G reen B uildings

Real Estate Journal — Green Buildings — March 27 - April 9, 2015 — 21B


M id A tlantic

Built-to-suit, LEED-certified corporate headquarters for Alpha Natural Resources Marcus & Millichap arranges $28 million for 130,000 s/f single-tenant office building sale

RISTOL, VA — Mar- cus & Millichap , a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the 130,000 s/f Al- pha Natural Resources corpo- rate headquarters in Bristol, VA. The $28 million sales price equates to $215 psf. Preet Sabharwal and Britt Raymond in Marcus & Millichap’s Manhattan office represented the seller. The buyer is an international firm that closed all-cash in 21 days. Bryn Merrey , first vice presi- dent and regional manager in Washington, DC, is the firm’s broker of record in Virginia. “The property is the built-to- suit, LEED-certified corporate headquarters for Alpha Natu- ral Resources, a publicly traded B PHILADELPHIA, PA – Wexford Science + Tech- nology , a BioMed Realty company, and the University City Science Center today announced that Penn Medicine University City, has agreed to expand into an additional 56,000 s/f or two entire floors at the recently opened 3737 Sci- ence Center Building. With this lease expansion, anchor tenant Penn Medicine University City will occupy 267,800 s/f in the 13-story laboratory and office building at 3737 Market St. in West Philadelphia. This 56,000 s/f expansion means that the 334,000 s/f building is now 100% leased. Penn Medicine has relocated its Orthopedics Outpatient Pro- gram and other groups to the 3737 Science Center location, and will be using the additional two floors for medical offices. “3737 Market’s rapid lease up exemplifies the attractiveness of the Science Center as a location of choice for organizations in the innovation ecosystem,” said Sci- ence Center president and CEO Stephen Tang, Ph.D., MBA . “Penn Medicine University

City is a valuable partner of the Science Center and we are delighted that we could accom- modate their expansion needs.” Wexford and the Science Cen- ter also announced that 3737 Science Center has achieved LEED Gold certification for its core and shell design. The build- ing includes several unique design features focused on energy efficiency. For example, it is the first health care build- ing in Pennsylvania to have a chilled beam system -- an advanced convection HVAC system designed to heat or cool large buildings. In addition, Wexford and the Science Center implemented an extensive green roof system with a “white roof” membrane that more efficiently manag- es the challenging seasonal weather of Philadelphia while helping the building achieve the Heat Island Effect credit by reducing heat emissions from the building. The build- ing also implemented a storm water management strategy to efficiently handle storm rain without overburdening the city’s sewer system. metallurgical coal production company,” said Sabharwal. “Alpha Natural Resources is America’s third-largest metal- lurgical coal supplier.” “The transaction is part of a market trend that is the result of a large amount of risk-tolerant capital that has entered the net-lease invest- ment property space seeking high yields from poor balance sheets and declining corporate credit,” said Raymond. “We faced several challenges along the way, including corporate credit downgrades, declining revenue, and a suffering global coal industry.” The four-story office building is located on 31 acres off I-81 in Bristol at One Alpha Place. The building is LEED certi- fied and features 184 parking spaces. n

One Alpha Place

Wexford Science + Technology announces anchor tenant expansion at LEED Gold certified 3737 Science Center

“We are proud that our 3737 Science Center building has received the prestigious LEED Gold certification because we understand that importance of providing the most energy efficient environment for ten- ants, such as Penn Medicine University City, which need 24/7 uptime,” said Joseph Reagan , vice president of de- velopment for Wexford Science + Technology. “We are excited that our plan to use innovative design solutions such as the chilled beam system is seen as a benefit to our tenants, the West Philadelphia community and our environment.” Developed jointly by Wexford and the Science Center, 3737 Science Center provides approx- imately 334,000 s/f of premier laboratory and office space at the epicenter of Philadelphia’s renowned “eds and meds” com- munity that is home to the University of Pennsylvania and Drexel University, as well as The University of Pennsylvania Health System, The Children’s Hospital of Philadelphia, Uni- versity of the Sciences and The Wistar Institute. n

3737 Market St.

Made with FlippingBook flipbook maker