FOR LEASE! - LoopNet...AVAILABLE 4,363 sq. ft. FOR LEASE! New To Market Retail 1600 ARCH STREET...
Transcript of FOR LEASE! - LoopNet...AVAILABLE 4,363 sq. ft. FOR LEASE! New To Market Retail 1600 ARCH STREET...
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AVAILABLE4,363 sq. ft.
FOR LEASE!
New To Market Retail1600 ARCH STREET
Corner of Arch and 16TH Streets4,300 sq. ft. to 1000 sq. ft.
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• Immediately ajdacent to SEPTA’s Suburban Station with direct access through the Concourse level so shoppers can come and go to public transit while ignoring weather conditions.
• The City’s two subway lines, the Broad Street Subway and the El (Market Street Subway) are both within two blocks and there are a variety of bus routes that service the site.
• The front of the building has great visibility for both retail and office as it is directly across 16th Street from internationally known Love Park.
HIGHLIGHTS
OWNER CONTACTMARK MULVANEY [email protected] 757.961-2080
CITYHALL
LOVE PARK
CONVENTION CENTER
COMCASTCENTER
THREE LOGAN
SQUARE
ONE LOGAN
SQUARE
TWO LOGAN
SQUARE
COMCAST TECHNOLOGY
CENTER
THREE PARKWAY
EXCELLENT LOCATION IN THE PHILADELPHIA CBDFeaturing excellent visibility on the heavily traveled corner of 16th and Arch Streets, the Property is within a short walking distance from Philadelphia’s City Hall as well as nearby office population in Market West. In addition, the Property is directly across the street from the recently renovated LOVE Park, new Philadelphia Holocaust Memorial Plaza and the scenic Benjamin Franklin Parkway, creating a natural pedestrian thoroughfare. 1600 Arch Street is ideally positioned in the heart of the CBD in close proximity to the city’s largest employment centers/towers and at the beginning the scenic Benjamin Franklin Parkway which is a major pedestrian artery utilized by tourists, residents, and commuters.
1600 arch
SIGNIFICANT DAYTIME POPULATIONLocated within a three-block radius of the Property, there is more than 14,000,000 square feet of office space housing approximately 58,000 employees. Notable trophy class office buildings located along Arch Street include The Comcast Center, The Comcast Technology Center, One, Two and Three Logan Square.
Executive Summary 7
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SEPTA Suburban Station19Property Description
Floor Plans
Parking
Sub-Basement
Sub Basement
Parking
Vacant
unit 1
Vacantunit 1
ScS Parking648 Sf12/31/15
unit 1
Storage(Tir Na Nog)
12/31/18
unit 2
Storage(Tir Na Nog)
790 Sf(combinedwith below)12/31/18unit 2
Basement
Basement
16th Street
Arch Street
20 1600 Arch Street, Philadelphia
Floor Plans
The Phoenix Salon & Spa
2/28/15
Worth collection
12/31/15
Philadelphia federal credit union
9/30/17
Tir Na Nog
12/31/18
Starbucks
2/28/14
lucy Peters
M-T-M
unit 2 unit 2
unit 2
unit 2
unit 2
unit 2
first floor
4,363 Sf 3,348 Sf
732 Sf
665 Sf
7,917 Sf
1,500 Sf
first floor
Vynamic
9/30/17
unit 3
KeatingPartners
4/30/15
unit 3 Keating Building corporation
3/31/18
unit 3
KMS development Partners, lP
4/30/15unit 3
Second floor
9,254 Sf
863 Sf
1,825 Sf
5,950 Sf
second floor
16th Street
Arch Street
AVAILABLE
AVAILABLE
CONCOURSE
STREET ACCESS
20 1600 Arch Street, Philadelphia
Floor Plans
The Phoenix Salon & Spa
2/28/15
Worth collection
12/31/15
Philadelphia federal credit union
9/30/17
Tir Na Nog
12/31/18
Starbucks
2/28/14
lucy Peters
M-T-M
unit 2 unit 2
unit 2
unit 2
unit 2
unit 2
first floor
4,363 Sf 3,348 Sf
732 Sf
665 Sf
7,917 Sf
1,500 Sf
first floor
Vynamic
9/30/17
unit 3
KeatingPartners
4/30/15
unit 3 Keating Building corporation
3/31/18
unit 3
KMS development Partners, lP
4/30/15unit 3
Second floor
9,254 Sf
863 Sf
1,825 Sf
5,950 Sf
second floor
16th Street
Arch Street
AVAILABLE4,363 Sq. Ft.
1,400 Sq. Ft.AVA
ILAB
LE
FIRST FLOOR
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1600 ARCH STREET24
ECONOMIC OVERVIEWWhile office jobs are the largest employment sector in Center City, healthcare and educational institutions are the largest segment of the balance of the city’s economy, accounting for 37% of citywide employment. Across the Schuylkill River in University City, the combined sectors account for 77% of all salaried positions.
LARGEST EMPLOYERS IN PHILADELPHIA EMPLOYEES
1 University of Pennsylvania and Health System 32,851
2 Temple University 14,000
3 Comcast Corp. 12,858
4 Thomas Jefferson University and Hospital* 12,538
5 Drexel University 9,829
6 Einstein Healthcare Network 8,992
7 Temple University Health System 8,975
8 Comcast-Spectacor 6,940
9 Wells Fargo 6,472
10 Independence Blue Cross 6,335
Source: Philadelphia Business Journal
*�Combined�hospital�employees�added�to�Philadelphia�Business�Journal�Thomas�Jefferson�University�total
WITH 13,778 EMPLOYEES, THOMAS JEFFERSON UNIVERSITY AND HOSPITAL IS CENTER CITY’S
LARGEST PRIVATE EMPLOYER.
SINCE 2006, HIGHER EDUCATION
AND HEALTHCARE EMPLOYMENT IN
PHILADELPHIA HAS INCREASED BY 16% AND NOW PROVIDES
37% OF ALL JOBS IN PHILADELPHIA.
HEALTHCARE AND EDUCATION PROVIDES
58,500 JOBS IN CENTER CITY AND DRAWS 32,550 STUDENTS INTO DOWNTOWN
PH ILADELPH IA EDUCAT ION & HEALTH SERV ICES EMPLOYMENT
0
40,000
80,000
120,000
160,000
2015201420132012201120102009200820072006
48,807
147,565
125,011
44,147
HEALTHCARE AND SOCIAL ASSISTANCE HIGHER EDUCATION
Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment & Wages
WAGE & SALARY EMPLOYMENT
PHILADELPHIA EDUCATION AND HEALTH SERVICES EMPLOYMENT
City HallMARKET ST
GIRARD AVE
VINE ST
PINE ST
TS DAOR
B
EA
< 50
51–100
101–250
251–500
> 500
EMPLOYEES:
CHOP
Dr exe l
Jefferson
Temple
U Penn
Smaller Institutions
CENTER CITY HIGHER EDUCATION AND MEDICAL INSTITUTION EMPLOYMENT
Source: Childre n's Hospital of Philadelphia; Drexel Universit y; Penn Medicine; Temple University; Thomas Jefferson University; Individual Institutions
8 1600 Arch Street, Philadelphia
Aerials
16th Street16th Street Ben F
rankli
n Park
way
Ben F
rankli
n Park
way
Arch StreetArch Street
JFK BoulevardJFK Boulevard
love Parklove Park
1600 Arch Street1600 Arch Streetsuburban stationsuburban station
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1600 arch
Residential 1 2 3 4 5
The Phoenix Hanover N. BroadOne Franklin
TowerThe
Alexander 1900 Arch
267 Units 339 Units 360 Units 277 Units 236 Units
Hospitality12 13 14 15
The Logan Embassy Suites The WindsorFour
Seasons391 Rooms 288 Rooms 200 Rooms 200 Rooms
Office6 7 8 9 10 11
Three Parkway
One Logan
Two Logan
Three Logan
Comcast Center
Comcast Tech. Center
600,000 SF 595,000 SF 700,000 SF 1,000,000 SF 1,500,000 SF 1,800,000 SF
NOTABLE NEW DEVELOPMENT1600 Arch Street is surrounded by a host of recent public and private developments such as the city’s LOVE Park redevelopment and other private investments such as One Franklin, Comcast Technology Center, The Logan Hotel and 1900 Arch. These new investments provide improved tourism, residents and workers - strengthening the value of the Property’s location while bringing more foot-traffic to an already heavily traveled corner at 16th and Arch Streets. Additionally, new private developments, Hanover North Broad, Mormon Temple, 1401 Arch Street and The Alexander will all be delivered before the end of 2018, which further bolsters the immediate commercial and residential population making 1600 Arch Street a needed service-oriented retail location in a true 24/7 ‘live-work-play’ community.
2 Executive Summary 9
RETAIL DEMAND IN GREATER CENTER CITY AND ITS CORECenter City’s flourishing retail sector is the result of more than two decades of diversified development, as convention, tourism, entertainment and residential growth has dramatically expanded upon the base of retail customers provided by major office and institutional employers. Today, approximately 300,000 workers, 190,000 residents and 3.1 million occupied hotel room nights generate more than $1 billion in retail demand for goods and services within the downtown and surrounding neighborhoods of Greater Center City.
Source: Center City District, U.S. Census Bureau, OnTheMap, Local Employment Dynamics Partnership, American Community Survey 2012-2016, Visit Philadelphia and Philadelphia Convention & Visitors Bureau
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JOB MARKET CORE CENTER CITY GREATER CENTER CITY
Office Workers 188,134 214,105
Other Workers 66,445 84,507
Total Workers 254,579 298,612
RESIDENTIAL MARKET
Owner Occupied 22,379 79,975
Renter Occupied 43,443 110,441
Population 65,822 190,416
VISITOR MARKET
Hotel Rooms 11,042 11,042
Overnight Visitors 3,117,703 3,117,703
DOLLARS OF DEMAND FOR SHOPPERS' GOODS
Office Workers $200,174,449 $227,807,511
Other Workers $35,149,468 $44,704,307
Residents $126,378,240 $365,598,720
Overnight Visitors $417,772,256 $417,772,256
TOTAL $779,474,414 $1,055,882,795
RETAIL DEMAND FOR SHOPPERS’ GOODS, 2017
RETAIL
Retail Demand For Shopper’s Goods, 2017
Market Overview 33
MILLENNIALS, ENTERING THEIR
PEAK CONSUMER SPENDING
YEARS, REPRESENT 40% OF THE DOWNTOWN’S
POPULATION AND ARE
ATTRACTING MORE FOOD AND
BEVERAGE, WELLNESS, VALUE
AND EXPERIENTIAL RETAILERS
TO CENTER CITY
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MARKET ST
JOHN F KENNEDY BLVD
ARCH ST
CHERRY ST
RACE ST
SPRING ST
VINE STREET EXP
CHESTNUT ST CHESTNUT ST
MARKET ST
FILBERT ST
ARCH ST
RACE ST
SPRING ST
CHERRY ST
BENJAMIN FRANKLIN PKY
SPRING ST
WINTER ST
VINE STREET EXP
MARKET ST
CHESTNUT ST
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VENU
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ARCH ST
LOCAL POPULATION NEAR 1600 ARCH STREET / TRADE AREAThe local population / shoppers for 1600 Arch Street consists of all workers and residents within an approximate three-block radius of the Property. This trade area, primarily located within the Logan Square neighborhood, is bounded by Callowhill Street to the North, Broad Street to the east, Market Street to the South and 20th Street to the west. The trade area contains 14,650,000 square feet of office with appx. 58,000 employees, 3,470 residential units and 2,039 hotel rooms.
In addition to the local residents in the trade area, 1600 Arch Street benefits from the tourism generated from nearby public spaces such as the newly redeveloped LOVE Park and the Philadelphia Holocaust Memorial Plaza as well as the daily commuter traffic from Philadelphia’s Suburban Station – which transports more than 25,000 passengers each day.
Demographics in the Trade Area continue to evolve with the addition of 960 units in new residential supply being delivered or under construction from developments such as One Franklin, 1401 Arch and the Alexander. Bolstering an already significant population count, this residential supply is transforming the area surrounding 1600 Arch Street into a 24-7, Live-Work-Play destination.
Source: Center City District
1 1900 Arch 236 units2 Kennedy House 450 units3 Penn Center Apts 432 units4 1919 Market 321 units5 1901 Market 760,000 SF6 The Logan 391 rooms7 One Logan 600,000 SF8 Two Logan 700,000 SF9 The Lofts at 1835 Arch 202 units10 Four Seasons 200 rooms11 Comcast Tech. Center 1,500,000 SF12 The Sterling 535 units13 1880 JFK 250,000 SF14 1800 JFK 250,000 SF
15 1835 Market 680,000 SF16 10 Penn Center 660,000 SF17 Embassy Suites 288 rooms18 Three Logan 1,000,000 SF19 Mellon Bank Center 1,200,000 SF20 Comcast Center 1,000,000 SF21 1701 Market 320,000 SF22 The Arch 111 units23 The Windsor 200 rooms24 The Alexander 277 units25 Sheraton Philadelphia 758 rooms26 Three Parkway 560,000 SF27 1650 Arch 580,000 SF28 One Penn Center 400,000 SF
29 1600 Arch/The Phoenix 244 units30 8 Penn Center 230,000 SF31 4 Penn Center 520,000 SF32 1635 Market 280,000 SF33 1601 Market 680,000 SF34 Hanover North Broad 339 units35 One Parkway 430,000 SF36 1501 Arch 550,000 SF37 Le Meridien 202 rooms38 1401 Arch 323 units39 Philadelphia MSB 500,000 SF40 Two Penn Center 500,000 SF41 1515 Market 500,000 SF
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HOLOCAUST MEMORIAL
PLAZA 1600 arch
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1600 ARCH STREET34
OWNER CONTACTMARK MULVANEY [email protected] 757.961-2080