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“We are seeing more foreign capital purchase assets in the Philadelphia region, which is driving up pricing," says Ken Wellar, managing partner of RRA.
The portfolio could yield market-rate rent appreciation and value-add opportunities through modest-to-extensive capital improvements, says Gebroe-Hammer's Nicolaou.
The e-commerce giant in a statement released today, while praising Cuomo, de Blasio and others, cited the vocal opposition by some political and civic leaders as the reason for its decision.
The substantial improvement definition could be one based on total cost expenditures or something based on the strict definition of what could must be capitalized.
In the largest of the agreements, Ameribest expanded its existing offices with the lease of another 6,924 square feet on the second floor of 990 Spring Garden.