Thursday, December 29, 2011

Philadelphia Media Network Signs 125,000-SF HQ Lease at 801 Market

"Pennsylvania Real Estate Investment Trust has secured a lease with Philadelphia Media Network, Inc. to occupy 125,000 square feet at 801 Market Street in Philadelphia. PMN, owner and publisher of The Philadelphia Inquirer, Daily News, and, is expected to take occupancy of its third-floor headquarters space in summer 2012.

The iconic building delivered in 1868 as Strawbridge & Clothier's flagship store. PREIT redeveloped the 13-story, 927,931-square-foot, class A office and retail property in 2009, focusing on historic preservation and sustainability, leading to recent LEED Gold Certification and a US Green Building Council award for operating efficiency. The building anchors The Gallery at Market East, also owned by PREIT, and located above the city's mass transit system providing employees, shoppers and residents with direct access to the Philadelphia suburbs and southern New Jersey.

"Bringing Philadelphia Media Network to this Center City location reestablishes 801 Market as a premier address and signals the resurgence of Market East and The Gallery," said Joseph F. Coradino, president of PREIT Services LLC and PREIT-RUBIN, Inc.

PMN's move is the latest development in the renaissance of the Market East submarket in Center City. PMN will work with PREIT to incorporate large-format digital advertising and a dynamic digital messaging system on the exterior facade designed to reach thousands of people daily. PMN's 600 employees will join 750 from the Commonwealth of Pennsylvania that have occupied three floors in the building since 2009, in addition to 1,200 employees utilizing office space on the upper floors.

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