www.marejournal.com P ennsylvania s PotliGht E ASTERN PA Fahey, Kranzel, McGowan and Cauffman of CBRE represent owner Keystone Property Group, Mack-Cali & Parkway Corporation acquire 342,000 s/f for $40.5 million P our relationship with Keystone. Together we will be able to in- crease the property’s revenue potential and value.” hiLadELPhia, Pa — A joint venture part- nership of Keystone Mid Atlantic Real Estate Journal — Pennsylvania — January 17 - 30, 2014 — 5C
acquisition and is a key step in our strategy to significantly expand our footprint and create economies of scale throughout our PA portfolio,” said Bill Glazer , president of Keystone Property Group. “The location of 100 Independence Mall West in the heart of the city’s Central Business District, as well as the quality of the tenant base, make this an attractive asset. This deal also affords us the opportunity to create significant value through the strategic repositioning of the building’s currently vacant, below-grade space.” Mitchell hersh , president and CEO of Mack-Cali, said, “We’re thrilled to be able to take advantage of strategic growth opportunities through
Property Group, Mack-Cali Realty Corporation and Parkway Corporation (“the Partnership”) announced that it has acquired 100 Inde- pendence Mall West for $40.5 million. The nine-story, 342,000 s/f class A office building is lo- cated in one of Philadelphia’s most desirable office submar- kets directly across from the historic Liberty Bell, the Na- tional Constitution Center and Independence National Park. The Partnership purchased the property from an affiliate of The Dow Chemical Co. (“Dow”). As part of a more than $20 million reinvestment strategy for the property, the Partner-
“We are very excited to be partnering with Keystone and Mack-Cali on this project be- cause we consider it to be a diamond in the rough,” said Robert Zuritsky , president of Parkway Corporation. “We believe that after we add public parking and other enhance- ments to 100 Independence Mall West, it will become a new important asset for the neigh- borhood and the city.” The Partnership was repre- sented in-house in the transac- tion, while the CBRE team of Robert Fahey, Jerry Kranzel, LizannMcGowan and George Cauffman represented Dow. n
100 Independence Mall West
ship is planning upgrades to the building’s common areas, as well as the build-out of the GSA’s offices and the conver- sion of 55,000 s/f of lower-level
space into a 110-stall parking garage that will be managed by Parkway. “This transaction is our first downtown Philadelphia office
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