8C — March 19 - April 15, 2021 — The Best of 2020 — M id A tlantic Real Estate Journal
The LARGEST OFFICE SALES of 2020
Cushman & Wakefield Newport Office Center IV Jersey City, NJ
JLL NJ/PA Arborcrest Corporate Campus Blue Bell, PA
Patterson-Woods Commercial Properties/CORFAC Int’l. One Avenue of the Arts
Size: 942,106 SF Brokers: Adam Spies, Kevin Donner, Doug Harmon, Josh King, David Bernhaut, Gary Gabriel, Anthony Pasqual, Ben Lushing, Robert Lowe 545 Washington Boulevard is a Class A, 22-story office tower located along the New Jersey Waterfront adjacent to the New - port PATH Station. The property is anchored by a high qual - ity, credit tenant roster including Insurance Services Offices, J.P. Morgan Chase, HSBC and ABG-Locker. 545 Washington Boulevard was 100% leased at the time of sale and offered a weighted average remaining lease term of 12 years. In spite of full occupancy, the property offered a future mark-to-market opportunity as the in-place leases were approximately 20% below market. The Property also offers parking with nearly 750 parking spaces and ground floor retail, restaurant and banking.
Size: 855,600 s/f Brokers: Claudio Sgobba, Doug Rodio and Brett Segal Arborcrest Corporate Center is a five-building, 855,600 s/f suburban office campus with a significant life sciences and biotech tenancy in the suburban Philadelphia community of Blue Bell, Pennsylvania. Completed in two phases in 2015 and 2019, Arborcrest’s healthcare, life sciences and biotech tenancy, includes Signant Health, a leader in clinical trials; Pharmaceutical Research Association, a clinical research or - ganization; and Abington Memorial, an outpatient healthcare facility; along with several tenants that support healthcare ad - ministration functions.
Location: Wilmington, DE Size: 24,445 s/f Broker: Joseph Latina
Joseph Latina represented the seller, Avenue of the Arts, LLC, in the sale of this Class A office building on the Wilmington, Delaware Riverfront. The 24,445 s/f building was sold to Farmers Mutual Fire Insurance Company of Salem County for $4,325,000.
The MOST UNIQUE INNOVATIVE TENANT AMENITY SPACE FOR OFFICE COMPLEX of 2020 American Real Estate Partners (AREP) 1600 Market Street Philadelphia, PA
Size: Building: 826,000 s/f (80% leased) | Amenity Spaces: 8,000 s/f Brokers: JLL (Philadelphia) Mitch Marcus and Alex Breitmayer Wellness Features & Certifications: o WELL Health & Safety Rating (application submitted as of this deadline) o UL Industries Healthy Buildings Verified - one of the first buildings in Philadelphia to achieve certification o Energy Star certified o Wired Gold o AREPx tenant app will offer hyper-local amenity programming
By seamlessly pairing art with 2021 workplace wellness standards, AREP has reinvented the office amenity experience to celebrate Philadelphia, and connect tenants to the city. AREP’s $15M renovation of this Center City office landmark marries intelligent design and signature Pop Art throughout the lobby & amenity spaces to provide a luminous, cutting-edge workplace unlike any other in the CBD market —a celebration of innovation & invention that honors Philadelphia’s history and character. The balance of wellness and art was foundational in transforming 1600, and the best-in-class amenities it offers. In addition to the tenant app AREPx, 1600 provides collaboration space, conference rooms, wellness and fitness areas, and a coffee bar from multi-award winning local favorite , Elixr.
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