Cuddy, who wants to boost business lending at Beneficial, better known as a mortgage and personal lender.
"Costs are marginally higher" in the area, where offices at equivalent buildings rent in the mid-$20s per square foot, he said. The exposure and convenience will be worth the additional cost, he added.
Beneficial also plans a ground-floor branch that will compete with neighboring First Republic and Bank of America locations. Cuddy wants to import the open spaces and customer financial "libraries" Beneficial has installed in its suburban branches in Devon, Springfield and Cherry Hill.
Architect D2 Partners, of King of Prussia, is laying out the headquarters space.
Monday, April 8, 2013
Rittenhouse Square properties trade for $17M
by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
Allan Domb has added to his Center City retail holdings and bought for $17 million the commercial condominiums at 10 Rittenhouse Square that contain the Barney’s clothing store and Serafina’s, a restaurant.
The acquisition enhances Domb’s retail position on Rittenhouse Square and along the city’s two main retail corridors where he already owns a number of premier properties.
“These are two retail locations at Main and Main,” said Ken Mallin of Mallin Panchelli Nadel, who represented Domb in his acquisition of the Barney’s and Serafina properties. The seller was IStar Financial Inc.
IStar owns 10 Rittenhouse and at the end of last year decided to put the two commercial spaces on the market. Barney’s is at 126-132 S. 18th St. and it occupies two floors totaling 9,707 square feet. Its lease runs until August 2024. Serafina’s address is 130 S. 18th St. and sits in 6,293 square feet. The restaurant is on the hook for the lease until June 2026. The properties were sold as a package, and interest in them ran high.
A lot of dirt being moved in King of Prussia
by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
There’s a bit of a building boom under way in Upper Merion, where pockets of construction dot the township from one end to the other.
“It’s unbelievable there’s so much construction going on,” saidEric T. Goldstein, executive director of the King of Prussia District. “I would like to see more on the commercial office sector but that’s not a King of Prussia problem.”
The projects range from office to retail, small to large. The ones Goldstein’s group is tracking include:
• 100,000-square-foot special care center for Children’s Hospital of Philadelphia;
• 24,000-square-foot Container Store next to DeKalb Pike at The Court;
• 345,000-square-foot redeveloped Valley Forge Shopping Center at DeKalb Pike and Henderson Road that will be anchored by a 165,335-square-foot Target;
• Across from there, a Super Wawa totaling 6,000 square feet and a Chick-fil-A, totaling 4,800 square feet will open this fall where a PetSmart once stood;
• 7,150-square-foot tile showroom for Porcelanosa is under construction at the corner of DeKalb Pike and Long Road; and
• A gas station at 620 DeKalb Pike will be razed to make way for a 2,500-square-foot restaurant and 4,200-square-foot retail center.
Full story: http://tinyurl.com/buj68uf
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