CAMDEN, NJ—The L3 Communications building here has been acquired by Needleman Management of Cherry Hill, NJ and a group of investors for $35 million.
Last year the 575,000-square-foot office building on Market Street was sold by the state Economic Development Authority to the city's Cooper's Ferry Partnership. The sale to the Needleman firm was reported by company president Howard Needleman, according to The Inquirer.
Needleman says the deal marks its entrance into Camden. He says that recent high profile lease deals in the city influenced his firm to make the deal.
"The recent activity in downtown Camden, that was a critical factor," he said.
Last year Subaru of America, Lockheed Martin, and energy company Holtec International were given multimillion-dollar tax breaks to relocate jobs to Camden. In addition the NBA's 76ers are building a training facility on the waterfront.
The new ownership of the L3 Communications building plans to replace the roof of the building and improve its landscaping. See story in The Inquirer.
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