Metro Commercial Real Estate Opens Center City Office; Inks Three Significant New Deals on Walnut & Chestnut Streets
Also leasing Rittenhouse Row’s largest new retail parcel
PHILADELPHIA, PA – May 9, 2011 – (RealEstateRama) — Metro Commercial Real Estate, the Philadelphia region’s leading full-service retail real estate company, has opened its third office in the area in the historic 123 South Broad Street building in the heart of Center City. According to Metro president Steven H. Gartner, “It will bring our experience in property leasing, retailer representation, investment sales, and property management to the heart of Philadelphia. We have been a significant player here for the past 25 years, and now we will have the team on the ground to more capably serve our growing client base. We even selected our location at the crossroads of Center City, strategically, to provide the best services that Metro has become recognized for, both regionally and nationally.”
Metro has just negotiated three high-profile new store openings in the heart of Center City. The Children’s Place has leased for its flagship location, the corner of 16th & Chestnut Street, the busiest pedestrian-trafficked corner in the entire city. Dan Brickner, Vice President of Metro exclusively represents the retailer in the area, and relocated them from their longtime home on Walnut Street to this highly-visible 4,650 square foot store. They share the corner with H&M and The Shoppes at Liberty Place. The property, officially, 1535 Chestnut Street, is owned by Brahin Properties of Philadelphia.
Also sharing a portion of the 1535 Chestnut Street building is Center City’s first Krispy Kreme Doughnuts location which opened last week. This prime location, which sits between the Market Street office corridor and the Chestnut Street shopping area, was secured by Metro Commercial’s Mike Gorman, who exclusively represents the expansion of Krispy Kreme in the region, and is their fourth new location.
On Walnut Street’s “Rittenhouse Row,” Metro brings to Philadelphia an exciting new-to-the-area, international retailer, Jack Wills. They have leased the entire 6,800 square foot 1617 Walnut Street building, most-recently occupied by Jennifer Convertibles. Known for its “fabulously British goods for the university crowd,” the retailer of both men’s and women’s sportswear plans to open before the end of 2011. This location will only be its fourth store in the US, preceded by stores in Boston, Martha’s Vineyard, and Nantucket. Steven H. Gartner and Michael Gorman of Metro exclusively marketed the building, and had interest from a vast array of first-class retailers before the owner, Rosenberg Family Trust, decided upon Jack Wills, in part, because the retailer will be restoring the building to much of its early 20th Century grandeur in creating a multi-level shopping mecca. Jack Wills was repped by Madison Retail Group and Michael Salove Company.
Finally, Metro is leasing one of the more ambitious retail projects in all of Center City Philadelphia – the entire southeast corner of 15th & Walnut Streets. The properties, which are currently occupied by a collection of commercial tenants, consist of a 15,000 square foot footprint, and will undergo a significant reconstruction and rehabilitation to create first-class, multi-level contiguous retail space of potentially up to 45,000 square feet. Completion is anticipated for mid 2013.
Although Metro Commercial Real Estate has been in Center City doing deals for 24 years, we are excited about the increase in activity and exposure that we will be bringing to our clients, whether owners or retailers!
About Metro Commercial
Metro Commercial (www.metrocommercial.com) is one of the largest full-service retail real estate firms in the region with transaction considerations exceeding $1.1 billion. Metro Commercial specializes in retail tenant representation, shopping center leasing, property management, and investment property sales. With 2 offices located in Pennsylvania and New Jersey, Metro Commercial currently represents nearly 50 national retailers and serves as the exclusive leasing agent for more than 200 properties, totaling nearly 20 million square feet.
Metro Commercial Real Estate, Inc.