Beyond My Ken Own work GFDL
PHILADELPHIA—Five Below is relocating its corporate headquarters to Philadelphia's historic Lit Brothers Building at 701 Market Street where it will occupy approximately 180,000 square feet of class A office space plus approximately 15,000 square feet of multi-level retail space.
Stephen Perna, a principal of PernaFrederick, negotiated the 15-year agreement with Independence Realty, a division of Brickstone, which owns the building with Madison International, according to Real Capital Analytics, a proprietary research database. Brickstone also owns The Wanamaker Building and other assets in the Market East submarket.
Five Below is relocating from 1818 Market Street, and plans to remodel the space that was once the home of Lit Brothers department store by infusing its own unique brand culture into the building's rich history. Financial terms were not disclosed.
“We are so excited to continue our great legacy in Philadelphia,” says Joel Anderson, CEO of Five Below. “It's been our top priority to keep our home base in the city where it all started. This new space will allow our associates to unleash their passions further in a collaborative environment.”
Perna noted the collaborative efforts of state and city officials over the last three years to keep the retailer in Philadelphia and observed that 701 Market Street offers sufficient space to accommodate current operations as well as the retailer's anticipated growth in the years ahead.
“Since day one, we knew Five Below needed to stay in Philadelphia,” says Tom Vellios, executive chairman and co-founder of Five Below. “Our first store opened in Wayne, PA, and our headquarters have always remained in center city Philadelphia. Keeping our headquarters in the city is a no-brainer for us. Five Below is a Philadelphia brand. Always has been, always will be. ”
Beyond My Ken Own work GFDL
PHILADELPHIA—Five Below is relocating its corporate headquarters to Philadelphia's historic Lit Brothers Building at 701 Market Street where it will occupy approximately 180,000 square feet of class A office space plus approximately 15,000 square feet of multi-level retail space.
Stephen Perna, a principal of PernaFrederick, negotiated the 15-year agreement with Independence Realty, a division of Brickstone, which owns the building with Madison International, according to Real Capital Analytics, a proprietary research database. Brickstone also owns The Wanamaker Building and other assets in the Market East submarket.
Five Below is relocating from 1818 Market Street, and plans to remodel the space that was once the home of Lit Brothers department store by infusing its own unique brand culture into the building's rich history. Financial terms were not disclosed.
“We are so excited to continue our great legacy in Philadelphia,” says Joel Anderson, CEO of Five Below. “It's been our top priority to keep our home base in the city where it all started. This new space will allow our associates to unleash their passions further in a collaborative environment.”
Perna noted the collaborative efforts of state and city officials over the last three years to keep the retailer in Philadelphia and observed that 701 Market Street offers sufficient space to accommodate current operations as well as the retailer's anticipated growth in the years ahead.
“Since day one, we knew Five Below needed to stay in Philadelphia,” says Tom Vellios, executive chairman and co-founder of Five Below. “Our first store opened in Wayne, PA, and our headquarters have always remained in center city Philadelphia. Keeping our headquarters in the city is a no-brainer for us. Five Below is a Philadelphia brand. Always has been, always will be. ”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
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].
