The Northern Pennsylvania partnership will be announced within weeks, said Jerry Sweeney, president and CEO, during a third-quarter conference call. That portfolio encompasses between one million and 1.5 million sf in diverse building types and is valued in the $240-million to $250-million range, he said.
As for the value of the fully leased, class A Cira Centre, Sweeney said, "we'll let the market determine that." Regarding the development of Cira Centre South, Sweeney said, "there are several funding options." They include pursuing JV participation in redevelopment of the 862,000-sf former postal facility, which is expected to cost $265 million, including the $28-million acquisition cost, and is fully pre-leased to the IRS; a hotel partner for the hospitality portion of the Walnut Street tower and a residential developer for the 250-unit Chestnut Street tower.
The goal of these transactions "is to create capital for future use," said Howard Sipzner, EVP and CFO, during the call. There will be strong development and redevelopment, he added, "but not much in acquisitions."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
