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Shorenstein Completes First Phase of 1818 Beneficial Bank Place’s New Look

Tower offering tenants efficient, flexible space in Market Street West undergoes multimillion dollar makeover.

Philadelphia, PA – August 10, 2015 – Shorenstein Properties LLC, a private real estate investment firm and fund sponsor engaged in the ownership of high quality office and mixed-use properties nationwide, has completed the initial phase of a renovation of 1818 Beneficial Bank Place, the Class A Market Street West office tower it acquired earlier this year.

The initial phase results in a large portion of the 30th floor being returned to a state not seen since the building was constructed in the early seventies, with exposed concrete decking and the removal of interior walls to open up more of the space for use as a traditional office or an open-plan collaborative environment. Shorenstein has doubled the window line for the space to create more natural light and increase the floor’s city views. 

Approximately 10,700 square feet of white-boxed space is now immediately available to tenants.  The landlord plans to make similar improvements to other tenant space as it becomes available.

Future phases of the landlord’s multimillion dollar capital improvement plan will address a clean up and renovation of the 37-story building’s façade, modernization of the 1980s-era elevator cabs and the addition of LED lighting throughout the garage as well as lobbies and common areas.  Façade renovation will begin later this year.

Located on the corner of Market and 19th Streets, 1818 Market offers a great location, efficient 30,000 square foot floor plates, high ceiling heights, impressive window lines, and above-standard parking. The property offers ground-floor retail including the popular Marathon Grill with outdoor seating in its plaza.   Just a short walk from the property are renowned restaurants, high fashion boutiques, salons/spa, five diamond/national historic landmark hotels, Rittenhouse Square, and premier cultural venues including the Kimmel Center.  The property has a 408-stall parking garage on floors 2-6 and is central for public transit rail, Amtrak, PATCO and bus lines.

About Shorenstein Properties LLC

Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York.  Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million.  Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns.  Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures.  These funds have invested in properties totaling 56.7 million square feet in transactions with a gross investment value in excess of $13.4 billion.