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Jackson Cross Lands Two Major Lease-Ups

PHILADELPHIA-US Equities Realty enlists Jackson Cross Partners to fill a looming 38,000-sf vacancy at the Septa headquarters building at 1234 Market St.

By Marita Thomas | Updated on August 15, 2006

PHILADELPHIA-As the long-time 100%-leased Septa headquarters building at 1234 Market St. faces a 38,000-sf vacancy in January 2007, the owner, Chicago-based US Equities Realty, hires Jackson Cross Partners to fill it up. Meanwhile, locally based Amerimar Enterprises hands leasing of its newly acquired two-building International Plaza to Jackson Cross.

The asking rental rate in both buildings is about $23.50 per sf, Thomas Kramer of locally based Jackson Cross tells GlobeSt.com. In a positive sign of recovery, he says, “office rates, especially for smaller-space tenants, are rising in Philadelphia.”

Amerimar acquired the 488,009-sf International Plaza office complex across from Philadelphia International Airport in November 2005 in joint venture with New York City-based Angelo Gordon & Co. for approximately $60 million. Kramer says the new owner has enlisted locally based Hillier Architecture to renovate the exterior, parking lots and signage.

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