2000 Market Street, Philadelphia, PA
PHILADELPHIA, PA—The new ownership at 2000 Market Street has plans to invest more than $7 million in major capital improvements, including new cooling towers, elevator modernization, a fire alarm upgrade, and facade restoration.
A New York-based partnership led by Nahla Capital acquired the 665,000 square-foot class A office building last year. Over the past year, Nahla has launched a capital improvement program for the building worth more than $7 million to be completed over the next three years.
“Our decision to invest in these capital improvements will increase the overall quality of the property, while continuing to attract top-tier tenants,” says Andrew Liebhafsky, director of asset management, Nahla Capital. “We plan to start with the major building systems and then move on to the common area aesthetics.”
In the last 12 months, the CBRE team of Joseph Wolff, Kevin Maloney and David Mendez, on behalf of the landlord, have leased more than 60,000 square feet at 2000 Market Street. Last September, one of the building's tenants consolidated its operations and signed a long-term lease renewal and as a result, 25,666 square feet will become available at the property in the third quarter of this year—the first full-floor availability in 10 years.
“With the building currently 98% occupied, this investment by Nahla Capital demonstrates their commitment to proactively improve the overall tenant experience,” says Kevin Maloney, senior vice president, CBRE.
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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].
