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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
12:38 PM, 03/16/2008
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 by nozmo
12:52 PM, 03/17/2008
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.
Posted by distefj
2 comments
About Joseph N. DiStefano
Your source for M&A, commercial real estate and private equity news in Philadelphia and nearby. By Inquirer business reporter Joseph N. DiStefano. Joe has worked for the Inquirer, mostly, since 1988. Last year he covered Citigroup for Bloomberg News. He's the author of Comcasted, a book about Philadelphia’s most-valuable company. He holds a degree in economics from Penn.
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