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AQ Rittenhouse in Philadelphia, Pennsylvania NGKF Capital Markets & ARA Newmark complete $51.1 million sale P HILADELPHIA, PA — The NGKF Capital Markets team com-
ISSUE HIGHLIGHTS Volume 27 Issue 17 Sept. 11 - 24, 2015 Financial Digest Featuring... Appraisal
between the offices allowed the NGKF Capital Markets and ARA Newmark teams to come together and complete this noteworthy transaction, while continuing to build its multihousing platform in the greater Philadelphia region. The sellers, a joint venture between Aquinas Realty Partners and MB1 Capital Partners are extremely pleased with the results of the sale and the execution that was put forth by the ARA Newmark and NGKF team to close the deal”, said Leonard Poncia , of Aquinas and Joel Brudner of MB1. “AQ Rittenhouse recently began lease-up at a rapid pace and we expect the mo- mentum to continue,” said Segal. Built to the highest standards and outfitted with the finest finishes and ame- nities, AQ Rittenhouse is among the few apartment buildings in Philadelphia to The story started in 2008, when West, Lane & Schlager sourced the 1412 Eye St., NW acquisition in an “off-market” transaction. The building was boarded up and had been va- cant for a number of years, af- ter various failed uses, includ- ing a nightclub. Fast forward to 2014 with 100-plus employees occupying the building, and the sellers had outgrown the asset. “The credit goes to OTJ Ar- chitects and Martinez + John- son,” Schlager said. “They had the vision, creativity and guts to take on a project that others wouldn’t have touched. They understood the asset, how to put it back together, and what the end result could be – and had all the necessary skills and tools to pull this off. Their combined interior and base building experience was a perfect fit.” After acquiring the property, the building went through a multimillion dollar gut reno- vation, and became the jewel purchaser, an affiliate of Dexis Consulting Group .
be designed with an active, urban lifestyle in mind. The building is equipped with many premier amenities uncharacteristic of typical multi-housing residences in Philadelphia, like a rooftop sky terrace that boasts year- round entertainment options with both indoor and outdoor living space via its retractable glass curtain wall. Located at 2021 Chestnut St. in Philadelphia, AQ Rit- tenhouse offers a prime Rit- tenhouse Square location and unparalleled access to the finest amenities Philadelphia has to offer, including high- end and diverse retailers, fine dining and a nightlife. AQ Rittenhouse is one block from Market St., the heart of Philadelphia’s economy and home to 25.2 million s/f of office space. AQ Rittenhouse is a place where you can live, work and play, which is rare to find. n that it is today. Turner notes that “the property is unlike any other in the city given its size, quality and location, which is reflected by the sales price. OTJ Architects and Martinez + Johnson did a remarkable job of creating a hip, loft-style office building unique to the downtown corridor.” The building wasn’t without its challenges, foremost being in an alley between 14th and 15th Sts., NW. There were enough offsetting attributes, however, including a location 20 yards to Metro, a central downtown position, a loft-style design, a roof deck and great efficiency, which resulted in a sale of the building less than one year after marketing began. In addition to the sale, West, Lane & Schlager and Locus Corporation collaborated to structure a lease-back agree- ment through the spring of 2016, which gives Dexis time for its lease to expire and perform minor work to the property. n
prising Brett Segal, Mike Margolis and Dave Dolan of the Philadelphia office completed the sale of AQ Rittenhouse, along with the guidance of Steven Schultz of the Northern New Jersey office and Blake Okland of ARA , a Newmark Company (ARA). The newly construct- ed, LEED Silver certified, 110-unit high-rise apartment residence, located in Ritten- house Square, was sold to LaSalle Investment Manage- ment for $51.1 million. The sale of AQ Rittenhouse was the first transaction of its kind for ARA Newmark in Philadelphia since the com- pany was acquired by BGC Partners, Inc. in December 2014. Schultz was instrumental in introducing the NGKF Capital Markets and ARA WASHINGTON, DC — West, Lane & Schlager Re- alty Advisors, LLC , a Wash- ington, DC-based commercial real estate brokerage firm that represents tenants, announced the sale of 1412 Eye St., NW, a 14,724 s/f, loft-style office build- ing in downtown Washington, DC. The deal closed August 13, 2015, with a sales price of $10 million, or $679 psf.
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Bussel Realty Corp. brokers $3.1 million sale in Irvington, NJ
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AQ Rittenhouse
Newmark team to the seller, as well as acting as the co- lead advisor on this transac- tion. The strength of New- mark Grubb Knight Frank’s platform, area expertise and ease of collaboration
Bennett Williams’ Jeff Herr brokers 208,993 s/f in leases
West, Lane & Schlager negotiates $10 million sale of 1412 Eye St., NW in Washington, DC
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UPCOMING CONFERENCES OCTOBER 16, 2015 NJ CapitalMarkets Summit NOVEMBER 13, 2015 NJ Real Estate Development
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DelMarVa • DC...........................................................5-8A Financial Digest Featuring Appraisal.......................9-23A New Jersey Featuring Northern NJ. .................. Section B Pennsylvania Featuring Central PA. .............. Section C
1412 Eye Street, NW
Upcoming Spotlights September 25, 2015 • Fall Preview • 2015 Governor’s Conference
Gary Schlager, SIOR , prin- cipal, and Clark Turner , assistant vice president, both of West, Lane & Schlager, represented the seller, an af- filiate of OTJ Architects and Martinez + Johnson Archi- tecture . Peter Calafiura of Locus Corp. represented the
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Inside Cover A — September 11 - 24, 2015 — M id A tlantic
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C ommercial R eal E state O rganizations ’ E vents C alendar
SEPTEMBER 15 – CIANJ Event: PENPAC Beefsteak and Silent Auction Time: 6:00 PM – 9:00 PM Location: The Brownstone Address/City: 351 W. Broadway, Paterson, NJ Cost: $135 P: 201-368-2100 E: [email protected] www.cianj.org
SEPTEMBER 17 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn. Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 E: [email protected] www.naioppittsburgh.com SEPTEMBER 17 – PWC NJ Event: Cocktails & Connections Time: 6:00 PM – 9:00 PM Location: Colonia Country Club Address/City: 300 Colonia Blvd., Colonia, NJ Cost: $75 Members $90 Nonmembers www.pwcusa.org SEPTEMBER 17 – SIOR NJ Event: Making the Right Moves with Commissions Time: 8:00 AM – 10:00 AM Location: Porzio, Bromberg & Newman, P.C. Address/City: 100 Southgate Pkwy., Morristown, NJ Cost: Members Free www.siornj.com SEPTEMBER 22 – ULI PHILADELPHIA Event: Greater Philadelphia’s Evolving Energy Future Time: 7:30 AM – 10:30 AM Location: The Union League Address/City: 140 S. Broad Street, Philadelphia, PA www.philadelphia.uli.org/events SEPTEMBER 23 – SMPS & MBA Event: September Luncheon: Real Estate Development Financing Time: 11:30 AM – 1:30 PM Location: Rivers Club Address/City: 301 Grant St., Pittsburgh, PA Cost: $45 Members $65 Nonmembers $75 Walk-ins www.smpspittsburgh.org Location: Woodstown Moose Lodge #932 Address/City: 1 Bypass Rd., Woodstown, NJ P: 609-989-9110 E: [email protected] www.abcnjc.org SEPTEMBER 24 – CREW LEHIGH VALLEY Event: NCCC’S New Northeast PA Campus - Presentation & Tour Time: 4:00 PM – 6:00 PM Location: NCCC NEPA Campus Address/City: 2411 Route 715, Tannersville, PA www.crewlehighvalley.org SEPTEMBER 24 – IREM MD Event: Chapter 16 Annual Meeting & Crab Feast Time: 4:00 PM – 7:00 PM Location: Nick’s Fish House Address/City: 2600 Insulator Dr., Baltimore, MD P: 443-322-1115 E: [email protected] www.irem16.org SEPTEMBER 24 – ABC NJ Event: Annual Crabfest Time: 4:00 PM – 8:00 PM SEPTEMBER 21 – NAIOP NJ Event: NAIOP NJ Golf Classic Time: 10:00 AM – 7:00 PM Location: Trump National Golf Club Address/City: Bedminster, NJ www.naiopnj.org
SEPTEMBER 24 – ULI PHILADELPHIA Event: Downtown York Development Tour and Happy Hour Time: 3:30 PM – 6:00 PM Location: Union Shared Workspace, The Bond Address/City: 110 S Queen St., York, PA www.philadelphia.uli.org
SEPTEMBER 26 – USGBC CENTRAL PA Event: Green Apple Day of Service 2015
SEPTEMBER 15 – CORENET GLOBAL Event: Learn How Technology is Creating the Office of the Future Time: 8:00 AM – 10:30 AM Location: Microsoft Address/City: 45 Liberty Blvd., Suite 210, Malvern, PA P: 267-428-6434 E: [email protected] www.corenetglobal.org SEPTEMBER 15 – NJIFMA Event: Tour of Lighting Application Center Time: 4:00 PM – 6:00 PM Location: Philips North America Address/City: 200 Franklin Square Dr., Somerset, NJ 08875 www.njifma.com
Time: 8:00 AM – 5:00 PM www.mygreenapple.org
SEPTEMBER 28 – CREW NJ Event: 2015 Annual New Member Evening Networking Time: 6:00 PM – 8:30 PM
Location: Prudential Newark Address/City: 655 Broad St.
P: 609-585-6871 www.icrewnj.org
SEPTEMBER 28 – IREM DELAWARE VALLEY Event: 2015 Annual Golf Outing Time: 10:00 AM Location: Commonwealth National Golf Club Address/City: 250 Babylon Rd., Horsham, PA P: 856-786-9260 E: [email protected] www.irem3.org SEPTEMBER 29 – ICSC Event: VRN Fall Outlet Convention Location: Meadowlands Exposition Center Address/City: 335 Plaza Dr., Secaucus, NJ Cost: $315 Member $445 Nonmember P: 646-728-3647 E: [email protected] www.icsc.org
SEPTEMBER 16 – BOMA NJ Event: Monthly Dinner Meeting Time: The Metropolitan Room Location: Newark, NJ P: 973-696-2914 E: [email protected] www.bomanj.org
SEPTEMBER 16 – CORENET GLOBAL Event: RealShare NJ Time: 7:30 AM – 12:30 PM Location: The Hilton Meadowlands Address/City: 2 Meadowlands Plaza, East Rutherford, NJ P: 973-771-5201 E: [email protected] www.corenetglobal.org
SEPTEMBER 29 – USGBC NJ Event: The State of Incentives Time: 6:00 PM – 8:30 PM Location: William Paterson College Address/City: Wayne, NJ www.usgbcnj.org
SEPTEMBER 16 – CREW LEHIGH VALLEY Event: 2015 Putt-Putt Golf Tournament to Benefit CREW Foundation Time: 4:30 PM Location: Lucky Strokes Golf Address/City: 7200 Airport Rd., Allentown, PA Cost: $35 per Person www.crewlehighvalley.org
SEPTEMBER 29-OCTOBER 1 – NJAMB Event: 7th Annual Northeast Conference of Mortgage Bro- kers & Professionals Location: Harrah’s Convention Center Address/City: Atlantic City, NJ www.njamb.org SEPTEMBER 30 – NAIOP NJ Event: Chapter Meeting “The CEO Perspective on the
SEPTEMBER 17 – AIA PHILADELPHIA Event: The Big Event Time: 6:00 PM – 8:00 PM Location: U-Bahn Address/City: 1320 Chestnut St., Center City Cost: $30 Associate/YAF Members $40 AIA Members $50 Nonmembers www.aiaphiladelphia.org
Changing CRE Landscape” Time: 5:00 PM – 7:30 PM Location: Maritime Parc Address/City: Jersey City, NJ
P: 732-729-9900 www.naiopnj.org
SEPTEMBER 17 – CIANJ Event: Best Practices Conference Time: 8:30 AM – 12:30 PM Location: Nanina’s in the Park Address/City: 540 Mill St., Belleville, NJ Cost: $100 P: 201-368-2100 E: [email protected] www.cianj.org
OCTOBER 12 – NJ IFMA & ISPE NJ Event: Golf Outing Time: 11:00 AM Location: The Knoll Country Club West Course Address/City: 990 Greenbank Dr., Boonton Township, NJ www.njifma.com NOVEMBER 12 – PLANSMART NJ Event: 47th Annual Dinner Time: 5:30 PM – 9:00 PM Location: The Westin Princeton at Forrestal Village Address/City: 201 Village Blvd., Princeton, NJ E: [email protected] www.plansmartnj.org
SEPTEMBER 17 – CREW PHILADELPHIA Event: Real Estate Development 101: Viable Projects Time: 8:30 AM – 10:00 AM Location: CFI Address/City: 2129 Chestnut Street, Philadelphia P: 785-832-1808 www.crewphiladelphia.org
Real Estate Journal — September 11 - 24, 2015 — 1A
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MAREJ A dvertising D irectory Advantage Engineers........................................ 2B Appraisal Institute-Metro NJ Chapter.......... 18A Appraisal Institute-Northeast NJ Chapter. .. 21A Appraisal Institute-SNJ Chapter.............. 16-17A ARD Appraisal Co.. ......................................... 15A Barton Partners................................................. 4A Bussel Realty Corp......................................... IC-B Campisi Appraisal Services............................ 19A Circ DE............................................................... 8A Cooper Horowitz.............................................. 23A CREW NJ......................................................... 16B Deerwood Real Estate Capital........................ 22A Dietrick Group, LLC........................................ 20A Earth Engineering, Inc.. ................................... 2C Electronic Office Systems.................................. 8B Fowler Companies........................................... 24A Gebroe-Hammer Associates.............................. 9B Greater Reading Economic Partnership.......... 9C Griffin Land....................................................... 6C Harvey Hanna. .................................................. 7A Heller Industrial Parks..................................... 2B Hillcrest Paving & Excavating....................... 24A Hinerfeld Commercial Real Estate............24A,1C Integrity Graphics............................................. 3A Investors Real Estate Agency......................... 24A Kaplin Stewart. ................................................. 2A Kearny Bank.................................................... 13A Keast & Hood..................................................... 2C Kennedy Funding............................................ 11A Landmark Commercial Realty. ........................ 8C M&T Realty Capital Corp............................... 12A Marcus & Millichap........................................... 3A Mericle Commercial Real Estate Services...BC-C Meridian Capital. ............................................ 15B NAI Keystone Commercial & Industrial.......... 3C NJ Realty Advisory Group, LLC..................... 19A NorthMarq Capital............................................ 6B Poskanzer Skott Architects............................. 10B Provident Bank..............................................BC-A R.C. Burkheimer & Associates......................... 6A Real Property Capital........................................ 3A Rittenhouse Realty Advisors. ........................... 3A RT Environmental............................................. 3B SEBCO Laundry Systems................................. 4A Skladany Valuation, LLC. .............................. 19A Spencer Savings Bank..................................... 10A Subway............................................................. 24A The Berger Organization. ................................. 1B The Kislak Company, Inc.................................. 4B Total Cleaning Associates................................. 3B Traiman Real Estate Auction........................... 4A Valbridge Property Advisors........................... 14A Warner Real Estate & Auction......................... 4A WCRE................................................................. 4B
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 17 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Business Continuity in a Technology- Dependent World Michael Mullin, IBS n today’s technology-de- pendent business world, when access to >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64
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