The land is a designated Keystone Opportunity Zone in which property taxes are forgiven for 10 years. It is located at 4700 Island Ave. with extensive footage on Island, Penrose and Enterprise avenues, which is within minutes of Center City and southern New Jersey. The site has direct access to Exit 11 of I 95 and is served by Septa bus routes.
CBRE SVPs Steve Italiano and Pat Green are marketing the site locally and internationally, according to Italiano. Rental rates are not yet established. However, the average asking rental rate for industrial properties in Philadelphia County is approximately $4.40 per sf, while the average asking rental rate for class A office space in the county is at the $20-per-sf level, according to area brokers.
Meanwhile, Multi-Employer Property Trust, the owner of One Penn Square West, assigns leasing to the local office of CBRE. George Cauffman and Nick Gersbach head the leasing team. The class A, 240,594-sf tower at 15th and Market Sts., opposite City Hall, was completed in 1985. Among the current tenants are architects Cope Linder Associates, Graham Co., and several prominent law firms.
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