Friday, September 17, 2021

Rite Aid Corp. to move HQ to Philadelphia Navy Yard

 Natalie Kostelni Reporter Philadelphia Business Journal

Rite Aid Corp. will relocate its headquarters to the Philadelphia Navy Yard, after having spent decades based in Camp Hill.

The company leased 23,500 square feet at 1200 Intrepid Ave. and will open what it is calling an “enterprise headquarters” as part of an effort to redefine how it envisions its employees working as a result of the pandemic.

Rite Aid is moving to a “remote-first work approach for corporate associates, supported by a network of collaboration centers throughout the company’s geographic footprint,” the company said in a statement. “The reimagined workplace model focuses on flexibility for associates, while also creating an official headquarters space in Philadelphia designed specifically for in-person collaboration and company gatherings, rather than office spaces.”

The company has 2,800 corporate employees and a representative from Rite Aid said the number of people working out of the Philadelphia Navy Yard will fluctuate. The move will take place in the first half of 2022.

"It's a vibrant area and it's an exciting place to be," said Brad Ducey, a company spokesman. "It's central and easy for employees, partners, clients."

Rite Aid is No. 132 on the most recent Fortune 500 list. The company reported revenue last year of $24 billion.

Full story: https://tinyurl.com/7kuyj7z7

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Tuesday, September 14, 2021

New $55 Million Multifamily Complex Set To Be Completed by End of 2023

 By Scott Morrill CoStar Research

A joint venture between Method Co. and Cimbra Partners has started construction on a new 142-unit multifamily complex in the East Falls neighborhood of Philadelphia.

The $55 million project is set to include a mix of one- and two-bedroom floor plans with select bi-level duplex units, short-term furnished rental units and 10,450 square feet of ground-level retail space.

Method Co. and Cimbra Partners secured a $30 construction loan for the project from Pacific Western Bank.

The project's amenities are set to include an outdoor pool and lounge, residents’ lounge, game room, private workspaces, fitness center, yoga room and bike room. It will also feature a public art installation in accordance with the city's Percent for Art program.

The project is located along the Schuylkill River at 4300 Ridge Ave. in East Falls, a neighborhood that has a scenic riverfront, burgeoning restaurant scene, regional rail access and walkability.

"The challenge for residential developers in East Falls has never been leasing up projects once they are complete, but rather finding large enough parcels in which to build at scale," said Adrian Ponsen, CoStar's director of market analytics for Philadelphia. "This project has already cleared that hurdle having secured the most visible development site in the neighborhood and will likely further enliven the already up-and-coming retail corridors along Ridge and Midvale Avenues in its backyard."

Method Co. and Cimbra Partners' project is set to be completed by the end of 2023.

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