PHILADELPHIA—In a move that reflects a recognition and appreciation of Philadelphia's economic growth and future potential, The Durst Organization has acquired Philadelphia Piers at Penn's Landing, a section of the Philadelphia waterfront that spans Piers 12, 13-15, 19 and 24.
It is The Durst Organization's first purchase outside of New York. Financial details were not disclosed.
“We're excited that our first purchase outside of New York is The Piers at Penn's Landing, because of the progress and potential we see for the revitalization of the Philadelphia waterfront,” says Alexander Durst, chief development officer of The Durst Organization. “This purchase reflects our bullish thinking on Philadelphia and the long-term possibilities that we see for the development of the city as a whole.”
The closing of the purchase comes shortly after Mayor Kenney's $90 million funding proposal towards the $225 million investment for a beautiful, 11-acre park decking 1-95 and connecting Center City with the historic Penn's Landing waterfront. The Mayor's proposal opens up the waterfront, particularly near the Piers at Penn's Landing site.
The Durst Organization purchased the property from Brandywine Realty Trust. Contained within this section of the waterfront are a Dave & Busters, a Hibachi Japanese Steakhouse, a Morgan's Pier Beer Garden, a DLC Management Parking Facility and the Philadelphia Marine Center marina. The Durst Organization sees this site as a long-term hold with significant potential, but has no immediate plans for development.
Philadelphia is currently experiencing an unprecedented development boom, with major projects in Center City, and visions for the ongoing revitalization of both Schuylkill Yards and the Philadelphia Navy Yard. Penn's Landing has a long history of interest in revitalization, which has only grown after the creation of the Delaware River Waterfront Corporation and the publication of its Masterplan for the Delaware River waterfront.
Alex Wolfington of Wolfington Network represented Brandywine Realty Trust.
PHILADELPHIA—In a move that reflects a recognition and appreciation of Philadelphia's economic growth and future potential, The Durst Organization has acquired Philadelphia Piers at Penn's Landing, a section of the Philadelphia waterfront that spans Piers 12, 13-15, 19 and 24.
It is The Durst Organization's first purchase outside of
“We're excited that our first purchase outside of
The closing of the purchase comes shortly after Mayor Kenney's $90 million funding proposal towards the $225 million investment for a beautiful, 11-acre park decking 1-95 and connecting Center City with the historic Penn's Landing waterfront. The Mayor's proposal opens up the waterfront, particularly near the Piers at Penn's Landing site.
The Durst Organization purchased the property from Brandywine Realty Trust. Contained within this section of the waterfront are a Dave & Busters, a Hibachi Japanese Steakhouse, a Morgan's Pier Beer Garden, a DLC Management Parking Facility and the Philadelphia Marine Center marina. The Durst Organization sees this site as a long-term hold with significant potential, but has no immediate plans for development.
Philadelphia is currently experiencing an unprecedented development boom, with major projects in Center City, and visions for the ongoing revitalization of both Schuylkill Yards and the Philadelphia Navy Yard. Penn's Landing has a long history of interest in revitalization, which has only grown after the creation of the Delaware River Waterfront Corporation and the publication of its Masterplan for the Delaware River waterfront.
Alex Wolfington of Wolfington Network represented Brandywine Realty Trust.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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].
