Rubenstein Partners and Amerimar Enterprises Delivers New Two-Floor Amenity Space Connecting Updated Grand Atrium with Brand New Fitness Center
April 25, 2019 – Philadelphia – Rubenstein Partners, L.P. (together with its affiliates, “Rubenstein”), a vertically-integrated real estate investment advisor focused on value-added office property opportunities, together with its partner Amerimar Enterprises Inc. (“Amerimar”), announced the completion of a 54,000 square foot lease expansion with Children’s Hospital of Philadelphia (CHOP) at The Wanamaker Office Building (“Wanamaker”). CHOP now leases over 300,000 square feet across 6 floors at Wanamaker following the newly signed transaction. At the same time, the building ownership is on the verge of completing the final phase of their current modernization plans for the historic building.
“We’re pleased that our strategy for Wanamaker appears to be resonating with existing tenants and major users seeking modern space in Center City,” said Stephen Card, Regional Director of the Mid-Atlantic and Principal at Rubenstein. “From the beginning, we have sought to preserve the building’s best architectural and historical elements while modernizing it with thoughtful improvements. As we deliver the second phase of improvements – primarily the new two-floor amenity space that revitalizes the existing Grand Atrium and connects it to a new state-of-the-art fitness center – I think that both existing users in the building and the broader market will understand exactly how special Wanamaker can be.” In addition to the approximately 54,000 square foot CHOP lease expansion, a British-based online gaming firm, Kambi, recently leased approximately 7,000 square feet of office space in the building.
Wanamaker (100 Penn Square East) is a 1.4 million square foot office and retail property located adjacent to City Hall in Center City Philadelphia. Phase I of the improvement plan, now complete, focused on rethinking the lobby and security check-in areas in order to make the experience flow better for tenants and visitors. Rubenstein and Amerimar installed all new materials, including flooring, feature walls, and finishes on both the ground floor and mezzanine level, in a modern but timeless style. Lighting was replaced and improved throughout. New North and South lobby entrances are now complete, incorporating a 350 square foot media wall in the South Lobby. The North lobby saw renovations to the retail and amenity areas, along with a new seating area. New twinned escalators will carry tenants and visitors to a new mezzanine-level main desk and centralized security check-in.
Additionally, a connected two-floor tenant amenity space on the building’s 8th and 9th floors, consisting of an updated grand atrium on the 9th floor and fitness center on the 8th floor, linked by a new internal staircase was completed. The four-story atrium has always been one of Wanamaker’s significant features, but the soaring space has been underutilized for many years. By redesigning the atrium with new furniture and installed features like a mini-amphitheater, along with all new finishes and fixtures throughout, Rubenstein and Amerimar are activating this beautiful common space. The renovated atrium will connect directly to the new state-of-the-art fitness center on the 8th floor via an internal staircase. The overall effect is to create a magnet common space within the building that is accessible to and utilized by all tenants.
“We believe that our new amenity center demonstrates incredibly well the kind of environment that Wanamaker tenants want,” said Jerry Marshall, Co-Chairman and Chief Executive Officer of Amerimar. “In particular we feel that Wanamaker, as improved, will be even better positioned to inspire visionary companies and enable them to attract and retain the creative-class and tech employees currently driving redevelopment in the Market East submarket.”
The Market East section of Philadelphia continues its transformation, with several complementary developments coming on line. A few notable projects include NREA’s $600 million mixed-use East Market development, PREIT’s $350 million development of Fashion District Philadelphia, the $55 million redevelopment of Dilworth Park at City Hall, and the continuing revival of the Midtown Village retail and restaurant scene. Additionally, SEPTA is in the process of renovating all subway concourses in the City Hall corridor, including the entrance immediately adjacent to Wanamaker.
Built in 1911, Wanamaker is a landmark listed on the National Register of Historic Places that originally housed one of America’s first department stores. The office portion of the building is approximately 95% occupied and the retail space is 100% occupied by Macy’s. In addition to the offices and retail, the property includes an approximately 660-space, subterranean parking garage.
“CHOP’s recommitment and Kambi’s decision to locate their regional Headquarters at Wanamaker affirms that the repositioning strategy is working. Also, our interest level from prospective tenants has dramatically increased with the completion of most of the renovations,” adds Sid Smith and Neil Brazitis of Newmark Knight Frank, leasing agents for the building.