In one of Philadelphia’s biggest real estate deals of recent memory, Aramark has leased 300,000 square feet of space at 2400 Market Street on the Schuylkill River for its new global headquarters. A joint venture of The Lubert-Adler Real Estate Funds and PMC Property Group, Inc., both of Philadelphia, acquired 2400 Market Street, built in the 1920s as an auto assembly plant and most recently used as a design center, in 2014. The ownership will add five new floors to the top of the existing four-story building to create 300,000 SF of new space for Aramark.
Urban Investment Partners (UIP), in partnership with Philadelphia-based Lubert-Adler Partners, has acquired Embassy Towers, a 72-unit apartment building in Washington, DC’s Adams Morgan neighborhood, for $13.25 million. The property is located at 1620 Fuller St., NW, across the street from the historic former Italian embassy building, which is slated for redevelopment.
A joint venture of Philadelphia-based Lubert-Adler Partners and Seattle-based Security Properties Inc. has sold Honeyman Hardware Lofts, a 100-unit apartment community with 10,800 square feet of street-level retail space in the vibrant Pearl District of downtown Portland, OR. DiNapoli Capital Partners purchased the historic property for $37,050,000.
Philadelphia-based Lubert-Adler Partners sold Tiburon, a 320-unit Class A apartment community in Houston, TX, to a private individual. Built in 2008, Tiburon is located just off Beltway 8, less than 2 miles from Highway 290, and three miles from State Highway 249 at 8989 West Road. The Highway 290 corridor, including the Sam Houston Tollway, is a major industrial employment base with employers that include Enterprise Products, Halliburton, Exxon, Toyota, Siemens, FedEx, and others. Houston is expected to experience the highest growth in new households of any major US city between 2014 and 2017.