PHILADELPHIA, PA—Thor Equities made its entry into the Philadelphia market, acquiring a three-story office condominium at 907 Market Street for $41.8 million.
The 214,000-square-foot property sits above the former Gallery mall being redeveloped by PREIT into Fashion District Philadelphia. The office complex is fully leased to Health Partners Plans, a not-for-profit health maintenance organization serving more than 280,000 members in Southeastern Pennsylvania.
“907 Market Street is a high-quality asset located in the heart of Market East, the fastest growing neighborhood in Philadelphia's burgeoning City Center district,” says Joseph Sitt, CEO of Thor Equities.
Retail, residential and office development projects in Market East also include East Market and the Lits Brothers Building.
Scheduled to open in the fourth quarter of 2018, Fashion District Philadelphia will be the largest retail development in downtown Philadelphia, encompassing 840,000 square feet of shopping, food and entertainment destinations including an eight-screen AMC Theatre, Century 21, and the largest H&M in Philadelphia. The property also provides direct access to SEPTA's Jefferson Station, and is within walking distance to Reading Terminal Market and the Pennsylvania Convention Center.
Confirmed East Market retail tenants include an Iron Hill Brewery & Restaurant, City Fitness, Columbia Sportswear, T.J. Maxx/Home Goods, and Federal Donuts. The mixed-use project will also include 175,000 square feet of office space, and 322 residential units.
Thor Equities also owns properties in New York, Washington, DC, Miami, Chicago, Houston, San Francisco and Los Angeles, and in Europe, Canada and Latin America.
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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].
