Includes Expansions and New Leases For Berkshire Hathaway HomeServices Fox & Roach, The Foundation for Individual Rights in Education and AKRF, Inc.
June 22, 2015 – Philadelphia – Rubenstein Partners, L.P., a vertically integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States, announced three new leases totaling 36,738 sf at One Washington Square, an 850,000 sf Class A property located in the heart of the historic section of Center City. The leases include:
- A 20,443 rsf relocation, expansion and extension for Berkshire Hathaway HomeServices Fox & Roach, the largest realtor in the Tri-State Area of Pennsylvania, New Jersey and Delaware. This transaction represents a long-term commitment by the company to remain and grow at One Washington Square.
- A 12,605 rsf new lease for The Foundation for Individual Rights in Education, Inc., a non-profit group that focuses on free speech and other individual rights at America’s colleges and universities.
- A 3,690 rsf new lease for engineering firm AKRF, Inc., representing an expansion for the New York City based company into Philadelphia.
Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, in addition to a significant capital investment, focused on modernizing the building’s systems and upgrading the lobbies and other common areas. The property overlooks Independence Mall and Washington Square and is steps away from Independence Hall, Federal Courthouses, high-end housing, hotels, restaurants, and historic and cultural sites. It also is located on a main east-to-west artery and is close to public transit. Floor plates range from 14,000 rsf to 39,000 rsf.
“It’s gratifying to see that our vision to enhance One Washington Square and reintroduce the property to the Philadelphia market is paying off,” said Craig Zolot of Rubenstein Partners. “These three new transactions, along with the current high level of leasing interest in the building, confirm the market’s recognition of the property’s desirability and our completed capital upgrades – as well as the increasing vibrancy of the Independence Mall submarket. We believe there is major momentum in this area and we are confident that One Washington Square will be able to capitalize on it.”
Rubenstein Partners was represented by Jack Soloff, Jim Mullarkey and Les Haggett of Newmark Grubb Knight Frank in the transactions. Berkshire Hathaway HomeServices Fox & Roach was represented by Jim Wilson of the Mahoney Realty Group; The Foundation for Individual Rights in Education was represented by Neil Brazitis and Sid Smith of Newmark Grubb Knight Frank; and AKRF was represented by Cindy Weiner with The Flynn Company.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.