The Philadelphia Business Journal recently examined the 2400 Market Street building project. C. Erickson & Sons, Inc is one of the GCs working in the building. Aramark Corp. is the main occupant of the 650,000 square-foot building lined up, and Entercomm Communications Corp has also signed on to occupy the fourth floor (67,00 square feet). The building is now 97% leased.
From the Philadelphia Business Journal:
[L]ease 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, [Dean] Adler [of Lubert-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.
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