Financial services corporation Capital One has signed a new 10-year lease for 174,000 square feet in the office building at 800 Delaware Ave. in Wilmington, DE and renewed its current space at the adjacent 802 Delaware Ave. through 2027.
The company, which recently acquired Wilmington, DE-based financial services companies HSBC and INGDirect, will consolidate offices from several area buildings as its new space is renovated and built out.
800 Delaware is a 10-story, 277,899-square-foot, 4-Star office building in the Wilmington CBD submarket while the adjacent 802 Delaware building totals 240,780 square feet of 4-Star office space over 14 floors. DelleDonne & Associates developed the 800 building in 1994 and renovated it in 2007. Other tenants there include Blue Cross Blue Shield of Delaware and Heckler & Frabizzio.
www.omegare.com
Thursday, April 27, 2017
Wednesday, April 26, 2017
Tuesday, April 25, 2017
O'Neill Property Group has GSK campus in Upper Merion under agreement
by Natalie Kostelnie, Staff writer Philadelphia Business Journal
O’Neill Properties Group has put GlaxoSmithKline’s “West Campus” in Upper Merion, Pa., under agreement, according to sources. And, if a deal is completed, it will for the first time in three decades free up the property to be marketed to multiple tenants.
The property at 709 Swedeland Road consists of 43 buildings totaling about 2.2 million square feet of office, lab and warehouse space. In 2014, GSK announced it planned to sell its West Campus and lease back a portion of the site that consisted of its sterile clinical manufacturing pilot plant.
Frances DeFranco, a GSK spokeswoman, declined to comment on whether the sprawling campus was under agreement. A representative from O’Neill Properties also declined comment.
Undertaking the repositioning of 2 million square feet of space would be a daunting task for any developer. There is demand for lab space in the region, which has an abundance of pharmaceutical and biopharmaceutical companies. Such specialized space is expensive to build and fit out. In light of that, its ready-made, move-in condition might be appealing to prospective tenants.
There is also demand for office space. Large blocks of well-located office space in the suburbs is becoming scarcer and may present O’Neill Properties or any buyer with an opportunity to renovate the space and create an amenity-rich environment that would appeal to tenants.
O’Neill has completed office and multifamily projects throughout the region but is familiar with the area where the GSK property is located. The real estate company developed projects in Conshohocken, Pa., and maintains its headquarters off Renaissance Boulevard, just a stones throw away from the GSK campus.
Full story: https://www.bizjournals.com/philadelphia/news/2017/04/21/developer-has-gsk-campus-in-upper-merion-under.html
www.omegare.com
O’Neill Properties Group has put GlaxoSmithKline’s “West Campus” in Upper Merion, Pa., under agreement, according to sources. And, if a deal is completed, it will for the first time in three decades free up the property to be marketed to multiple tenants.
The property at 709 Swedeland Road consists of 43 buildings totaling about 2.2 million square feet of office, lab and warehouse space. In 2014, GSK announced it planned to sell its West Campus and lease back a portion of the site that consisted of its sterile clinical manufacturing pilot plant.
Frances DeFranco, a GSK spokeswoman, declined to comment on whether the sprawling campus was under agreement. A representative from O’Neill Properties also declined comment.
Undertaking the repositioning of 2 million square feet of space would be a daunting task for any developer. There is demand for lab space in the region, which has an abundance of pharmaceutical and biopharmaceutical companies. Such specialized space is expensive to build and fit out. In light of that, its ready-made, move-in condition might be appealing to prospective tenants.
There is also demand for office space. Large blocks of well-located office space in the suburbs is becoming scarcer and may present O’Neill Properties or any buyer with an opportunity to renovate the space and create an amenity-rich environment that would appeal to tenants.
O’Neill has completed office and multifamily projects throughout the region but is familiar with the area where the GSK property is located. The real estate company developed projects in Conshohocken, Pa., and maintains its headquarters off Renaissance Boulevard, just a stones throw away from the GSK campus.
Full story: https://www.bizjournals.com/philadelphia/news/2017/04/21/developer-has-gsk-campus-in-upper-merion-under.html
www.omegare.com
Monday, April 24, 2017
Amazon Adding Three More NJ Fulfillment Centers
by Steve Lubetkin, Globest.com
CRANBURY, EDISON, AND LOGAN TOWNSHIP, NJ—Amazon.com will open three additional fulfillment centers in New Jersey, at sites in Cranbury Township, Edison and Logan Township that the online retailer says will create more than 2,500 new, full-time jobs.
Since Amazon launched operations in New Jersey in 2012, the company has grown its fulfillment workforce in the state to 13,000-plus full-time employees across seven existing facilities in Avenel, Carteret, Florence, Logan Township and Robbinsville.
“Our ability to expand in New Jersey is the result of two things: incredible customers and an outstanding workforce,” says Akash Chauhan, Amazon’s vice president of North American Operations. “We are excited to continue growing by creating an additional 2,500 full-time roles at new fulfillment centers across the state.”
Amazon employees at the more than 900,000-square-foot fulfillment center in Cranbury Township and the one-million-square-foot fulfillment center in Logan Township will pick, pack and ship larger customer items such as music equipment, sports gear, and patio furniture. The 900,000-square-foot fulfillment center in Edison will handle smaller customer items such as books, toys and kitchenware.
“We applaud Amazon for investing in several expansions throughout New Jersey and for creating greater opportunities for our high-quality workforce,” says New Jersey Governor Chris Christie.
www.omegare.com
CRANBURY, EDISON, AND LOGAN TOWNSHIP, NJ—Amazon.com will open three additional fulfillment centers in New Jersey, at sites in Cranbury Township, Edison and Logan Township that the online retailer says will create more than 2,500 new, full-time jobs.
Since Amazon launched operations in New Jersey in 2012, the company has grown its fulfillment workforce in the state to 13,000-plus full-time employees across seven existing facilities in Avenel, Carteret, Florence, Logan Township and Robbinsville.
“Our ability to expand in New Jersey is the result of two things: incredible customers and an outstanding workforce,” says Akash Chauhan, Amazon’s vice president of North American Operations. “We are excited to continue growing by creating an additional 2,500 full-time roles at new fulfillment centers across the state.”
Amazon employees at the more than 900,000-square-foot fulfillment center in Cranbury Township and the one-million-square-foot fulfillment center in Logan Township will pick, pack and ship larger customer items such as music equipment, sports gear, and patio furniture. The 900,000-square-foot fulfillment center in Edison will handle smaller customer items such as books, toys and kitchenware.
“We applaud Amazon for investing in several expansions throughout New Jersey and for creating greater opportunities for our high-quality workforce,” says New Jersey Governor Chris Christie.
www.omegare.com
Friedman Group Acquires, Renovating Phoenixville Apartment Complex
by Steve Lubetkin, Globest.com
Breckenridge Plaza, a 92-unit garden apartment community with 48 two-bedroom apartments, 40 one-bedroom apartments and 4 studio apartments located on Nutt Road in Phoenixville, PA, has been acquired by an affiliate of Friedman Realty Group for $8.7 million.
Friedman specializes in revitalizing apartment communities, shopping centers and office buildings.
Major renovations underway on the property will help reposition the property with a new name—Phoenix View Apartments—and Friedman also plans to capitalize on the economic revitalization initiative that has attracted large developers for multifamily, class-A properties in and around Phoenixville.
“The property had all the hallmarks of the type of property we like,” Brian K. Friedman, president of FRG. The property had been overlooked for years by the previous owner. Rents fell well below the market and vacancies rose to 42 percent. Yet it had terrific bones with a garden setting and brick exterior, providing us with an opportunity to significantly enhance the property’s curb appeal. With 40 years of expertise restoring class-B apartment communities, we will turn Phoenix View Apartments into one of the most sought after multifamily addresses in Phoenixville.”
Exterior improvements include new building entryways and common area designs, gable roof siding replacement, apartment deck and balcony replacements, decorative window shutters plus updated lighting, landscaping and signage.
“The repositioning of the exterior amenities, including the former in-ground pool, is just another fresh start for Phoenix View Apartments,” says Friedman. The apartments will also benefit from new energy efficient windows and sliding glass doors.
Apartment interiors will receive new plank hardwood flooring throughout the living and dining areas with new carpeting in bedrooms, new kitchens with updated cabinetry, stainless steel appliances (including built-in dishwashers and microwaves), quartz countertops and subway tile backsplashes. Additionally, the kitchen layouts will be re-designed from their current footprint to provide for a more open and modern look. Bathrooms will be gutted and everything will be replaced, such as new floor and wall tile with upgraded vanities, light fixtures and plumbing fixtures. All apartments will also include individual stackable washers and dryers within the unit.
The property’s prior ownership had not invested any capital for major or minor renovations and upgrades, except for adding newer roofs and parking lots, all of which were required by the Borough of Phoenixville to address previous multiple code violations. Inside the units, everything from the HVAC systems to kitchen cabinets and appliances to the bathrooms were original and in poor condition. With a deteriorated look, inside and out, the property’s marketability stagnated and suffered, with vacancies rising to 42 percent at the time FRG purchased the property.
“This is a complete gut job,” says David B. Friedman, CPM, owner and vice president of FRG. “It’s going to be an enormous effort to renovate and restore this property, but this is what we do. We convert under-managed garden style apartments into modern, contemporary communities with state-of-the-art amenities that can compete with new construction.”
Built around 1970, the property consists of five two-and-a-half-story brick on block buildings with pitched roofs constructed on a three-acre parcel. The property sits atop of a hill at the busy intersection of Nutt Road and Bridge Street and is within one-half mile from downtown Phoenixville and the township’s Borough Hall.
“The growth of Phoenixville has been tremendous,” says David B. Friedman. “A number of high-profile multifamily projects are coming out of the ground led by developers who have been attracted to Phoenixville’s economic revitalization. The growth shows no signs of waning; renters are exhibiting strong interest in suburban settings with access to downtown shopping and dining destinations. We believe Phoenix View Apartments fills an important niche in the sub-market by providing beautifully renovated apartments at competitive, affordable rents.”
Phoenix View Apartments is close to major highways such as Route 422, I-76 and provides convenient commuter access to Pennsylvania routes. Within 10 miles is the King of Prussia Mall, one of the largest retail shopping centers in the country, as well as major regional employers such as The Vanguard Group, GlaxoSmithKline, Pfizer, Dow Chemical Company, and Lockheed Martin.
www.omegare.com
Breckenridge Plaza, a 92-unit garden apartment community with 48 two-bedroom apartments, 40 one-bedroom apartments and 4 studio apartments located on Nutt Road in Phoenixville, PA, has been acquired by an affiliate of Friedman Realty Group for $8.7 million.
Friedman specializes in revitalizing apartment communities, shopping centers and office buildings.
Major renovations underway on the property will help reposition the property with a new name—Phoenix View Apartments—and Friedman also plans to capitalize on the economic revitalization initiative that has attracted large developers for multifamily, class-A properties in and around Phoenixville.
“The property had all the hallmarks of the type of property we like,” Brian K. Friedman, president of FRG. The property had been overlooked for years by the previous owner. Rents fell well below the market and vacancies rose to 42 percent. Yet it had terrific bones with a garden setting and brick exterior, providing us with an opportunity to significantly enhance the property’s curb appeal. With 40 years of expertise restoring class-B apartment communities, we will turn Phoenix View Apartments into one of the most sought after multifamily addresses in Phoenixville.”
Exterior improvements include new building entryways and common area designs, gable roof siding replacement, apartment deck and balcony replacements, decorative window shutters plus updated lighting, landscaping and signage.
“The repositioning of the exterior amenities, including the former in-ground pool, is just another fresh start for Phoenix View Apartments,” says Friedman. The apartments will also benefit from new energy efficient windows and sliding glass doors.
Apartment interiors will receive new plank hardwood flooring throughout the living and dining areas with new carpeting in bedrooms, new kitchens with updated cabinetry, stainless steel appliances (including built-in dishwashers and microwaves), quartz countertops and subway tile backsplashes. Additionally, the kitchen layouts will be re-designed from their current footprint to provide for a more open and modern look. Bathrooms will be gutted and everything will be replaced, such as new floor and wall tile with upgraded vanities, light fixtures and plumbing fixtures. All apartments will also include individual stackable washers and dryers within the unit.
The property’s prior ownership had not invested any capital for major or minor renovations and upgrades, except for adding newer roofs and parking lots, all of which were required by the Borough of Phoenixville to address previous multiple code violations. Inside the units, everything from the HVAC systems to kitchen cabinets and appliances to the bathrooms were original and in poor condition. With a deteriorated look, inside and out, the property’s marketability stagnated and suffered, with vacancies rising to 42 percent at the time FRG purchased the property.
“This is a complete gut job,” says David B. Friedman, CPM, owner and vice president of FRG. “It’s going to be an enormous effort to renovate and restore this property, but this is what we do. We convert under-managed garden style apartments into modern, contemporary communities with state-of-the-art amenities that can compete with new construction.”
Built around 1970, the property consists of five two-and-a-half-story brick on block buildings with pitched roofs constructed on a three-acre parcel. The property sits atop of a hill at the busy intersection of Nutt Road and Bridge Street and is within one-half mile from downtown Phoenixville and the township’s Borough Hall.
“The growth of Phoenixville has been tremendous,” says David B. Friedman. “A number of high-profile multifamily projects are coming out of the ground led by developers who have been attracted to Phoenixville’s economic revitalization. The growth shows no signs of waning; renters are exhibiting strong interest in suburban settings with access to downtown shopping and dining destinations. We believe Phoenix View Apartments fills an important niche in the sub-market by providing beautifully renovated apartments at competitive, affordable rents.”
Phoenix View Apartments is close to major highways such as Route 422, I-76 and provides convenient commuter access to Pennsylvania routes. Within 10 miles is the King of Prussia Mall, one of the largest retail shopping centers in the country, as well as major regional employers such as The Vanguard Group, GlaxoSmithKline, Pfizer, Dow Chemical Company, and Lockheed Martin.
www.omegare.com
Friday, April 21, 2017
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