PHILADELPHIA—CBRE has arranged a joint venture between Realen Properties of Berwyn, PA and HRI Properties, a New Orleans developer that specializes in renovating historic sites, to convert the Liberty Title & Trust building at 101 N. Broad St. into a hotel.
CBRE's Michael Kane and CBRE Hotel Group's Lewis Miller and Doug Henkel represented Realen Properties during the joint venture.
Built in 1916, the now vacant 181,000 square-foot building will be converted into a 179-room hotel by Starwood Hotels & Resorts.
“This transition is a win-win for all parties involved, as the newly formed joint venture between HRI and Realen will take a historically and architecturally significant but vacant building and transform it into a vibrant hotel catering to the close proximity of the convention center, business and museum districts and a prominent corner in downtown Philadelphia,” says Michael Kane, senior vice president, CBRE.
The complete renovation of the building into a hotel, which will also include complimentary retail on the ground floor, is expected to be completed by the end of 2017.
PHILADELPHIA—CBRE has arranged a joint venture between Realen Properties of Berwyn, PA and HRI Properties, a New Orleans developer that specializes in renovating historic sites, to convert the Liberty Title & Trust building at 101 N. Broad St. into a hotel.
CBRE's Michael Kane and CBRE Hotel Group's
Built in 1916, the now vacant 181,000 square-foot building will be converted into a 179-room hotel by Starwood Hotels & Resorts.
“This transition is a win-win for all parties involved, as the newly formed joint venture between HRI and Realen will take a historically and architecturally significant but vacant building and transform it into a vibrant hotel catering to the close proximity of the convention center, business and museum districts and a prominent corner in downtown Philadelphia,” says Michael Kane, senior vice president, CBRE.
The complete renovation of the building into a hotel, which will also include complimentary retail on the ground floor, is expected to be completed by the end of 2017.
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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].
