"The 62,000 square foot office building at 13000 Route 73 in Marlton, NJ has sold for $7.7 million or $124/sqft.
The buyer is Veritas Real Estate Investments, LLC, a Marlton, NJ-based full service real estate management and investment company - and the seller is Liberty Property Trust.
Major tenants in the building include Bank of America , Foundation Title, Hahnemann University Health, and Avnet. Colliers has been retained as the leasing agent for current space availabilities ranging from 1,000 to 8,000 SF."
Friday, June 3, 2011
Thursday, June 2, 2011
Inquirer office building back on the market
"Philadelphia Media Network Inc., owner of those two dailies and the online portal, has plan to sell the 526,000-square-foot building at 400 N. Broad St. as well as the five-level, 502-space parking garage at 15th & Callowhill streets and adjacent 200-space surface lot.
The building was last put on the market in August 2007 by then-CEO Brian Tierney. The real estate market was at its frothiest, but quickly cooled as the nation dropped into recession that December."
The building was last put on the market in August 2007 by then-CEO Brian Tierney. The real estate market was at its frothiest, but quickly cooled as the nation dropped into recession that December."
First Niagara closing 4 Montco branches
"First Niagara Bank is closing four branches this summer in Montgomery County, in Blue Bell, Lower Gwynedd, Franconia and Worcester, the Mercury reports.
"All four are branches that serve senior communities in the area and all will be consolidated into nearby bank branches," the Mercury said, citing a bank spokesman."
"All four are branches that serve senior communities in the area and all will be consolidated into nearby bank branches," the Mercury said, citing a bank spokesman."
Temple set to open new medical school in Bethlehem
"Temple University’s School of Medicine has a head start on the health system in expanding its presence beyond North Philadelphia.
The medical school is getting ready to open a regional medical school campus at St. Luke’s Hospital & Health Network in Bethlehem, Pa.
“This fall, the first group of students will start here, in Philadelphia, then spend their second, third and fourth years at St. Luke’s,” said Dr. Larry R. Kaiser, dean of the Temple University School of Medicine.
The class is expected to have 30 students.
Temple and St. Luke’s have an affiliation that dates back to the 1970s, when Temple medical students first began clinical rotations at St. Luke’s. Since March 2006, St. Luke’s has served as a clinical campus of Temple, a designation that means third- and fourth-year Temple medical students can take all of their required clinical rotations at the campus. By 2014, Temple and St. Luke’s expect more than 120 future doctors will be enrolled at the regional campus where they will complete all four years of study.
The Donald B. and Dorothy L. Stabler Foundation recently awarded a four-year, $1 million grant to St. Luke’s to establish an endowment fund that will be used exclusively for scholarships for students attending the regional Temple University School of Medicine/St. Luke’s Hospital & Health Network.
“Declining numbers of physicians and an aging population [are driving] the need to train more doctors, yet the cost of a medical education can be daunting and often prohibits people from making this career choice,” said Dr. Joel Rosenfeld, St. Luke’s chief academic officer and senior associate dean for the Temple University School of Medicine. “This gift will certainly make a difference for academically gifted students with financial need.”
Temple also has clinical campuses at West Penn-Allegheny Health System in Pittsburgh and Geisinger Medical Center in Danville, Pa. Kaiser said the medical school is establishing a four-year regional medical campus at West Penn-Allegheny. He said the first group of Temple medical students will begin at Pittsburgh in the fall of 2013.
“We expect about 50 students in the first class,” Kaiser said."
The medical school is getting ready to open a regional medical school campus at St. Luke’s Hospital & Health Network in Bethlehem, Pa.
“This fall, the first group of students will start here, in Philadelphia, then spend their second, third and fourth years at St. Luke’s,” said Dr. Larry R. Kaiser, dean of the Temple University School of Medicine.
The class is expected to have 30 students.
Temple and St. Luke’s have an affiliation that dates back to the 1970s, when Temple medical students first began clinical rotations at St. Luke’s. Since March 2006, St. Luke’s has served as a clinical campus of Temple, a designation that means third- and fourth-year Temple medical students can take all of their required clinical rotations at the campus. By 2014, Temple and St. Luke’s expect more than 120 future doctors will be enrolled at the regional campus where they will complete all four years of study.
The Donald B. and Dorothy L. Stabler Foundation recently awarded a four-year, $1 million grant to St. Luke’s to establish an endowment fund that will be used exclusively for scholarships for students attending the regional Temple University School of Medicine/St. Luke’s Hospital & Health Network.
“Declining numbers of physicians and an aging population [are driving] the need to train more doctors, yet the cost of a medical education can be daunting and often prohibits people from making this career choice,” said Dr. Joel Rosenfeld, St. Luke’s chief academic officer and senior associate dean for the Temple University School of Medicine. “This gift will certainly make a difference for academically gifted students with financial need.”
Temple also has clinical campuses at West Penn-Allegheny Health System in Pittsburgh and Geisinger Medical Center in Danville, Pa. Kaiser said the medical school is establishing a four-year regional medical campus at West Penn-Allegheny. He said the first group of Temple medical students will begin at Pittsburgh in the fall of 2013.
“We expect about 50 students in the first class,” Kaiser said."
Curtis Center, Public Ledger on market
by Natalie Kostelni
"The Curtis Center and Public Ledger, two office buildings overlooking Independence Mall, are up for sale and join a growing list of Center City commercial properties hitting the market.
The buildings are owned by a fund involving Apollo Global Real Estate. A partnership that included local real estate investor Joe Grasso and a fund managed by Citi Property Investors originally bought the buildings in 2006. Since then, Grasso’s involvement diminished and the Citi-related fund was sold off to Apollo.
In 2006, the Curtis Center sold for $94 million, and Public Ledger traded for $43 million. If these properties sell, it will help illuminate where the downtown office investment market now stands. As of now, 1700 Market St. is up for sale and reportedly under agreement for an estimated $135 million. A local investor has also tied up Two Penn Center, also on the market.
The Curtis Center and Public Ledger are two of the largest buildings in the Independence Square office submarket. The submarket has a vacancy rate of 13.4 percent. Usually a tight submarket, it has seen some tenant defections in the last year, such as Wolters Kluwer, which relocated to the Central Business District.
The two buildings will be marketed as a pair. The brokers and owners involved declined comment.
The Curtis Center totals 885,000 square feet at 124 S. 6th St. It is 94 percent occupied with the General Services Administration as one of its lead tenants. The building has a 350-space underground garage that can be expanded.
The 12-story building, which also overlooks Washington Square, was constructed between 1909 and 1921 for $3 million by publishing magnate Cyrus H.K. Curtis for his company’s headquarters. There The Saturday Evening Post, Ladies Home Journal and other magazines were published. It was designed by architect Edgar Viguers Seeler.
Curtis incorporated several amenities for his employees that were considered unusual at the time. Some of those perks included a purified drinking water system, stocked library, an infirmary that could accommodate minor surgery, recreation rooms, food service, a roof garden and special lighting, as well as an ice-cooled air circulation system.
While the building was under construction, Curtis commissioned Maxfield Parrish and Louis Comfort Tiffany to create a glass mosaic for the building’s lobby that became the artistic treasure called “Dream Garden.” Completed in 1916, the five-ton masterpiece stands 15 feet by 49 feet and became a point of controversy. The dispute that arose over the mosaic came to light in 1998 when it was revealed that Steve Wynn, the casino owner, offered to buy it from the estate of John W. Merriam, which owned the artwork. Wynn eventually decided against buying the mosaic and the question of how to preserve the piece swirled around for years until November 2001, when the Pew Charitable Trusts decided to pledge $3.5 million to the Pennsylvania Academy of the Fine Arts to acquire the mosaic.
The building is also renowned for its historical renovation. A previous owner bought the building in 1984 from Merriam for $25 million and launched a $75 million renovation. The face-lift included prettying up the hand-carved walnut paneling, decorative moldings and marble floors. A 13,000-square-foot courtyard was transformed into a 12-story enclosed atrium with a vaulted glass roof and is now used as a prime spot to host special events.
Its sister building, Public Ledger, has a less flamboyant history. The 12-story, 456,000-square-foot building at 620 Chestnut St. is about 92 percent occupied. It was designed by Horace Trumbauer and built in 1924 as home to the city’s first penny journal called the Public Ledger, which was also owned by Curtis. It’s listed on the National Register as a historic property."
"The Curtis Center and Public Ledger, two office buildings overlooking Independence Mall, are up for sale and join a growing list of Center City commercial properties hitting the market.
The buildings are owned by a fund involving Apollo Global Real Estate. A partnership that included local real estate investor Joe Grasso and a fund managed by Citi Property Investors originally bought the buildings in 2006. Since then, Grasso’s involvement diminished and the Citi-related fund was sold off to Apollo.
In 2006, the Curtis Center sold for $94 million, and Public Ledger traded for $43 million. If these properties sell, it will help illuminate where the downtown office investment market now stands. As of now, 1700 Market St. is up for sale and reportedly under agreement for an estimated $135 million. A local investor has also tied up Two Penn Center, also on the market.
The Curtis Center and Public Ledger are two of the largest buildings in the Independence Square office submarket. The submarket has a vacancy rate of 13.4 percent. Usually a tight submarket, it has seen some tenant defections in the last year, such as Wolters Kluwer, which relocated to the Central Business District.
The two buildings will be marketed as a pair. The brokers and owners involved declined comment.
The Curtis Center totals 885,000 square feet at 124 S. 6th St. It is 94 percent occupied with the General Services Administration as one of its lead tenants. The building has a 350-space underground garage that can be expanded.
The 12-story building, which also overlooks Washington Square, was constructed between 1909 and 1921 for $3 million by publishing magnate Cyrus H.K. Curtis for his company’s headquarters. There The Saturday Evening Post, Ladies Home Journal and other magazines were published. It was designed by architect Edgar Viguers Seeler.
Curtis incorporated several amenities for his employees that were considered unusual at the time. Some of those perks included a purified drinking water system, stocked library, an infirmary that could accommodate minor surgery, recreation rooms, food service, a roof garden and special lighting, as well as an ice-cooled air circulation system.
While the building was under construction, Curtis commissioned Maxfield Parrish and Louis Comfort Tiffany to create a glass mosaic for the building’s lobby that became the artistic treasure called “Dream Garden.” Completed in 1916, the five-ton masterpiece stands 15 feet by 49 feet and became a point of controversy. The dispute that arose over the mosaic came to light in 1998 when it was revealed that Steve Wynn, the casino owner, offered to buy it from the estate of John W. Merriam, which owned the artwork. Wynn eventually decided against buying the mosaic and the question of how to preserve the piece swirled around for years until November 2001, when the Pew Charitable Trusts decided to pledge $3.5 million to the Pennsylvania Academy of the Fine Arts to acquire the mosaic.
The building is also renowned for its historical renovation. A previous owner bought the building in 1984 from Merriam for $25 million and launched a $75 million renovation. The face-lift included prettying up the hand-carved walnut paneling, decorative moldings and marble floors. A 13,000-square-foot courtyard was transformed into a 12-story enclosed atrium with a vaulted glass roof and is now used as a prime spot to host special events.
Its sister building, Public Ledger, has a less flamboyant history. The 12-story, 456,000-square-foot building at 620 Chestnut St. is about 92 percent occupied. It was designed by Horace Trumbauer and built in 1924 as home to the city’s first penny journal called the Public Ledger, which was also owned by Curtis. It’s listed on the National Register as a historic property."
Trump Marina Hotel & Casino Sells for $38M
"Trump Entertainment Resorts, Inc. sold the 728-room hospitality and casino building to Fertitta Entertainment and Landry’s Restaurants, Inc. for $38 million, or about $52,200 per room.
Located at 1 Castle Boulevard in Atlantic City, the facility sits on more than 14 acres of land. The new owners plan to renovate the property, transforming the property into the Golden Nugget. Upon completion of the renovations the Golden Nugget will contain a total of 740 rooms and suites, and will be the only casino with a full service marina."
Located at 1 Castle Boulevard in Atlantic City, the facility sits on more than 14 acres of land. The new owners plan to renovate the property, transforming the property into the Golden Nugget. Upon completion of the renovations the Golden Nugget will contain a total of 740 rooms and suites, and will be the only casino with a full service marina."
NJ Laborers Union Makes Delaware Building Purchase
"GSM Industrial, Inc. sold the office and warehouse buildings at 308 Markus Ct. in Newark, DE to New Jersey Laborers Union for $2.7 million, or about $161 per square foot.
The 3.3-acre parcel contains a 10,250-square-foot office building and a 6,500-square-foot warehouse building. The New Jersey Laborers’ Union plans to occupy the entire facility for training."
The 3.3-acre parcel contains a 10,250-square-foot office building and a 6,500-square-foot warehouse building. The New Jersey Laborers’ Union plans to occupy the entire facility for training."
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