Tuesday, August 16, 2011

Trading spaces: Mall to Market, Plymouth to Conshy

by Joseph N. DiStefano

"Five Tower Bridge, the West Conshohocken building built by Oliver Tyrone Pulver and owned by KBS Capital Advisors, says it's now 100% leased, since Wells Fargo & Co. sign to move into 11,000 sq ft there, from Plymouth Meeting; and Keystone Foods (now owned by Brazil's Marfrig Alimentos) has expanded from 44,000 to 50,000 sq ft.

Meanwhile in Center City, Smart Devine LP, the accounting firm created by former Smart & Co. bosses James Smart and Richard Devine last year, as Smart & Co. owner LECG Group imploded, has taken 23,000 sq ft at 1600 Market St., leaving the Public Ledger Building on Independence Mall, which owner Apollo Global Real Estate is trying to sell.

Smart and partners sold their $107M/yr firm in a deal valued at $118 million in 2007, at the peak of the private equity bubble, originally to Great Hill Partners. Since publicly-traded successor-owner LECG was unable to manage the resulting deal debt, ex-Smart accountants now work for a variety of Philadelphia-area accounting offices, including Smart Devine."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.