Federal Capital Partners, Cross Properties and Alterra Property Group have started construction on the announced renovation and conversion of Philadelphia's 1616 Walnut Street.
The group is rebranding the building "ICON" and it will include 206 brand new, luxury apartments. The property will feature 300-degree views of the Center City skyline from a private deck, lounges and conference rooms, spacious gaming and media rooms, wellness center with yoga studio, pet grooming, concierge, bike shop and storage, as well as access to high-end retail, dining and shopping downtown. One-, two- and three-bedroom residences will offer stainless steel appliances, Quartz countertops, stone and ceramic bathrooms and spacious closets all atop 23,000 square feet of ground-floor retail and 150 parking spaces.
"ICON at 1616 Walnut Street provides us with the opportunity to re-purpose an exceptionally well located and well maintained building in the heart of Center City Philadelphia as Philadelphia's premier apartment community," said Lacy Rice, Managing Partner of Federal Capital Partners. "We look forward to watching this wonderful property come back to life under the careful management of our team and the guidance of our local partners, Cross Properties and Alterra Property Group."
The group has retained Bozzuto Group to handle leasing and marketing, with plans to begin pre-leasing in October 2013 and occupancy tentatively scheduled for early 2014.
The historic 1616 Walnut was built in 1929, considered an architectural marvel of its time. It was listed on the Philadelphia Register of Historic Places on January 7, 1982 and the National Register in 1983. The owners acquired the asset back in February 2012 for $28.5 million.
www.omegare.com
Thursday, May 9, 2013
Berkadia Originates $60M Loan at 1500 Locust
Berkadia Commercial Mortgage LLC arranged a $60 million refinance loan for the owner of 1500 Locust, a 612-unit multifamily building located at 1500-1514 Locust St. in Philadelphia, PA.
Senior vice president Ernie Katai worked with borrower Capri Capital Partners to secure the 10-year, fixed-rate loan through Fannie Mae.
Built in 1972, the 45-story apartment building is located in City Center, in the Market Street West submarket. It features studios and one-, two- and three-bedroom apartments. It also includes a sun deck, heated pool, an on-site restaurant and fitness center.
www.omegare.com
Senior vice president Ernie Katai worked with borrower Capri Capital Partners to secure the 10-year, fixed-rate loan through Fannie Mae.
Built in 1972, the 45-story apartment building is located in City Center, in the Market Street West submarket. It features studios and one-, two- and three-bedroom apartments. It also includes a sun deck, heated pool, an on-site restaurant and fitness center.
www.omegare.com
Monday, May 6, 2013
10195 N.E. Ave., Phila-Leased 133 W. Hunting Park Ave. SOLD
Compass Industries of New YorkCity, is a wholesale
distributor of hardware items, completed
a five year lease extension for 50,000
sq.ft. at 10195 N.E. Ave,Phila., PA for a value of $800,000. The
modern one-story warehouse facility is well located in Northeast Phila.
near US 1 and Roosevelt Blvd.
CLJ, LLC purchased 133 W. Hunting Park Ave. from
the Estate of Leonard Bleiman for $1,100,000.00.. After a complete renovation
an retrofitting by CLJ the property is to utilized by La Fortaleza Inc. as
their main location for a Physical Therapy Lab and Fitness Center.
Other portions of the building were leased to Temple Physicians and
Smith Pharmacy.
Friday, May 3, 2013
Thursday, May 2, 2013
Philadelphia's Office Deliveries, Construction and Inventory
During the first quarter 2013, two buildings totaling 505,170 square feet were completed in the Philadelphia Office market area. This compares to five buildings totaling 267,256 square feet that were completed in the fourth quarter 2012, four buildings totaling 46,319 square feet completed in the third quarter 2012, and 357,309 square feet in 10 buildings completed in the second quarter 2012.
There were 858,284 square feet of office space under construction at the end of the first quarter 2013.
Some of the notable 2013 deliveries include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is now 100% occupied, and 5 Crescent Dr, a 205,170-square-foot building that delivered in first quarter 2013 and is now 100% occupied.
The largest projects underway at the end of first quarter 2013 were 3737 Market St, a 272,700-square-foot building with 70% of its space pre-leased, and CrossPoint at Valley Forge, a 272,109-square-foot facility that is 31% pre-leased.
Total office inventory in the Philadelphia market area amounted to 395,899,425 square feet in 19,773 buildings as of the end of the first quarter 2013. The Class-A office sector consisted of 126,835,611 square feet in 929 projects. There were 7,605 Class-B buildings totaling 173,037,232 square feet, and the Class-C sector consisted of 96,026,582 square feet in 11,239 buildings. Within the Office market there were 831 owner-occupied buildings accounting for 33,330,645 square feet of office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 168 buildings totaling 5.92 million square feet complete construction with an additional 72.14 million square feet of office space still under construction at the end of the first quarter. A 639,002-square-foot facility at 200 Innovation Way in the Cleveland market delivered, and the 3.02 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market area totaled 10.3 billion square feet in almost 491,000 buildings at the end of the first quarter 2013, including more than 18,000 owner-occupied buildings accounting for 855.6 million square feet.
www.omegare.com
There were 858,284 square feet of office space under construction at the end of the first quarter 2013.
Some of the notable 2013 deliveries include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is now 100% occupied, and 5 Crescent Dr, a 205,170-square-foot building that delivered in first quarter 2013 and is now 100% occupied.
The largest projects underway at the end of first quarter 2013 were 3737 Market St, a 272,700-square-foot building with 70% of its space pre-leased, and CrossPoint at Valley Forge, a 272,109-square-foot facility that is 31% pre-leased.
Total office inventory in the Philadelphia market area amounted to 395,899,425 square feet in 19,773 buildings as of the end of the first quarter 2013. The Class-A office sector consisted of 126,835,611 square feet in 929 projects. There were 7,605 Class-B buildings totaling 173,037,232 square feet, and the Class-C sector consisted of 96,026,582 square feet in 11,239 buildings. Within the Office market there were 831 owner-occupied buildings accounting for 33,330,645 square feet of office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 168 buildings totaling 5.92 million square feet complete construction with an additional 72.14 million square feet of office space still under construction at the end of the first quarter. A 639,002-square-foot facility at 200 Innovation Way in the Cleveland market delivered, and the 3.02 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market area totaled 10.3 billion square feet in almost 491,000 buildings at the end of the first quarter 2013, including more than 18,000 owner-occupied buildings accounting for 855.6 million square feet.
www.omegare.com
Bristol-Myers Squibb Inks 45,000 SF Deal
Global biopharmaceutical company Bristol-Meyers Squibb has signed a long-term deal to occupy 45,484 square feet of office space at the Fort Washington Executive Center Bldg 601. Bristol-Meyers Squibb will take occupancy in the fourth quarter of 2013.
Located at 601 Office Center Dr. in Fort Washington, PA, the 136,680-square-foot, class A office buildingis located on a 40-acre site surrounding a central courtyard.
www.omegare.com
Located at 601 Office Center Dr. in Fort Washington, PA, the 136,680-square-foot, class A office buildingis located on a 40-acre site surrounding a central courtyard.
www.omegare.com
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