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Gadsden Growth Properties Inc. acquired the mixed-use ground-up development that includes 158 residential apartment units and 53,900 square feet of retail space for a combination of cash and stock.

The commission's report states that accountability and transparency has not meaningfully improved since its 2016 report was issued.

The team will engage in a value-add strategy focused on identifying under-managed and under-capitalized assets and will seek to create value by improving management, performing incremental leasing and increasing rents via strategic capital improvements.

The sale is part of the REIT's larger disposition plan to fund its 2017 acquisition of First Potomac Realty Trust.

“Rittenhouse Square is an ideal place for Spaces to open their second Philadelphia location,” says CBRE's Stephen Kriz. “Their unique coworking environment provides a strong collaborative workplace for the many entrepreneurs and corporate users in Center City.”

With David Violette's arrival, Lee & Associates New Jersey now manages more than 11 million square feet of New Jersey and Pennsylvania property.

The buyer, a family office looking to increase its holdings in suburban infill markets, will convert the building into rental apartment and embark on a major value-add renovation.

Led by industry veteran Andy MacGregor, the 100% employee-owned general contracting firm will operate out of the West Loop.