Posted Sep 19, 2018, 2:22 PM
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Redevelopment for 2400 Market St. is in the final stretch
https://www.bizjournals.com/philadel...the-final.html
Quote:
In September 2016, a partnership involving Lubert-Adler and PMC Property Group announced it would kick off the redevelopment and expansion of 2400 Market St., a 650,000-square-foot building that was vacant. The firms had lined up Aramark Corp. to take half of the empty space for its new headquarters.
Now just two months before the building will be completed and Aramark begins to move in, 2400 Market is 97 percent leased. “We’re only down to 20,000 square feet,” said Dean Adler of Lubert-Adler. “This has been the fastest lease up of any building in Philadelphia.”
Lubert-Adler will be among the tenants moving into 2400 Market. The firm and its related entities are now in about 52,000 square feet at Cira Centre and will occupy about 35,000 square feet on 2400 Market’s third floor. In addition, Entercomm Communications Corp. leased the fourth floor, which is 67,000 square feet for its new headquarters. Fitler Club, a private, members-only lifestyle club that will provide amenities including an Olympic-size swimming pool, overnight rooms, dining and event space, took 75,000 square feet in the building and will use an additional 30,000 square feet as co-working space.
In addition, lease negotiations are underway for two restaurants that will have indoor and outdoor dining on a boardwalk to be constructed over a sliver of the Schuylkill River.
It’s no small feat to fill 650,000 square feet of office space in Philadelphia with multiple tenants, but Adler believes how 2400 Market was positioned along with its location has created a new blueprint for approaching buildings in the future. “It’s your dream office building with lifestyle amenities,” he said. “Most office buildings are sterile. This is a building with heart and soul and is a model for providing a high level of service and amenities to an office building.”
In 2014, the partnership between PMC Property and Lubert-Adler paid $42 million for 2400 Market, which had been known for years as the Market Place Design Center. At the time of the purchase, Adler predicted its redevelopment would be “the most exciting project Lubert-Adler has worked on in 15 years” — a harbinger that appears to have come to fruition.
The property totaled 350,000 square feet and the developers added five new floors totaling 300,000 square feet to the existing four-story building and invested a total of around $160 million. Tenants like its 15-foot ceilings, its waterfront location that provide long vistas, a lot of natural light, access to the Schuylkill River Trail as well as proximity to mass transit, major arteries and University City, Adler said.
“The city is shifting,” he said, and 2400 Market reflects that. Development in University City has pushed eastward while the Central Business District is migrating west, a dynamic that has evolved as more development activity has taken place around 30th Street Station at one end and more projects, such as Comcast Corp.’s new office towers, are done in and around Logan Square.
But Adler believes what really sets 2400 Market apart is the Fitler Club and its associated coworking space. It provides a place to meet, dine and workout. It gives tenants in the building the ability to expand by renting an office in the coworking space and the use its conference rooms, which helped Lubert-Adler shrink the amount of space it will occupy in the building compared to what it is in now at Cira Centre. All of those amenities also expected to foster social interaction among tenants and employees in 2400 Market.
“It’s a dream amenity for a workplace,” Adler said. “That’s the competitive edge.”
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