Friday, December 11, 2009

North American S. Broad has sewn up four leases

The North American building off South Broad Street in Philadelphia has sewn up four leases that brings its occupancy up to about 91 percent.

The building at 121 S. Broad completed the deals, all of which were renewals, with:

• DMi Partners, an Internet marketing company that expanded its headquarters into 8,219 square feet in a five-year deal. The company was in 4,983 square feet. DMi plans to hire additional employees.

• The Philadelphia Trial Lawyers, which extended its lease for 10 years on 6,610 square feet.

• Gerolamo McNulty Divis and Lewbart, a law firm that renewed on 6,610 square feet — a full floor — for another four years.

• And Mitchell & Ness, a sports nostalgia product company.

Meanwhile, Alstin Communications relocated from 1401 Walnut St. The firm took a full floor.

Market Street between 34th and 41st streets in University City is undergoing a seven-month makeover. The streetscape improvements are being funded by property owners and landlords along the targeted area of Market Street and a $2 million grant from the City of Philadelphia’s ReStore Philadelphia Corridors program. University City District came up with the project and the Science Center is overseeing it. Once completed, it is expected to change the look and feel of that area along Market Street in University City with new pedestrian lighting, sidewalks and plantings ...

U.S. Realty Capital arranged a $2.5 million construction loan for the acquisition and conversion of an historic elementary school at 137 Grape St. in the Manayunk section of Philadelphia. The 24,000-square-foot building will be turned into 22 apartments ... A five-unit apartment building at 2114 Pine St. in Philadelphia traded for $1.02 million, or $204,00 a unit. An undisclosed buyer from New York picked up the building. Marcus & Millichap arranged the sale.

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