PHILADELPHIA, PA—PernaFrederick Commercial Real Estate got University of the Arts to stay put in 1608 Walnut Street, and helped Bayada Home Health Care relocate from 24th and Walnut to 21st and Arch Streets. The leases have a combined aggregate rental exceeding $3.3 million.
Joe Viturello, a vice president at PernaFrederick, arranged the terms of both agreements.
In the largest space contract, Viturello represented 1608 Walnut Street Associates, the limited investment partnership that owns 1608 Walnut Street, in renewing University of the Arts' lease for approximately 11,461 square feet on the 18th floor of the building.
Greg Soffian, a senior vice president with Savillis Studley, worked with PernaFrederick and represented the University of the Arts in finalizing the terms of the renewal. The University established its offices at 1608 Walnut Street in 2005 and the renewal will continue that presence to the middle of the next decade.
Viturello says the aggregate value of the lease extension was approximately $2.5 million.
Representing Bayada Home Health Care, Viturello negotiated a lease for 7,850 square feet on the 4th floor of 2133 Arch Street to provide for the expansion and relocation of Bayada's
offices presently at 2401 Walnut Street in Philadelphia. That move is scheduled for August of this year.
Brokers Andrew Margolis and Alex Feinberg at A. Margolis Realty represented Pen Del College Avenue, L.P., the owner of 2133 Arch Street, in finalizing the multi-year lease that has an aggregate rental exceeding $776,700.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
