Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- Keystone Property Group of Bala Cynwyd agreed to acquire Washington Square’s iconic Curtis Center for $133 million from a fund controlled by Apollo Global Real Estate. The circa early 20th century landmark once served as the headquarters of the Curtis Publishing Company, the publisher of Ladies’ Home Journal and The Saturday Evening Post. While the building currently houses offices, retail uses, and a banquet hall operation, rumor has it that Keystone intends to convert a portion of the building into rental apartments.
- The Trammel Crow Company closed a deal with IFM Efector, the industrial sensor manufacturer, for IFM to relocate its corporate headquarters from Exton to a brand new 45,000 square foot build-to-suit building at Trammel Crow’s Atwater Corporate Center in Malvern. With the move, IFM will join other Route 29 corridor corporate giants such as Vanguard, CubeSmart, and Endo Pharmaceuticals. IFM’s new headquarters will include high ceilings, an abundance of natural light, and open offices in an effort to increase collaboration and productivity. The project should break ground this August with an anticipated completion date of Summer 2015.
- The former Lincoln Hotel at 1222 Locust Street in Washington Square West, vacant since suffering substantial fire damage in 2006, may be reborn. Pelican Properties recently acquired the building following lawsuits by the building’s former owners. Pelican will meet with the Washington Square West Civic Association in the coming weeks to present its plans for the historic building. The building is located in the booming Midtown Village retail and restaurant corridor and across the street from the popular Nest kids playspace. The property presents an ideal environment for yet more rental apartments.
Until next time, have a great week!