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C Skidmore, Owings & Merrill to design the new 840,000 s/f, 38-story office tower Oliver Tyrone Pulver Corporation plans new office tower in Center City enter City, PA — Ol iver Tyrone Pulver Corporation

ISSUE HIGHLIGHTS Volume 29 Issue 1 January 13 - 26, 2017 A10 Capital funds $27m bridge loan

Donald Pulver , president of OTP. “This property presents a unique opportunity to build a state of the art office tower at the hub of our regional communications and trans- portation lines. The location and amenities at this office building will enable tenants to draw from a huge talent pool that expects a vibrant and accessible work location.” Skidmore, Owings & Merrill , one of the leading architecture, interior design, engineering, and urban plan- ning firms in the world, will design the new building. Lo- cated at the heart of Philadel- phia, 1301 Market St. will cre- ate a new locus for the city’s downtown core. Wrapped in curtains of glass, the slender tower will serve as a new bea-

con on the skyline. Designed to maximize natural light, the transparent sheath offers panoramic views of the city while establishing a visual connection with the street below. The mixed-use format will include modern office spaces, flexible retail zones, employee amenities, and two landscaped outdoor roof ter- races. Anchored at street level by a glass-enclosed po- dium, the tower will engage passersby with a striking double-height boutique lobby. Efficient floors, state-of-the- art ventilation systems, an advanced communications backbone and direct access to transportation systems will support tenant comfort and productivity in this model for sustainable office design. n

(OTP) , developer of over 14 million s/f of commercial of- fice properties in suburban and central U.S. cities, has signed an agreement of sale to purchase a building site at 13th and Market Streets in Philadelphia. The developer plans to build an 840,000 s/f, 38-story office tower and ame- nities on the site at the heart of Center City Philadelphia, at the locus of regional com- merce, highways, and public transit concourses. The build- ing will be ready for occupancy in early 2020. “We have a long history of developing world class of- fice buildings at the centers of regional business,” said


WCRE Fourth Quarter Report

13th and Market St. rendering


PrincipalsMilanaik&Porcek oversee operations of the Parsippany office Bridge Development sells 263,415 s/f industrial building in Union, NJ for $46.5 million

Upcoming Conferences February 2, 2017 Philadelphia Multifamily Summit February 3, 2017 3 rd Annual NJ Industrial Real Estate / Development Summit For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com

Union, NJ — Bridge De- velopment Partners, LLC announced the sale of Bridge Point Port West, a class A industrial building totaling 263,415 s/f at 750 Union Ave. in Union, to a fund managed by J.P. Morgan for $46.5 million. Brian Fiumara, Michael Hines and Brad Ruppel of CBRE National Part- ners represented Bridge in the transaction. Nick Firth led the


750 Union Ave.

Financial Digest................................................5-10A Pennsylvania..................................................11-13A New Jersey................................................. Section B

Located directly in the northwest quadrant of the interchange of I-78 and Gar- den State Parkway, Bridge Point Port West offers excel- lent highway visibility, toll- free access and proximity to Port Newark (7.5 miles) and Newark Liberty International Airport (6 miles). Completed in 2015, the building features 36’ foot clear ceiling heights, 55-foot column spacing, 50 loading doors ESFR sprinkler

systems, T-5 lighting, and on- site parking for 150 trailers. Bridge acquired the site in 2014 and completed the building in late 2015. It is fully leased to Boxed.com and Union Beverage Packer. This is the first major proj- ect for Bridge since opening a new office in Parsippany in September 2014. Principals Jeffrey Milanaik and John Porcek oversee operations of the office. n

J.P. Morgan team. “Our first development since we opened a New Jersey of- fice has proven to be a great success,” said Bridge princi- pal Jeff Milanaik. “No other modern industrial space exists in the immediate area, so the location was highly desired by tenants and investors. The sales price, in excess of $176 psf, was well above typical prices for industrial buildings in that market.”

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