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Saturday, March 15, 2008
New tower at 18th and Arch?


  A 1,500-foot tower at 18th and Arch?
  With no known financing, no office tenant, a weak credit market, and 20 years of stagnant Center City commercial property markets?
  "Ridiculous," says Glenn Blumenfeld, a partner at office-tenant representative Tactix Real Estate Advisors in Radnor.
  "A dream," says David J. Campoli, regional manager for office landlord HRPT Properties Trust.
  But someone drew up a nice sketch, and someone else told a pleasant story, and you can read it here.
  "Everybody would love to see it. And it's the last good block of space in that neighborhood. But, until you have a tenant, and with the capital markets so jittery, I think we have to let it cook for awhile," said  H. Hetherington Smith, branch manager for tenant rep Studley.
   

Posted by Joseph DiStefano @ 10:32 AM  Permalink | 2 comments
Comments   
Posted 12:38 PM, 03/16/2008
nozmo
Don't suppose you could be bothered to read the article you linked to to see that the Walnut St Capital does claim to have financing in place? Or maybe even do some original reporting to play catchup after being scooped by Phillyskyline.com, where the project was written up at length last Thursday. Duhr!!
Posted 12:52 PM, 03/17/2008
distefj
Yeah, I did that much. Walnut St. Capital won't talk about its financing. There's no office tenant in sight. So for now this is an excercise in architectual drawing and in hype, and I'm happy to give Phillyskyline.com and the Business Journal the glory for that. I'm glad you found us here tho.
2 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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