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Trinity Closes on $90M Girard Square Lease

PHILADELPHIA-Under a 75-year ground lease, a mixed-use project of up to four million sf, at a cost of $1.2 billion, is planned to transform the Center City block.

By Marita Thomas | Updated on June 21, 2007

PHILADELPHIA-Trinity Capital Advisors LLC has closed on a $90-million, 75-year ground lease for Girard Square. This paves the way for redevelopment of the full Center City block that is bordered by Market, Chestnut, 11th and 12th streets.

“We envision a massing that could be like Time Warner Center in New York, but not as opulent,” says Kevin Doyle, president of Trinity. He tells GlobeSt.com the total project could encompass up to four million sf at an anticipated cost of about $1.2 billion. Work will begin “within a five-year window.

“There will be office towers with an aggregate of about 1.5 million sf, at least 500,000 sf of retail, a convention-style hotel of about 750 rooms with a residential component on the remaining space,” he says. “We plan to work with the city to create a legacy here.

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