“At just 4.1%, the Greater Philadelphia vacancy rate is considered 'typical' by local standards at the peak of a construction boom highly concentrated within Center City,” says Gebroe-Hammer's Eli Rosen.
The financing provided by Rialto Capital Management will help pay for tenant allowances and landlord work associated with newly signed restaurant leases, along with the costs of leasing remaining vacancy at its Wynwood properties.
“1375 Peachtree is a truly unique property and we're very excited to transform it into an office asset with modern, state-of-the-art amenities," says Jerry Banks, managing director for the Atlanta region at Dilweg.