Thursday, April 18, 2013

1818 Market Gets New Tenant, Renamed 1818 Beneficial Bank Place

Original post from 4/10/2013:

Beneficial Bank has leased 95,764 square feet on four floors at 1818 Market St. in Philadelphia, PA for a 15-year term. As part of the deal, the building will be renamed 1818 Beneficial Bank Place, with the tenant's name appearing on the southern and western elevations as well as prominent signage over the building entrance. 

Sovereign Capital Management Group owns the 37-story, 981,743-square-foot, Class A office building. It was originally built in 1971 on almost one acre in the Market Street West submarket of Philadelphia County, with renovations completed as recently as 2004. In addition to on-site banking, the steel tower offers a 408-spot parking garage, concierge, on-site management, and a gift shop and restaurant on the ground floor. 

"Beneficial is the oldest Philadelphia-based bank in the city. They have a wonderful location in the old Penn Mutual Building directly behind Independence Hall. While iconic, the location is not the best for a company seeking to engage Philadelphia business. By moving 12 blocks north, the Bank has the opportunity to magnify its identity in whole new ways. The city retains an important corporate presence and the job growth associated with that and the building is filled, allowing ownership to move forward with its plan."

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