AQ Rittenhouse in Philadelphia, Pennsylvania NGKF Capital Markets & ARA Newmark complete $51.1 million sale P HILADELPHIA, PA — The NGKF Capital Markets team com-
ISSUE HIGHLIGHTS Volume 27 Issue 17 Sept. 11 - 24, 2015 Financial Digest Featuring... Appraisal
between the offices allowed the NGKF Capital Markets and ARA Newmark teams to come together and complete this noteworthy transaction, while continuing to build its multihousing platform in the greater Philadelphia region. The sellers, a joint venture between Aquinas Realty Partners and MB1 Capital Partners are extremely pleased with the results of the sale and the execution that was put forth by the ARA Newmark and NGKF team to close the deal”, said Leonard Poncia , of Aquinas and Joel Brudner of MB1. “AQ Rittenhouse recently began lease-up at a rapid pace and we expect the mo- mentum to continue,” said Segal. Built to the highest standards and outfitted with the finest finishes and ame- nities, AQ Rittenhouse is among the few apartment buildings in Philadelphia to The story started in 2008, when West, Lane & Schlager sourced the 1412 Eye St., NW acquisition in an “off-market” transaction. The building was boarded up and had been va- cant for a number of years, af- ter various failed uses, includ- ing a nightclub. Fast forward to 2014 with 100-plus employees occupying the building, and the sellers had outgrown the asset. “The credit goes to OTJ Ar- chitects and Martinez + John- son,” Schlager said. “They had the vision, creativity and guts to take on a project that others wouldn’t have touched. They understood the asset, how to put it back together, and what the end result could be – and had all the necessary skills and tools to pull this off. Their combined interior and base building experience was a perfect fit.” After acquiring the property, the building went through a multimillion dollar gut reno- vation, and became the jewel purchaser, an affiliate of Dexis Consulting Group .
be designed with an active, urban lifestyle in mind. The building is equipped with many premier amenities uncharacteristic of typical multi-housing residences in Philadelphia, like a rooftop sky terrace that boasts year- round entertainment options with both indoor and outdoor living space via its retractable glass curtain wall. Located at 2021 Chestnut St. in Philadelphia, AQ Rit- tenhouse offers a prime Rit- tenhouse Square location and unparalleled access to the finest amenities Philadelphia has to offer, including high- end and diverse retailers, fine dining and a nightlife. AQ Rittenhouse is one block from Market St., the heart of Philadelphia’s economy and home to 25.2 million s/f of office space. AQ Rittenhouse is a place where you can live, work and play, which is rare to find. n that it is today. Turner notes that “the property is unlike any other in the city given its size, quality and location, which is reflected by the sales price. OTJ Architects and Martinez + Johnson did a remarkable job of creating a hip, loft-style office building unique to the downtown corridor.” The building wasn’t without its challenges, foremost being in an alley between 14th and 15th Sts., NW. There were enough offsetting attributes, however, including a location 20 yards to Metro, a central downtown position, a loft-style design, a roof deck and great efficiency, which resulted in a sale of the building less than one year after marketing began. In addition to the sale, West, Lane & Schlager and Locus Corporation collaborated to structure a lease-back agree- ment through the spring of 2016, which gives Dexis time for its lease to expire and perform minor work to the property. n
prising Brett Segal, Mike Margolis and Dave Dolan of the Philadelphia office completed the sale of AQ Rittenhouse, along with the guidance of Steven Schultz of the Northern New Jersey office and Blake Okland of ARA , a Newmark Company (ARA). The newly construct- ed, LEED Silver certified, 110-unit high-rise apartment residence, located in Ritten- house Square, was sold to LaSalle Investment Manage- ment for $51.1 million. The sale of AQ Rittenhouse was the first transaction of its kind for ARA Newmark in Philadelphia since the com- pany was acquired by BGC Partners, Inc. in December 2014. Schultz was instrumental in introducing the NGKF Capital Markets and ARA WASHINGTON, DC — West, Lane & Schlager Re- alty Advisors, LLC , a Wash- ington, DC-based commercial real estate brokerage firm that represents tenants, announced the sale of 1412 Eye St., NW, a 14,724 s/f, loft-style office build- ing in downtown Washington, DC. The deal closed August 13, 2015, with a sales price of $10 million, or $679 psf.
Bussel Realty Corp. brokers $3.1 million sale in Irvington, NJ
Newmark team to the seller, as well as acting as the co- lead advisor on this transac- tion. The strength of New- mark Grubb Knight Frank’s platform, area expertise and ease of collaboration
Bennett Williams’ Jeff Herr brokers 208,993 s/f in leases
West, Lane & Schlager negotiates $10 million sale of 1412 Eye St., NW in Washington, DC
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1412 Eye Street, NW
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Gary Schlager, SIOR , prin- cipal, and Clark Turner , assistant vice president, both of West, Lane & Schlager, represented the seller, an af- filiate of OTJ Architects and Martinez + Johnson Archi- tecture . Peter Calafiura of Locus Corp. represented the
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