O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

Century-old Center City landmark to be made into luxury apartments Keystone and Mack-Cali acquire Curtis Center in Philadelphia for $125 Million P H I L A D E L P H I A , PA — Affiliates of Keystone Property

HOBOKEN, NJ — HFF announced that it has closed the sale of Curling Club Apart- ments, a 240-unit, class A multi-housing community in Hoboken. HFF marketed the prop- erty on behalf of PNC Realty Investors, Inc ., as invest- ment advisor to the AFL-CIO Building Investment Trust . The property was purchased free and clear of existing debt. Curling Club Apartments encompasses a full city block in the uptown Hoboken sub- market between Grand and Adams Streets and 12th and 11th Streets as well as the northern half of the block between Clinton and Grand Streets and 12th and 11th Streets. Completed in 1999, environment through the cre- ation of luxury rental apart- ments within a portion of the existing office space, and an enhanced pedestrian experi- ence along the surrounding streetscape. Totaling 885,000 s/f and comprising an entire city block, Curtis Center is cur- rently home to a variety of commercial tenants, including the General Services Admin- istration (GSA), the building’s anchor tenant, along with ground-floor retailers. Key- stone and Mack-Cali plan to convert approximately 90,000 s/f of existing office space within the building into 90 luxury rental apartments, with possibilities to provide additional housing as office leases expire and additional space becomes available. “Not only is Curtis Center rich with cultural importance, but it’s also perfectly aligned with our company’s over- arching goal to expand our regional footprint by creating exciting live-work-play spaces in dynamic markets,” said Bill Glazer , president of Key- stone Property Group. “We’re

In addition to its luxury resi- dential offerings, the reinvent- ed Curtis Center will feature new corner restaurant spaces that front Walnut and Sixth Streets, complete with newly landscaped outdoor seating and unobstructed views of bothWashington Square Park and Independence National Historical Park. Additionally, the owners plan to complete capital im- provements to the property, including substantial up- grades to the elevators and renovation of the building’s HVAC system, roof, façade and parking garage. An affiliate of Keystone will manage the office and retail portions of the building, while Roseland , a subsidiary of Mack-Cali, will be responsible for the design, construction, leasing and management of the residential component. Built between 1909 and 1920, Curtis Center, the build- ing underwent an approxi- mately $80-million renova- tion, including restoration of tenant spaces, common areas and building systems in the 1980’s. n

HI-LIGHTS JULY 25 - AUGUST 14, 2014 Group and Mack-Cali Re- alty Corporation announced that they jointly purchased Curtis Center, an iconic class A office and retail building overlooking Independence Hall and Washington Square Park in the heart of Center City, Philadelphia, for $125 million. The companies pur- chased the landmark building in an all-cash transaction, with plans to reposition the property into a mixed-use

Curtis Center

thrilled to have the chance to transform this icon into a vibrant mixed-use environ- ment while maintaining the historical significance of one of Philadelphia’s most recog- nizable buildings. Our strong relationship with Mack-Cali will enable us to leverage our collective knowledge to cre- ate truly unique tenant and resident experiences.” Mitchell Hersh , president

and chief executive officer of Mack-Cali, said, “Curtis Center offers us a unique op- portunity to strengthen our multi-family presence in the heart of the growing Philadel- phia housingmarket. Through our bold conversion strategy, this building is well positioned to capitalize on the upside of one of the region’s most excit- ing hubs for entertainment, culture and transit.”



Cruz, O’Hearn, Oliver, Scandalios & Julien represent the seller HFF closes sale of Curling Club Apts., a 240-unit class A multi-housing property

the property consists of four five-story residential buildings above a single level parking garage as well as a free-stand- ing, single-story clubhouse and an interior courtyard. All of the apartments are two- bedroom, two-bathroom units. Community amenities at the pet-friendly residence include a fitness center, resident’s lounge, storage units and ga- rage parking. Residents also benefit from shuttle service to the PATH station. The HFF investment sales team representing the seller was led by Jose Cruz , Kevin O’Hearn and Michael Oli- ver out of the New Jersey of- fice and Andrew Scandalios and Jeff Julien from the New York City office. n




www.marejournal.com ALSO INSIDE NJAA................................18B Green Buildings........19-23B USGBC NJ........................23B IREM...........................24-25B

Curling Club Apartments

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