Shorenstein Press Center

Press Contacts

McKenzie Gernes

T (651) 303-6777‬

 

1818 Beneficial Bank Place Completes Major Renovations and Developments Amidst $21 Million Building Overhaul, over 160,000 SF of New Tenants Follow

Under Shorenstein’s management the Class A building will boast some of the best amenities in city

(Philadelphia) – February 12, 2018 – Shorenstein Properties LLC, a San Francisco-based private real estate investment firm, is pleased to announce 1818 Beneficial Bank Place’s $21 million renovation project is moving into Phase II of construction. Under Shorenstein’s management, 1818 Beneficial Bank Place renovations have elevated the building to one of the premier Class A buildings in the city.

Additions in Phase II will include, a tenant-only 6,000-square foot fitness facility overlooking Market Street, a conference center with capacity for 65 and a new Saxbys Coffee location in the building lobby.

“Shorenstein is extremely pleased with the progress of our renovations to date”, says Shorenstein’s Senior Vice President of Asset Management Christopher Caltabiano. “New leasing activity and existing tenant retention has been very positive. Our team values tenant happiness at 1818 and looks forward to unveiling Phase II.”

To date, 1818 Beneficial Bank Place has completed the following upgrades: building facade restoration, lobby renovation, elevator cab retrofit, new cooling towers and chillers, select common corridor and bathroom upgrades, pre-built office suites and a new bike room.

The renovations and additional amenities have been instrumental in assisting the Cushman & Wakefield leasing team led by Roger McManimon, Jack Meyers and Jason Bernardi in securing high quality tenants. In addition to the new tenants, a number of existing tenants have expanded within the building including Medical Guardian, U.S. Legal Support and Coalition of Cancer Cooperative Groups. Notable new tenants include:

●    McCormick Taylor, relocating from Commerce Square
●    Berger Montague P.C.
●    Simon & Simon, P.C.
●    Market Resource Partners
●    Langan Engineering
●    Engine Room Technology

###

About Shorenstein
Shorenstein is a privately owned real estate firm active nationally in the ownership and management of high-quality office and residential properties, with offices in San Francisco and New York.  Shorenstein’s portfolio includes properties owned by the Shorenstein family through its affiliates Shorenstein Company LLC and Shorenstein Residential Equity Investors, as well as properties owned by a series of closed-end institutional funds sponsored by Shorenstein Properties LLC.  These funds, with equity commitments totaling $7.9 billion, have invested in properties totaling 62.6 million square feet in transactions with a gross investment value in excess of $14.9 billion. Shorenstein Properties LLC is currently investing its eleventh fund, which has total equity commitments of $1.2 billion. 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 land entitlements, ground-up developments, asset repositionings and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures.