P ennsylvania
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Rubenstein Partners completes sale of One Washington Square Keystone Property Group purchases 850,000 s/f class A office building for $114.17 million P www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — Section C HILADELPHIA, PA — Rubenstein Part- ners, L.P. , a vertically The property is located on a primary east-to-west artery and offers excellent access to public transit.
19,683 s/f lease for 160 Over 90, Inc., a growing branding and creative services agen- cy based in Philadelphia; a 14,316 s/f lease for a well- known Fortune 100 insurance firm that is relocating to the property; and an 11,200 s/f lease for AgroFresh Solutions, Inc. Significant expansion and extension transactions were completed with Hersha Hos- pitality Trust; and Berkshire Hathaway HomeServices Fox & Roach, which now also oc- cupies about 24,000 s/f. "We were thrilled with the market’s response to our improvements and the re- branding of One Washington Square,” added Craig Zolot, Director of Asset Management for Rubenstein Partners. “Our mission is to take underuti- lized assets and unlock their true value. It’s gratifying when we are successful with any investment, and especially so with a historic building lo- cated in our home market.” n
HI-LIGHTS JULY 15 - 28, 2016 integrated real estate invest- ment manager specializing in value-added office property opportunities in the Eastern half of the United States, an- nounced the sale of One Wash- ington Square to Keystone Property Group for $114.17 million. The sale follows a major capital improvement and leasing campaign by Ru- benstein Partners, which also rebranded the former Penn Mutual Tower as One Wash- ington Square as part of its
“We’re incredibly pleased with the execution of our busi- ness plan for One Washington Square,” said Stephen Card , regional director of Mid-Atlan- tic for Rubenstein Partners. “This truly is a special prop- erty, and we were able to taste- fully modernize and improve the functionality of its interior spaces while leaving the his- toric building envelope intact. As evidenced by our strong leasing activity, we’ve created a product with great appeal to the local tenant base.” Between the acquisition and sale of the property, Ruben- stein Partners, in conjunction with its agent Newmark Grubb Knight Frank , com- pleted lease transactions ex- ceeding 140,000 s/f, including new leases and expansions totaling over 90,000 s/f. The largest new leases were a
One Washington Square
repositioning plan. One Washington Square is an 850,000 s/f class A prop- erty located in the heart of the historic section of Center City. Affiliates of Rubenstein Part- ners acquired the property in late 2013 and began modern- izing the building's systems
and upgrading the lobbies and other common areas. One Washington Square overlooks Independence Mall and Wash- ington Square and is steps away from Independence Hall, Federal Courthouses, high-end housing, hotels, restaurants, and historic and cultural sites.
NORTHEASTERN PA
SPOTLIGHT 5-8C
Ten Capital Management acquires Stone Manor Corporate Center in Warrington, Bucks County
Changes to PA Business Corp. Law may affect the way Commercial Real Estate is owned in PA
WARRINGTON, PA — Ten Capital Management (TCM) announced its acquisition of Stone Manor Corporate Center (“Stone Manor” or the “Prop- erty”) for $19.75 million. The Property is located on 2600 and 2700 Kelly Rd. in Warrington and was purchased from Cor- nerstone Real Estate Advi- sors . Stone Manor is currently 100% occupied and is comprised of two, three-story, class A of- fice buildings with a combined net rentable area of 121,535 s/f. Frontage along Easton Rd. affords Stone Manor immediate access to Rte. 202 and I-276 and subsequently provides the Property with exceptional link- ages to Philadelphia, Trenton, and the northwestern suburbs of Bucks and Montgomery Counties. Stone Manor con- tains the amenities of two on- site hotels, a retail bank, and a full-service restaurant on a privately wooded, 31.9-acre campus. Bucks County offers a unique
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3C
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4C
County’s affluent residents, metro area linkages, and prox- imity to regional business own- ers, executives, and decision makers, present the Property with a significant competitive leasing advantage. “Stone Manor presents an opportunity to acquire an institutional quality asset in a strategic location with Stone Manor Corporate Center
ALSO INSIDE
combination of urban and ru- ral areas along with various attractions that provide for a well-balanced place to live and work. Nearly 40% of the area households have a combined annual income that exceeds $100,000 and the County’s public school system consis- tently ranks among the best in suburban Pennsylvania. Bucks
good demographics and ac- cess to on-site amenities and nearby retail,” said Ben Ad- ams , the CEO of TCM. Paul DiSandro , TCM’s portfolio manager adds, “The Prop- erty’s strong occupancy and mix of high-quality tenants is expected to generate good cash flow and annual returns to our investors.” n
CREW Philadelphia Chapter ..........14C PREC.................................................15C CREW Lehigh Valley Chapter ....16-17C www.marejournal.com
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