This Week's Philadelphia Deal Sheet
Another huge block of office space has opened up in Philadelphia's central business district.
Wells Fargo will vacate its office at 401 Market St. as it consolidates its urban Philadelphia footprint into space it already occupies at Two Logan Square and Commerce Square, the Philadelphia Inquirer reported. Combined with other banks it acquired, Wells Fargo has occupied the space, which also has some data center capabilities, since 1973.
The building, which also counts 101 North Independence Mall as its address, is owned by a fund run by Miller Investment Management, the Inquirer reported. The American Bible Society occupies 130K SF across two floors, with Wells Fargo the only other occupant of the 500K SF building.
SALES
Cabot Properties acquired a 484K SF distribution facility at 405 Busser Road in York for $54M from Core5 Industrial Partners. A Cushman & Wakefield team of Gerry Blinebury, Gary Gabriel, Kyle Schmidt and Brendan McGeary represented Core5 in the transaction. The newly built warehouse is leased on a long-term basis to Hill's Pet Nutrition.
APPROVALS
Silverstein Properties received zoning permits to build a 23-story multifamily tower with over 600 units on an empty lot at 1341 South Christopher Columbus Blvd. in South Philly.
The lot was once the site of a much larger proposal from a much smaller company, and as a result of that former proposal, Silverstein doesn't require a zoning variance. The size of the project means it will have to go through the Civic Design Review process, however.
CONSTRUCTION
Dessert product manufacturer Puratos announced plans to build a new production facility for bakery glaze at its U.S. headquarters campus in Pennsauken, New Jersey, billed as the first bakery glaze factory in the country.
The plant, scheduled to deliver in 2025, will be built on the site of its current distribution hub. Puratos purchased a 194K SF warehouse at 9130 Griffith Morgan Lane, also in Pennsauken, where it will relocate its distribution capacity.
