PHILADELPHIA, PA—Shorenstein Properties has acquired 1818 Market Street, a 988,000 square foot commercial office tower in the city's Market Street West submarket.
The class A office building includes ground floor retail space, parking for more than 400 vehicles and is the headquarters location for both Beneficial Bank and retailer Five Below. The building is near Comcast Corporation's 1.5 million square foot Innovation and Technology Center, a 59-story mixed-use tower now under construction adjacent to Comcast's current headquarters, and is surrounded by new residential development designed to appeal to a growing population of young professionals choosing to live and work in Philadelphia's Center City area.
“This is an extremely well located asset in an area which is undergoing a revitalization and will continue to appeal to tenants seeking to recruit and retain young professionals," says Douglas W. Shorenstein, chairman & CEO, Shorenstein Properties. “1818 Market Street offers the kind of flexible, large blocks space that appeals to broad swath of growth tenants.”
Terms of the transaction were not disclosed. Shorenstein made the acquisition on behalf of its eleventh real estate investment fund, formed in 2014 with $1.22 billion in committed capital from Shorenstein and its investors.
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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].
