Thursday, July 9, 2015

PREIT Connects AT&T with 1501 Wanut Street

by Steve Lubetkin,
PREIT has dialed up AT&T Mobility as the latest tenant for its recently acquired property, 1501 Walnut Street, in the heart of Center City Philadelphia.

"This transaction creates significant value and is the first step in the redevelopment of an asset that represented a unique opportunity in a prime location in a growing Philadelphia retail market," says Joseph Coradino, CEO of PREIT.  "This opportunity is representative of PREIT's dominance in and significant knowledge of the retail landscape in Philadelphia."

PREIT is planning to reposition the 27,000 square foot property it acquired in 2014. The AT&T lease boosts occupancy to 92 percent. AT&T will occupy almost 5,000 square feet on the first and second levels of the building and is expected to open in November 2015. The property is also home to Club Monaco and Cameo Water Wear, and an 18,000-square-foot office tenant.

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