PHILADELPHIA, PA—New York real estate investment firm Nightingale Properties has added its fourth Center City property with the acquisition from Arden Group of 1635 Market Street, a 19 story, 286,574 sq. ft. building that was originally developed as a regional headquarters for IBM.
Nightingale, founded in 2005 by Elie Schwartz and Simon Singer, already owns 1835 Market Street, 1700 Market Street, and 1500 Spring Garden Street. The buy makes it one of the largest commercial property owners in the city.
Nightingale's CEO, Elie Schwartz, has committed to $5 million in major renovations, to begin immediately, including renovating the facade, the main lobby, the concourse, the elevators, including cab, lift systems, and controls, the common corridors, and the bathrooms.
CBRE's Kevin Maloney, Mark Adzick, George Cauffman, and Joe Wolff will market the newly branded property.
“This is an exciting opportunity for this building. The owner is committed to transforming 1635 Market into a modern, high tech facility,” says Maloney, vice president in CBRE's Philadelphia office. “It could potentially house a single tenant on 86,000 sq. ft. across six floors. This building is an ideal location for a wide variety of tenants, especially with its easy access to transit. It is situated right in the heart of downtown and is part of the ongoing makeover of Philadelphia's CBD.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
