Monday, December 22, 2014

Nightingale Properties Adds Fourth Center City Property

by Steve Lubetkin,
New York real estate investment firm Nightingale Properties has added its fourth Center City property with the acquisition from Arden Group of 1635 Market Street, a 19 story, 286,574 sq. ft. building that was originally developed as a regional headquarters for IBM.

Nightingale, founded in 2005 by Elie Schwartz and Simon Singer,  already owns 1835 Market Street, 1700 Market Street, and 1500 Spring Garden Street. The buy makes it one of the largest commercial property owners in the city.

Nightingale’s CEO, Elie Schwartz, has committed to $5 million in major renovations, to begin immediately, including renovating the facade, the main lobby, the concourse, the elevators, including cab, lift systems, and controls, the common corridors, and the bathrooms.

“This is an exciting opportunity for this building. The owner is committed to transforming 1635 Market into a modern, high tech facility. It could potentially house a single tenant on 86,000 sq. ft. across six floors. This building is an ideal location for a wide variety of tenants, especially with its easy access to transit. It is situated right in the heart of downtown and is part of the ongoing makeover of Philadelphia’s CBD.”

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