The Projects & People That Are Changing Our Skyline
The Best Real Estate Deals of 2016 are all projects we have covered extensively in the Philadelphia Business Journal. Natalie Kostelni, the Business Journal’s longtime real estate reporter, is considered one of the best in the country at her craft.
The Best Real Estate Deals were chosen through a nomination process. Deals and projects were nominated and then judged by a panel made up of top Philadelphia-area real estate professionals: Michael Markman, president, BET Investments; Cathy Coate, senior vice president, SSH Real Estate; Ed O’Brien, chief real estate officer, Benjamin’s Desk and CEO, First Base Real Estate; and Eric Goldstein, Executive Director, King of Prussia District.
We congratulate all of our winners and we look forward to many great future deals and projects.
Best Office Rehab | Apex Fort Washington
Abounding in amenities
After buying what was known as the Fort Washington Executive Center for around $30 million, the Kairos partnership spent nearly $6 million on a series of improvements to a 400,000-square-foot complex on Office Center Drive and rebranded it as Apex Fort Washington.
A new lobby was put in with plush and varied seating along with a television and fireplace, creating a comfortable meeting and work area for tenants. A 1980s full-service cafeteria was gutted and reimagined, as was a tired fitness center dating from the same era. Outdoor seating was incorporated along with other upgrades throughout the property including a 7,400-squarefoot training and conference facility for tenants. Apex was 72 percent leased when the partnership first bought the complex but not long after other tenants vacated, leaving it 44 percent empty. It is now more than 90 percent occupied and the project is now valued at $85 million.
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