This lease fulfills the city council's efforts to revitalize the Gallery area on Market St. It follows last September's lease agreement for 30,000 sf in Galleria II, which took occupancy there to 85%.
Mt. Laurel, NJ-based Metro Commercial Real Estate is the property manager andleasing agent for both Galleria II and the adjacent Burlington Coat location. Tom Londres, senior vice president, and Lisa Rosenfeldt, leasing agent at Metro, handled the transaction for Burlington Coat Factory.
Texas-based L&B Realty Advisors is asset manager for the property, which is owned by a state educational association. John Gerdes, vice president of asset management for L&B, lauded in a statement the "teamwork required to succeed in the retail world today as the city of Philadelphia, the Redevelopment Authority, Burlington Coat Factory, Metro Commercial and ownership all came together to work out a very complicated transaction which ultimately will benefit all parties.
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