Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-An 8,700-sf Mitchell Gold + Bob Williams furniture showroom is opening at 1308 Chestnut St. Later this year, West Elm, the upscale, modern affiliate of Pottery Barn, plans to open in 19,000 sf at 1330 Chestnut, while Lucky Strike, the Los Angeles-based bowling alley/lounge, expects to move into a similar-size space on the floor above West Elm in the former Woolworth building.

“Retail continues to drive eastward as strong regional players and others want to be part of the Downtown environment,” says Lisa Drake, a broker for Conshohocken-based Fameco Real Estate. Drake negotiated the MG + BW lease for the store, which will be operated by Bruce Levy and Karen Spewak, who are based here. The building owner is Samson Asset Management.

Taylorsville, NC-based Mitchell Gold + Bob Williams now has approximately 12 locations nationwide. This is its first in the Philadelphia area, but Drake says others are being planned in the Greater Delaware Valley. “It’s always been a challenge to find furnishings with real style that are affordably priced in this city,” says Levy. “We just know this can fly in Philadelphia.”

“East of Broad has long been a risk for retailers,” Drake tells GlobeSt.com, “but demand for retail is driving east.” She points to the renovation of the historic Victory Building into luxury residential condos with a Starbucks on the ground floor at 10th and Chestnut, and says an Indian restaurant, which she can’t yet identify, is taking space at Ninth and Chestnut.

With increased demand comes a rise in rental rates. While she declines to disclose the value of the MG + BW lease, she says, “the asking rates along this stretch of Chestnut are from $30 per sf to $35 per sf, about a 30% increase over the past year.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.