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Real Estate Journal — Commercial Office Properties — February 23 - March 15, 2018 — 19C
M id A tlantic
C ommercial O ffice P roperties By James Savard, Metro Commercial Philadelphia: The ideal choice for Amazon’s HQ2
O f all 238 cities who re- sponded to Amazon’s application for their
jobs. According to the Bureau of Labor Statistics, Pennsyl- vania added 50,000 new jobs between July 2016-July 2017, with Philadelphia accounting for 90% of them. Compared to the other major eastern cities in the running like Boston, NYC and D.C., Philadelphia offers office rents at 30-45% less and housing prices that are 27% less expensive than Boston, 28% less than DC and 53% less than New York City. Philadelphia provided three viable development sites to fulfill Amazon’s request for 500,000 s/f: The Navy Yard in South Philadelphia, Schuylkill
Yards in University City and uCity Square in University City with additional buildable space on vacant and under- used properties surrounding 30th Street Station. The city is rich in history and home to many historical landmarks and sites in addition to muse- ums and collections of fine art. Consistently on the interna- tional radar as an epicurean destination, Philadelphia is known for its cutting-edge food scene and not just its cheesesteak. As compared to Seattle, Amazon’s current headquar- ters, Philadelphia has similar
statistics in size, income and transportation. Both offer am- ple opportunities for outdoor recreation. In fact, within the city limits of Philadelphia, you can traverse over 200 miles of trails through river valleys, waterfalls, pastures, woods and historic monuments. Future Amazon employees would have a variety of trans- portation options, allowing them to drive, use public trans- portation, walk or ride their bikes to work. Retail, restau- rant, sports and entertainment in Philadelphia are all near the neighborhoods and easily acces- sible on-foot, by bike, subway,
regional rail, taxi or rideshare. Regional shopping centers are plentiful and offer tremendous range in retail options, price points and product offerings. Finally, Philadelphia has heart and soul. And yes, a bit of an underdog mentality. The city prides itself on being culturally diverse with colorful lifestyles and individuality. Philadelphia is a city that never gives up and could of- fer the complete package for Amazon HQ2 and its future employees. James Savard is execu- tive vice president of leas- ing at Metro Commercial. n
second head- quarters in North Amer- ica, Philadel- phia is one of the top 20 being consid- ered, and the ideal choice f o r H Q 2 .
James Savard
Philadelphia is a diverse city that is in the midst of a build- ing boom, with more than 20 high-rises currently underway and additional construction planned for 2018. Amazon HQ2 is expected to invest more than $5 billion in construction and create 50,000 Sitar Realty Co. inks 28,700 s/f sale ISELIN, NJ — Sitar Re- alty Company , Iselin, New Jersey announced the follow- ing real estate sale transac- tions: The acquisition of a 28,700 s/f office building at 2310 Rte. 34, Manasquan by 2310 Rte. 34 LLC from JC Real Estate LLC. The purchase price was $7 million. Robert JanTausch, Helena Loe- lius , and Giorgio Vasilis were the salespeople in this transaction. The sale of a 22,500 s/f of- fice building at 3455 Rte. 66, Neptune fromKongan, Inc. to 3455 Rte. 66 Associates, LLC. The sales price was $2.51 million. Ron Schrader Jr. and Douglas Sitar were the salespeople in this transac- tion. The sale of 1.27 acres of land at 445 Shrewsbury Ave., Shrewsbury from D Three, LLC to Gregory HAMW1. The sales price was $1.125 million. JanTausch and Douglas Sitar were the salespeople in this transaction. The sale of a 3,600 s/f mixed use building at 19 East Front Street, Red Bank from 19 East Front Street, Ltd to 19 East Front Street, LLC. The sales price was $565,000. Gregg Nowell and JanTausch were the salespeople in this trans- action. The sale of a 4,000 s/f office building at 409 North Ave. East, Cranford from National Loan Investors LP to 409 North Ave. E LLC. The sales price was $585,000. Brian Murphy was the salesperson in this transaction. n
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