Tuesday, February 27, 2018

Thor Equities In $42M Philadelphia Office Condo Deal

by Steve Lubetkin, Globest.com
Thor Equities made its entry into the Philadelphia market, acquiring a three-story office condominium at 907 Market Street for $41.8 million.

The 214,000-square-foot property sits above the former Gallery mall being redeveloped by PREIT into Fashion District Philadelphia. The office complex is fully leased to Health Partners Plans, a not-for-profit health maintenance organization serving more than 280,000 members in Southeastern Pennsylvania.

“907 Market Street is a high-quality asset located in the heart of Market East, the fastest growing neighborhood in Philadelphia’s burgeoning City Center district,” says Joseph Sitt, CEO of Thor Equities.

Retail, residential and office development projects in Market East also include East Market and the Lits Brothers Building.

Scheduled to open in the fourth quarter of 2018, Fashion District Philadelphia will be the largest retail development in downtown Philadelphia, encompassing 840,000 square feet of shopping, food and entertainment destinations including an eight-screen AMC Theatre, Century 21, and the largest H&M in Philadelphia. The property also provides direct access to SEPTA’s Jefferson Station, and is within walking distance to Reading Terminal Market and the Pennsylvania Convention Center.

Confirmed East Market retail tenants include an Iron Hill Brewery & Restaurant, City Fitness, Columbia Sportswear, T.J. Maxx/Home Goods, and Federal Donuts.  The mixed-use project will also include 175,000 square feet of office space, and 322 residential units.

Thor Equities also owns properties in New York, Washington, DC, Miami, Chicago, Houston, San Francisco and Los Angeles, and in Europe, Canada and Latin America.

No comments:

Post a Comment

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