Monday, April 27, 2015

Shorenstein Acquires 1818 Market Street

by Steve Lubetkin,
Shorenstein Properties has acquired 1818 Market Street, a 988,000 square foot commercial office tower in the city’s Market Street West submarket.

The class A office building includes ground floor retail space, parking for more than 400 vehicles and is the headquarters location for both Beneficial Bank and retailer Five Below.  The building is near Comcast Corporation’s 1.5 million square foot Innovation and Technology Center, a 59-story mixed-use tower now under construction adjacent to Comcast’s current headquarters, and is surrounded by new residential development designed to appeal to a growing population of young professionals choosing to live and work in Philadelphia’s Center City area.

“This is an extremely well located asset in an area which is undergoing a revitalization and will continue to appeal to tenants seeking to recruit and retain young professionals," says Douglas W. Shorenstein, chairman & CEO, Shorenstein Properties.  “1818 Market Street offers the kind of flexible, large blocks space that appeals to broad swath of growth tenants.”

Terms of the transaction were not disclosed.  Shorenstein made the acquisition on behalf of its eleventh real estate investment fund, formed in 2014 with $1.22 billion in committed capital from Shorenstein and its investors.

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