WSFS Bank Renews 74K SF Wilmington Office Lease: The Philadelphia Deal Sheet
WSFS Bank is staying at the Downtown Wilmington office tower where it has been headquartered for nearly two decades.
The 74K SF lease renewal at 500 Delaware Ave., also known as WSFS Bank Center, includes tenant improvements to be carried out by Buccini Pollin Group, the owner of the 92%-occupied office complex.
BPG has added a 24/7 fitness center, a convenience store and a café to the building in recent years. The latest renovations will be of WSFS' office space to make it more collaborative for the 300 bank employees who work there.
WSFS has been located at 500 Delaware since 2006, but its roots in the Wilmington area extend back almost 200 years.
“The city has always been home,” WSFS CEO Rodger Levenson said in a statement.
BPG President Chris Buccini lauded WSFS’ decision to stay in the building, which he said will preserve the “commanding rooftop signage” atop the tower.
LEASES
Ben Franklin Technology Partners is taking the 12K SF third floor at 1600 Market St. in Center City after selling its longtime Navy Yard headquarters building, the Philadelphia Business Journal reported. The commonwealth-backed economic development group sold 4801 S. Broad St. for $6.1M to cyber school Commonwealth Charter Academy, which plans to use it for virtual education support. JLL's Alex Breitmayer, Matt Blumberg, Jim Galbally and Brett Segal represented Ben Franklin Technology Partners in the sale.
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PS&S Architects & Engineers opened a new office at 1415 NJ-70 in Cherry Hill, according to a social media post from Senior Director Dan Caldwell. The two-floor space will include a team formerly housed within Stout & Caldwell Engineers, which was purchased by PS&S last year. The seven-story building spans 100K SF and was built in 1980, according to a LoopNet listing.
CONSTRUCTION AND DEVELOPMENT
Hankin Group will welcome residents in September to its 24-unit expansion of the Keva Flats apartment complex in Exton. The new structure is part of the 96-unit second phase of the project. The first phase included 240 apartments, and another building planned for the site will add 72 more.
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New Jersey Motorsports Park in Millville shared new details about its 10-year master plan, with the construction of additional exotic car garages and a new track configuration called the Devil’s Pass. Both projects are expected to wrap up sometime next year.
FINANCING
Philadelphia-based Arden Logistics Park and Arcapita received a $700M loan from Deutsche Bank and Barclays to refinance a 7.2M SF, 167-property industrial portfolio covering properties in Atlanta, Dallas and Boston.
A CBRE team including Tom Rugg, Tom Traynor, Mark Finan, Arman Samouk and Kayla Kaloostian arranged the five-year, floating-rate loan.
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Greystone Capital and Black Bear Asset Management are seeking a $75M construction loan for a 320-unit Lehigh Valley multifamily project.
The firms, based in West Chester and New York City, respectively, bought 31 acres at 1492 Van Buren Road in Easton and plan to build 320 garden-style apartments and 92 for-sale townhomes.
THIS AND THAT
Allentown City Council allocated $300K for the formation of a Main Street Program within the Department of Community and Economic Development, WFMZ reported. The nonprofit will focus on bringing new businesses to Hamilton Street, one of the city’s historic commercial corridors.
CORRECTION, JULY 31, 4:25 P.M. ET: A previous version of this story misstated the lender for Arden Logistics Park and Arcapita's refinancing.
