The Bourse Building, 111 South Independence Mall East, Philadelphia, PA
PHILADELPHIA, PA—MRP Realty has recapitalized its four-property Philadelphia portfolio in a joint venture with the Merchant Banking Division of Goldman Sachs.
The portfolio includes 400 Market Street with 181,587 square feet, 325 Chestnut Street at 206,816 square feet, The Bourse building at 305,922 square feet, and The Bourse Garage with 453 parking stalls. Since acquiring the properties in 2016, MRP has executed extensive capital improvements across the three office assets, including a full repositioning of the Bourse Food Hall, which opened in November of 2018.
“This portfolio of properties provides us a unique opportunity to control an irreplaceable block of class A office product across three recently renovated and repositioned assets that cater to diverse users,” says Charley McGrath, MRP's Philadelphia managing director. “As a historic submarket, the core area here has proven durability and ongoing viability – and the newly repositioned Bourse is Philadelphia's only historic trophy office asset.”
The properties are located in the historic epicenter of Philadelphia on 4th Street between Chestnut Street and Market Street in the Market Street East submarket. Adjacent to Independence Mall, they are within a burgeoning commercial area of 4.9 million square feet of class A office space across nine buildings. Current tenant mix includes technology, media, communications, law, and retail industries, with the largest tenants MakeOffices and Entercom (CBS Radio).
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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].
