Thursday, June 25, 2015

Rubenstein Adds Three Tenants at One Washington Square in Philadelphia

by Steve Lubetkin,

Rubenstein Partners has signed tenants to three new leases totaling 36,738 square feet at One Washington Square, an 850,000 square-foot class A property located in the heart of the historic section of Center City.

"It's gratifying to see that our vision to enhance One Washington Square and reintroduce the property to the Philadelphia market is paying off," says Craig Zolot of Rubenstein Partners.  "These three new transactions, along with the current high level of leasing interest in the building, confirm the market's recognition of the property's desirability and our completed capital upgrades – as well as the increasing vibrancy of the Independence Mall submarket. We believe there is major momentum in this area and we are confident that One Washington Square will be able to capitalize on it."

The leases include:

A 20,443 square-foot relocation, expansion and extension for Berkshire Hathaway HomeServices Fox & Roach. This transaction represents a long-term commitment by the company to remain and grow at One Washington Square.

A 12,605 square-foot new lease for The Foundation for Individual Rights in Education, a non-profit group that focuses on free speech and other individual rights at America's colleges and universities.

A 3,690 square-foot new lease for engineering firm AKRF, representing an expansion for the New York City based company into Philadelphia.

Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, in addition to a significant capital investment, focused on modernizing the building's systems and upgrading the lobbies and other common areas.

The property overlooks Independence Mall and Washington Square and is steps away from Independence Hall, Federal Courthouses, high-end housing, hotels, restaurants, and historic and cultural sites.

No comments:

Post a Comment

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