Monday, November 18, 2019

Ensemble Real Estate Buying Four Office Buildings at Philly Navy Yard

by John Jordan
Ensemble Real Estate Solutions and Investments has closed on the purchase of two Navy Yard office buildings totaling 156,000 square feet and expects to close on another two office properties at the South Philadelphia complex in the next month.

The Phoenix-based firm reports it has acquired One Crescent Drive, which totals more than 76,000 square feet and the 80,050-square-foot 201 Rouse Boulevard office building from Liberty Property Trust. Ensemble says it has a deal to acquire 150 Rouse Blvd., a 56,412-square-foot office building and 1200 Intrepid Ave., a 91,971-square-foot office property at the Navy Yard from Liberty Property Trust. That deal is expected to close in the next 30 days.
No financial terms of the transaction were disclosed. Liberty Property Trust reported as part of its third quarter financial results in late October that it had sold two office buildings at the Philadelphia Navy Yard totaling 156,000 square feet for $60.7 million.

Ensemble owns the Courtyard Marriott at the Navy Yard and has several other projects in development there: the Iovance Biotherapeutics building in partnership with Gattuso Development, the conversion of the Marine Barracks building to a historic high-end hotel, and an additional mixed-use and extended stay facility.
“We’re incredibly excited to continue our investment in Philadelphia’s historic Navy Yard, which has emerged as the leading area in the city for innovation and collaboration,” says Kam Babaoff, chairman of Ensemble. “The transformation the Navy Yard has seen over the past decade has been staggering, and we look forward to deepening our presence and remaining in good company with the many other great businesses there.”

Ensemble will provide property management services for the portfolio from its regional office, soon to be established at the Navy Yard.

The firm also owns and is developing a new Hilton Garden Inn in Camden, NJ—the first new hotel the City of Camden has seen in more than 50 years.

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