"It's no surprise," he adds, "and we have prospects lined up." GVA Smith Mack is exclusive leasing agent for the building at 1300 Market St., which is owned by locally based Amerimar Enterprises. Smith says the rental rate is $21.50 per sf, plus electric. Among the current tenants are the US General Services Administration and Aramark.
Lured by a $4.6-million in city and state subsidies, a $3-million forgivable loan from the city, large tax breaks and a low-cost, $15-million loan from Philadelphia Industrial Development Corp., ABFS exited Bala Point Center in Bala Cynwyd in late 2002 to relocate its headquarters in Center City. It brought approximately 700 employees and promised to create an additional 300 jobs here.
Almost from the start, however, the company that specializes in providing home equity loans to people with poor credit ratings began facing financial trouble. This Jan. 21 it filed for Chapter 11 bankruptcy protection. It obtained $500 million in debtor-in-possession financing in hopes of continuing operations. However, at the beginning of this month it began closing operations in Texas, California and Maryland. Its departure from the Wanamaker Building will be complete by the end of July, according to David Coles of Alvarez & Marsal, the court-appointed restructuring officer. Coles says he intends to meet with creditors "to outline the company's wind-down plans."
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