January 6, 2016

Urban Cores Get The Glory. Burbs Get The Tenants.

To clarify our headline, yes, urban cores do get tenants too. But suburban office leasing is looking strong and should thrive beyond 2016, says Keystone Property Group SVP Rich Gottlieb. You can hear more about why at Bisnow's Future of the 'Burbs event on Jan. 26 at 502 W Germantown Pike in Plymouth Meeting. Sign up today! We asked two of our speakers (including Rich) for a preview.

Rich says more companies are making leasing decisions based on "access to a lively and invigorating work setting, and we believe that this can be achieved by reimagining once-outdated suburban assets."

In its first deal of the new year, Keystone closed on its acquisition of the 245k SF One Belmont Ave in Bala Cynwyd for an estimated $46M. Keystone plans to make $13M in upgrades to the property, also known as the GSB building (the Germantown Savings Bank used to occupy it). The company also owns One Presidential Blvd, 150 Monument Road, 225 City Ave and 15 King's Grant, all in Bala Cynwyd, and a lot of other suburban office properties.

Core suburban submarkets are certainly still landlord favorable, JLL SVP Patrick Gallagher tells us. "This is causing increased tenant activity elsewhere and it will continue throughout 2016. Adjacent submarkets, along with specific development and redevelopments, will receive the most attention from tenants." Please join us to hear more about the suburbs on Jan. 26. Sign up here for the Future of the 'Burbs.

Feeling nostalgic? Find coverage from our 2014 Future of the Suburbs event here.

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Philly Execs Optimistic About '16

We don't have a crystal ball, but we do have real estate execs willing to offer their expert opinions about the Philadelphia market in 2016. We asked one question:Are you optimistic or not, and why? (Is that two questions?) Most…

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Brandywine Sells Burlington County Properties For $56M

Brandywine Realty Trust kicked off the year with the sale of six office properties in Mount Laurel to a private investor for $56.5M. The 560k SF portfolio includes the five-building Laurel Corporate Center (pictured) at 2000-15000 Midlantic Dr in North Burlington County, and the Bishops Gate Corporate Center at 1000 Bishops Gate Blvd in South Burlington County, CoStar reports.

Separately, Brandywine refi'd its 41-story One Commerce Square at 2005 Market St in Philadelphia with a new $130M first mortgage. The company realized more than $65M in net proceeds in the deals. [CoStar]

Click here to read about another big deal Brandywine has in Washington, DC.

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Why 401 N Broad Is Vital To National Communications

You may not know it from driving by, but Netrality Properties' 401 North Broad is a central nerve center for communications for the Mid-Atlantic region and the East Coast. Phil Calantoni, director of business development, tells us the building serves as a major interconnection hub for fiber networks and transport solutions, covering the Mid-Atlantic region, expanding to and from the New York, Washington, DC, and Virginia markets. In plain terms, here is where the “handshake” happens between network carriers and fiber providers, in what is known as a “Meet Me Room,” or MMR. The former 1.3M SF industrial building covers about 7,000 miles of communications; Netrality put $70M into renovations that included upgrading infrastructure for power and cooling, a state-of-the-art colocation and data center facility on the second floor, and an overall modern refresh throughout the entire building. Phil says the space is in demand among metro, regional and long-haul telecommunication providers; Internet service providers; content distribution networks; managed service providers; and enterprise firms. Today there are 300k SF of space and 20k SF of turnkey colocation space available in the building's Meet Me Room on the second floor. For more information on our Bisnow partner, click here.

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John Angelo, Co-Founder of
Angelo Gordon & Co, Dies at 74

John Angelo, co-founder and CEO of Angelo Gordon & Co, died at the age of 74 on Friday. John started Angelo Gordon with Michael Gordon in 1988 and had directed Sotheby's auction house since 2007.

Click here to read the full story.

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The Fabulous
Real Estate of
Jay Z and Beyoncé

The royal couple of music have been making moves on Billboard charts, stock markets and city blocks, buying up real estate and businesses all over the country.

Click here for a look at some of Jay Z and Beyoncé's finest holdings.

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Want To Host A Bisnow Event At Your Raw Space?

Are you a developer or broker with office space to lease? How about a property manager managing some empty floors? Are you stressing out about having to hold broker parties in your space? Why not host a Bisnow event instead? We'll do all the work!

As experts in real estate events, Bisnow's top-tier events team can handle the logistics and pack your space with hundreds of real estate execs and industry leaders. All you have to do is sit back and bask in the publicity generated around your building.

Are you interested in joining the 73 site owners that gave their raw spaces for a Bisnow event in 2015? Email Bisnow's VP of Sales, Mike Ponticelli, and let's make 2016 (almost) never boring.

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