The portfolio could yield market-rate rent appreciation and value-add opportunities through modest-to-extensive capital improvements, says Gebroe-Hammer's Nicolaou.
With those economic conditions in mind, Granite Properties acquired Eldridge Place, an 824,632-square-foot three-building class-A office complex in the Energy Corridor of West Houston for $78.4 million.
The Drexel Properties are comprised of four courtyard-style buildings and include popular local retail services such as a hairdresser, grocery store and other retailers.
In the largest of the agreements, Ameribest expanded its existing offices with the lease of another 6,924 square feet on the second floor of 990 Spring Garden.
Pembrook Capital's Stuart Boesky says he's bullish on Philadelphia's multifamily market and this transaction is an investment into a neighborhood that is in the process of rapid revitalization.
The flexible office provider is now occupying close to 60,000 square feet, the full eighth floor of Columbia Property Trust's landmark office property.
“Rittenhouse Square is an ideal place for Spaces to open their second Philadelphia location,” says CBRE's Stephen Kriz. “Their unique coworking environment provides a strong collaborative workplace for the many entrepreneurs and corporate users in Center City.”