2012 mid-year office market report

2012 Greater PhiladelphiaMid-Year Offi ce MarketReport and Outlook

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2012 Philadelphia CBD Mid-Year Offi ce Market Report and Outlook

Signifi cant Lease Transactions

Morgan, Lewis, & Bockius - 309,234 SF1701 Market Street- renewal

Cozen O’Connor - 200,000 SFOne Liberty Place - new lease

ACE Insurance - 140,000 SFPenn Mutual Towers - renewal

Marsh & McLennan Companies - 102,608 SFThree Logan Square - new lease

* SSH Real Estate represented Cozen O’Connor

Major Tenants in the Market

Drinker Biddle & Reath - 175,000 SF

FMC Corporation - 150,000 SF

Pepper Hamilton - 150,000 SF

Glenmede - 100,000 SF

Signifi cant Buildings Sold

Hotel Conversions

Philadelphia

Overall Central Business District

Inventory

Class A Class B Total

Square Feet 28,749,377 18,761,004 47,510,381

Rental Rate

Class A Class B Average

Mid-Year 2012 $27.62 $22.58 $25.60

Year-End 2011 $27.92 $22.95 $25.93

Vacancy Rate


Mid-Year 2012 10.10% 10.50% 10.25%

Year-End 2011 12.60% 13.10% 12.80%

1616 Walnut Street236,265 square feet, sold for $28.4 million or $120 PSF.

320 Walnut Street68,460 square feet, sold for$5.5 million or $80 PSF.

260 South Broad Street320,705 square feet, sold to Post Brothers for an undisclosed amount.

*

Home2 Suites by HiltonThe fi rst newly built hotel broke ground at 12th and Arch Street in Mid-April. It will service the newly expanded Convention Center across the street with 246 suites. The hotel will feature extended stay rooms and will be run by Hilton.

Hotel IndigoIt is rumored that a new boutique hotel is being planned. Offi ce buildings, 1218 Chestnut Street and 1217 Sansom Street will be combined to create the 150-bed boutique hotel.

Signifi cant Buildings For Sale

2 Penn Center1500 John F. Kennedy Boulevard is for sale. Crown Properties, Inc.of New York owns the 20-story, 505,000 square foot building.

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Rental RatesMid-Year rental rates have remained comparable to year end rates across the board, and is expected to remain constant throughout the rest of 2012. The average asking rate at Mid-Year was $25.60 per square foot. As Class B buildings continue to be converted to apartments, we expect offi ce rents to increase.

VacancyThe vacancy rate has decreased since Year-End to 10.25%, from 12.80%. Vacancy rates are expected to stabilize for theremainder of 2012.

Sublease ActivityAvailable sublease increased 59,302 square feet fromYear-End 2011. Currently, there is 429,055 square feet ofsublease space available in the Philadelphia CBD.

Investment SalesInvestment sale activity is gaining momentum as the economy continues to stabilize and the fi nancing environment improves.

New DevelopmentBrandywine Realty Trust and Independence Blue Cross areteaming up to build a new apartment tower, as well as, retailon the ground fl oor at 1919 Market Street. The site will have292 apartments and 50,000 square feet of retail space.

Cira Centre South, developed by Brandywine Realty Trust isin the works again. Originally put on hold because of thefi nancial diffi culties of 2008, plans to build a second tower nextto Cira Centre at 2929 Arch Street are in the process of being completed. Dates for completion have not been fi nalized.

The John Buck Co. and the INDURE Fund, a commingled real estate investment fund managed by National Real Estate Advisors, broke ground in March on 2116 Chestnut Street. The $100 million apartment high-rise in Philadelphia’s Center City will contain 319 units and 9,150 square feet of retail space on Chestnut Street.

SSH is tracking 15 new apartment projects in various stages ofdevelopment, which would add approximately 2,700 new unitsto the current inventory of approximately 40,000 units.

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Market Street West

Statistics

Inventory


Square Feet 19,800,653 9,774,920 29,575,573

Rental Rate


Mid-Year 2012 $27.86 $22.90 $26.22

Year-End 2011 $28.14 $24.05 $26.79

Vacancy Rate


Mid-Year 2012 10.35% 11.69% 10.78%

Year-End 2011 13.80% 13.60% 13.72%

Market Street East

Statistics

Inventory

Class A Classes B&C Total

Square Feet 3,785,492 5,098,464 8,883,956

Rental Rate

Class A Classes B&C Average

Mid-Year 2012 $24.85 $21.77 $23.04

Year-End 2011 $25.39 $20.31 $22.45

Vacancy Rate

Class A Classes B&C Average

Mid-Year 2012 8.78% 13.11% 11.26%

Year-End 2011 8.80% 13.40% 11.51%

News

Cozen O’Connor has decided to move from 1900 Market Street to One Liberty Place. They leased 200,000 square feet of space and are scheduled to move in the spring of 2015.

Federal Capital Partners, a Washington D.C. commercial real estate investment fi rm, along with local investors have acquired 1616Walnut Street. The building is 25 stories, and nearly 280,000 square feet of offi ce and retail space. Also, it has its own parking garage. The new owners are converting the building to multifamily and ground fl oor retail.

Morgan, Lewis, & Bockius has renewed its offi ce lease at1701 Market Street for an additional six years, expiring 2021. The law fi rm who has been sole occupant of the building for over ten years will continue to lease 309,234 square feet of space in the building.

Marsh & McLennan Companies moved across 18th Street from Two Logan Square to Three Logan Square (1717 Arch Street) taking just over 100,000 square feet of space.

News

The fi rst newly built hotel in Philadelphia, Home2 Suites by Hilton, broke ground at 12th and Arch Street in Mid-April. It will service the newly expanded Convention Center across the street, as well as, visitors to the city. The hotel will feature extended stay rooms and will be run by Hilton. The project is estimated to cost $60 million dollars.

A new boutique hotel is rumored to be in the works. It would be formed by combining two existing offi ce buildings, 1218 Chestnut Street and 1217 Sansom Street, to create a 150-bed boutique hotel. A conversion date has not been announced.

Philadelphia Media Network, parent company to The PhiladelphiaInquirer, the Daily News, and Philly.com relocated from 400 N. Broad to 801 Market Street, downsizing from 525,000 square feet to 125,000 square feet. The new lease is for 12 years and six months.

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South Broad Street

Statistics

Inventory

All Classes

Square Feet 2,438,591

Rental Rate

All Classes

Mid-Year 2012 $22.92

Year-End 2011 $23.07

Vacancy Rate

All Classes

Mid-Year 2012 14.78%

Year-End 2011 15.00%

News

A Walgreens has been approved for use at One South Broad Street, a former Borders book store, which is at the northeast corner of Broad and Chestnut Streets. The Walgreens will be a fl agship store, it is a new concept for the company in Philadelphia. It will include many amenities normal Walgreens stores currently have, but will also include a hair and nail salon, takeout food for lunch and dinner, as well as wellness center. The store is set for construction in the fall of 2012.

The Atlantic Building, 260 South Broad Street, a 320,705 squarefoot offi ce building, has been sold to the Post Brothers. They have yet to announce their plans for the building, but all indications are that it will be converted to apartments.

Independence Mall

Statistics

Inventory


Square Feet 1,739,626 3,887,620 5,627,246

Rental Rate


Mid-Year 2012 $26.40 $23.65 $24.50

Year-End 2011 $26.78 $23.68 $24.61

Vacancy Rate


Mid-Year 2012 16.57% 11.24% 12.90%

Year-End 2011 15.50% 12.14% 13.13%

News

Large insurer, ACE Group has renewed its current lease at Penn Mutual Towers in the Independence Mall Area. Previously the fi rm leased over 150,000 square feet of space in the building; however they reduced their size to just over 140,000 square feet.

320 Walnut Street has fi nally sold for $5.5 million. This primebuilding has remained vacant for over 10 years. A joint venture between Philadelphia Management Company and Nolen Properties purchased the vacant 68,460 square foot offi ce building and plans to convert it to a 66-unit rental housing project.

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University City

Statistics

Inventory

All Classes

Square Feet 2,785,000

Rental Rate

All Classes

Mid-Year 2012 $37.48

Year-End 2011 $39.14

Vacancy Rate

All Classes

Mid-Year 2012 6.30%

Year-End 2011 6.90%

News

Cira Centre South, a planned multi-parcel, mixed-use developmentby Brandywine Realty Trust is in the works again. The project wasput on hold due to the fi nancial diffi culties in 2008. Dates forcompletion have not been fi nalized yet. See proposed building above.

The Episcopal Cathedral Chapter would like to build a 25-story apartment tower at 38th Street and Chestnut - adjacent to theCathedral and International House of Philadelphia. To do so, they have requested permission from the historical commission to tear down two buildings on the Philadelphia register of historic places.

In April, construction began on University Place 2.0, located at30 N. 41st Street. The 97,000 square foot development is anchored by the GSA’s Citizenship and Immigration Services group, which signed a 15-year, 53,435 square foot lease.

Cira Centre SouthCira Centre South Cira CentreCira Centre

Photo by Scott H. Spitzer

Penn Park, located from Walnut Street to South Street.

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Booming Center City residential market has the third largest Central Business District population in the country. Approximately 179,903 residents with population growth of 10% since 2000. Class Aapartment rental market vacancy in Philadelphia’s CBD is only1.5%, and the market has experienced remarkable year over year rental growth of 10.1%.

Various Class B offi ce buildings in Philadelphia continue to convert to multifamily units. Most recently, 1616 Walnut Street, a long standing Class B offi ce building was bought and will be converted. Shrinking supply of available Class B offi ce space, due to ongoing and slated apartment and hotel conversions in the Philadelphia CBD, should lead to future offi ce rent increases and decreased vacancy rates.

Other offi ce conversions currently under way include The Arch, formerly the Robert Morris Building. The building was a 106,000 square foot Class B offi ce building and is being convertedto 111 luxury apartments.

2040 Market Street, the former AAA headquarters, is a 160,418

square foot offi ce building in the Market West Offi ce District. It iscurrently in the middle of construction converting to 281 apartments and is scheduled to be completed in the fall.

1919 Market Street is currently an empty lot. Brandywine Realty Trust and Independence Blue Cross plan to convert the site to a residential tower with 292 apartments and 50,000 square feet of retail space. As one of the last remaining development sites along Market Street, west of City Hall.

Most recently, The Commonwealth, located at 1201 Chestnut Street, was sold by SSH to Invesco Real Estate. The property was 95% leased at the time of sale.

SSH is tracking 15 new apartment projects in various stages ofdevelopment, which would add approximately 2,700 new unitsto the current inventory of approximately 40,000 units.

For more information, please contact Pete Soens ([email protected])at (215) 825-1510.

Apartment Boom

2040 Market Street2040 Market Street 1201 Chestnut Street1201 Chestnut Street

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Inventory includes all Class A and B offi ce properties greater than 20,000 square feet. Vacancy rates do not include space available for sublease or occupied space which is being marketed for lease.

Rental rates are gross, net of electric/utilities.

2012 Suburban Philadelphia Mid-Year Offi ce Market Report and Outlook

Overall Suburban Philadelphia

Overall

Inventory


Square Feet 43,297,762 32,678,829 75,976,591

Number of Buildings 462 603 1065

Rental Rate


Mid-Year 2012 $23.53 $18.57 $21.39

Year-End 2011 $23.16 $18.69 $21.27

Vacancy Rate


Mid-Year 2012 13.72% 12.24% 13.50%

Year-End 2011 14.34% 14.51% 14.41%

Signifi cant Lease Transactions

Dow Chemical Company - 800,000 SF500 Arcola Road, Collegeville - new lease

Tokio Marine Group - 180,000 SF1, 2, and 3 Bala Plazas - renewal and expansion

Auxilium Pharmaceuticals - 74,000 SF640 Lee Road, Wayne - new lease

Accolade, LLC - 89,878 SF660 W. Germantown Pike, Plymouth Meeting - new lease

Frontage Laboratories - 60,000 SF700 Pennsylvania Drive, Exton - new lease

AT&T - 55,000 SF200 North Warner Road, King of Prussia - renewal

Airgas - 60,000 SFRadnor Court, Radnor - renewal

Delaware Valley Financial Group - 49,000 SF1021 W. Eighth Avenue, King of Prussia - new lease

Financial Software - 28,000 SF100 Tournament Drive, Horsham - new lease

Major Tenants in the Market

Shire - 500,000 SFRoute 202 Corridor

Saint-Gobain Corporation - 200,000 SFWestern Suburbs

State Farm - 125,000 SFRoute 202 Corridor

Comcast - 100,000 SFHorsham

NCO Financial Systems - 100,000 SFHorsham

Mercy Health Systems- 80,000 SFWestern Suburbs

Procura - 65,000 SFKing of Prussia / Valley Forge

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Rental RatesAs they have for the past year, suburban rental rates remained relatively fl at in the fi rst half of 2012. The average rents increased just $0.12 per square foot since the end of 2011.

VacancyVacancy decreased by almost 1% down to 13.50% in the fi rstand second quarters. Expect this trend to continue as companies cautiously begin to expand more than in recent years.

Leasing VelocityLeasing velocity continues to improve as tenants slowly havebegun to absorb the vacant space throughout the suburbs.Radnor continues to be the strongest submarket with anoverall vacancy of 6.51%

Investment Sales1150 Northbrook Drive in Trevose was purchased by Rubenstein Partners, L.P. for $121.00 per square foot. The building is 108,000 square feet.

MIM-Hayden Real Estate purchased Five Tower Bridge, the 222,000 square foot building in Conshohocken, for $70 million.

New DevelopmentMIM-Hayden Real Estate is awaiting an anchor tenant so they may begin the redevelopment of the 272,000 square foot CrossPoint at Valley Forge, on Swedesford Road in Wayne. The landlord is investing $16 million to convert the Class B site into a Trophy Class building.

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Radnor | Main Line

Statistics

Inventory


Square Feet 2,688,710 1,832,699 4,521,409


Rental Rate


Mid-Year 2012 $30.02 $20.35 $26.10

Year-End 2011 $29.24 $21.44 $26.15

Vacancy Rate


Mid-Year 2012 7.40% 5.80% 6.51%

Year-End 2011 7.90% 5.20% 6.83%

Malvern | Exton | West Chester

Statistics

Inventory


Square Feet 6,077,969 5,571,737 11,649,706


Rental Rate


Mid-Year 2012 $21.48 $18.97 $20.28

Year-End 2011 $21.33 $19.75 $20.58

Vacancy Rate


Mid-Year 2012 12.90% 6.40% 9.88%

Year-End 2011 15.50% 10.60% 13.11%

News

Radnor vacancy has fallen to 6.51% with rental rates slowly increasing.Class A rates now average over $30.00 per square foot.

Airgas renewed their 60,000 square foot lease at Radnor Court.

Quintiq relocated and expanded into 21,692 square feet at201 King of Prussia Road.

Procurian signed two leases totaling 10,000 square feet at555 E. Lancaster Avenue.

Villanova University announced plans to construct dormitories,retail space, and an arts center on the current parking lots facing Route 30.

News

Vacancy dropped in excess of 3% and currently stands at 9.88%.

Frontage Laboratories signed a lease for 60,000 square feet with The Hankin Group at 700 Pennsylvania Drive in Exton.

Educational Management Solutions signed a lease for 37,260square feet at 436 Creamery Way in Exton.

iPipeline signed a lease for 27,127 square feet at Valley CreekCorporate Center. This property also secured another tenant,AutoTrader, which signed a lease for 24,057 square feet.

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Conshohocken

Statistics

Inventory


Square Feet 2,861,788 963,176 3,824,964


Rental Rate


Mid-Year 2012 $28.89 $23.42 $27.51

Year-End 2011 $27.94 $23.42 $26.84

Vacancy Rate


Mid-Year 2012 13.0% 7.90% 11.7%

Year-End 2011 9.40% 8.80% 9.25%

Norristown | Valley Forge

Statistics

Inventory


Square Feet 2,689,146 1,902,822 4,591,968


Rental Rate


Mid-Year 2012 $18.98 $18.64 $18.78

Year-End 2011 $19.48 $17.96 $18.85

Vacancy Rate


Mid-Year 2012 15.20% 11.40% 13.60%

Year-End 2011 13.90% 11.40% 12.80%

News

New vacancies in Class A buildings pushed the overall vacancy rate to 11.7%

Five Tower Bridge was sold to MIM-Hayden Fund for an estimated $70 million.

NextDocs signed a lease for 30,000 square feet at Six Tower Bridge.

Oliver Tyrone Pulver completed initial site work for Seven Tower Bridge, which will be a 250,000 square foot Class A offi ce building.Ownership is seeking a lead tenant before commencing construction.

News

Rental rates remained constant, while vacancy increased lessthan 1%.

Dow Chemical leased 800,000 square feet at Pfi zer’s campus,500 Arcola Road in Collegeville. Dow will relocate employees from their campus in Springhouse.

Procura is still in the market along Trooper Road for 65,000 square feet.

IMS Health has decided to relocate their employees back toPlymouth Meeting and is marketing their 154,000 square footCollegeville space for sublease.

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King of Prussia

Statistics

Inventory


Square Feet 8,461,957 3,485,766 11,947,723


Rental Rate


Mid-Year 2012 $23.09 $18.06 $21.62

Year-End 2011 $23.02 $18.65 $21.77

Vacancy Rate


Mid-Year 2012 15.40% 14.40% 15.10%

Year-End 2011 10.50% 14.70% 11.70%

Bala Cynwyd

Statistics

Inventory


Square Feet 1,918,752 934,840 2,853,592


Rental Rate


Mid-Year 2012 $29.36 $28.02 $28.92

Year-End 2011 $29.10 $28.17 $28.80

Vacancy Rate


Mid-Year 2012 14.10% 11.00% 13.00%

Year-End 2011 13.70% 11.30% 12.91%

News

King of Prussia, Berwyn, and Chesterbrook experienced an increase in Class A vacancy, which is refl ected in the overall vacancy.

Theorem Clinical Research signed a 29,000 square foot, long term lease at Keystone Property Group’s Park Place, 1016 W. 9th Street.

Delaware Valley Financial Group leased 49,000 square feet at1021 W. Eighth Avenue.

AT&T downsized and renewed at 200 N Warner Road. The company signed a lease for 55,000 square feet.

PNC Bank renewed and expanded at Westlakes Offi ce Park, leasing 30,426 square feet in total from Mack-Cali.

News

Both rental rates and vacancy remained constant in the fi rst six months of 2012.

Tokio Marine Group renewed and expanded into 180,000 square feet at 1, 2, and 3 Bala Plazas.

Brotech renewed its 8,100 square feet at 150 Monument Road.

Hallinan Services Corp. did a short-term renewal of 8,700 square feet at 3 Bala Plaza.

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Delaware County

Statistics

Inventory


Square Feet 4,777,620 3,639,189 8,416,809


Rental Rate


Mid-Year 2012 $24.38 $16.20 $20.84

Year-End 2011 $23.38 $16.08 $20.37

Vacancy Rate


Mid-Year 2012 9.80% 15.10% 12.10%

Year-End 2011 9.90% 16.90% 12.70%

Fort Washington | Springhouse

Statistics

Inventory


Square Feet 2,059,940 2,252,835 4,312,775


Rental Rate


Mid-Year 2012 $20.05 $18.75 $19.37

Year-End 2011 $20.67 $18.55 $19.55

Vacancy Rate


Mid-Year 2012 13.50% 19.00% 16.37%

Year-End 2011 16.40% 18.30% 17.40%

News

Both Class A and B offi ce product experienced positive absorption, lowering vacancy across the board.

EMD Chemicals, a division of Merck, signed a long term lease atInternational Plaza for 27,000 square feet.

Also at International Plaza, Keystone Mercy expanded, taking anadditional 31,000 square feet.

Creative Benefi ts signed a lease at Ellis Preserve for 10,262square feet.

Applied Card Systems put their 252,000 square foot Glen Millsfacility on the market for sale or lease.

News

Vacancy rates declined 1%. Rental rates stayed relatively constant.

McNeil Consumer Pharmaceuticals renewed 45,000 square feet at Fort Washington Executive Center.

PSI Pharm Support America renewed its 10,367 square foot leaseat 500 Offi ce Center Drive.*

Liberty Property Trust is contemplating the best use for their propertyat 1250 Virginia Drive. The site is located at the corner of Virginia and Offi ce Center Drive.

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Lower Bucks County

Statistics

Inventory


Square Feet 3,588,968 4,424,761 8,013,729


Rental Rate


Mid-Year 2012 $23.93 $16.64 $19.90

Year-End 2011 $23.55 $16.05 $19.65

Vacancy Rate


Mid-Year 2012 26.10% 18.30% 21.79%

Year-End 2011 28.10% 22.20% 25.00%

News

Vacancy rates dropped by over 3% as rental rates increased slightly.

Insight Pharmaceuticals signed a lease for 14,800 square feet at Northbrook Corporate Center.

Rubenstein Partners, L.P. acquired 1150 Northbrook Drive in Trevose for $13 million. The building which is 107,000 square feet was 93% occupied at closing.

AWeber Communications purchased 1100 Manor Drive in Chalfontfrom BPG Properties. AWeber will relocate its offi ces from HuntingdonValley to this 70,000 square foot, former call center facility.

Horsham | Willow Grove

Statistics

Inventory


Square Feet 4,212,413 4,902,888 9,115,301


Rental Rate


Mid-Year 2012 $20.95 $17.66 $19.18

Year-End 2011 $20.41 $17.85 $19.08

Vacancy Rate


Mid-Year 2012 8.40% 17.90% 13.50%

Year-End 2011 8.30% 14.40% 11.50%

News

Rental and vacancy rated for Class A product remained steady,as Liberty Property Trust and Brandywine Realty Trust retainedor attracted tenants in that asset class.

Financial Software is relocating to 100 Tournament Drive from Gibraltar Road. They leased 28,000 square feet.

Comcast is reviewing the Horsham market for 100,000 square feet in an effort to consolidate multiple locations.

NCO Financial Systems is also reviewing its options for 100,000 square feet to support an expansion.

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Plymouth Meeting | Blue Bell

Statistics

Inventory


Square Feet 3,960,499 2,768,116 6,728,615


Rental Rate


Mid-Year 2012 $22.98 $19.70 $21.63

Year-End 2011 $22.22 $19.31 $20.99

Vacancy Rate


Mid-Year 2012 23.60% 15.00% 20.06%

Year-End 2011 26.80% 16.10% 22.00%

News

Rental rates continue to climb as the vacancy rate was reduced another 2%.

Accolade, LLC leased 89,878 square feet at 660 W. Germantown Pike. The property was recently renovated by Brandywine Realty Trust.

NVR, Inc. signed a 10,120 square foot lease at 980 Harvest Drive.

ITT Technical Institute signed a lease at 220 W. Germantown Pike for 25,412 square feet.

Skanska relocated to 518 Township Line Road in Blue Bell and signed a lease for 19,100 square feet.

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Company News Mid-Year 2012

Recent SSH Transactions

SSH represented Cozen O’Connor in along-term lease transaction at One LibertyPlace to occupy approximately 200,000square feet. Peter Soens and MichaelKennedy of SSH served as tenantrepresentatives for the law fi rm.

Peter Soens and Peter Shrier represented Children’s CrisisTreatment Center (CcTC) for a long-term lease transaction tooccupy 43,673 square feet of space at the Waterview CorporateCenter, 1080 North Delaware Avenue, Philadelphia, PA.

Jeff Seligsohn represented HealthPartners as they expanded their footprint at 901 Market Street, Philadelphia, PA by 12,694 square feet.

1100 Manor Drive in Chalfont, PA, a 70,000 square foot Class A offi ce building located in the New Britain Corporate Center, was sold to AWeber Communications. Doug Newbertrepresented the seller, BPG Properties, Ltd.

Doug Newbert represented PSI Pharma Support America in their renewal of 10,367 square feet at 500 Offi ce Center Drive in Fort Washington, PA.

SSH in the Community

SSH has entered a team in the Philadelphia International Dragon Boat Festival. The race will be held on Saturday, October 6th. SSH will have a team tent along the Schuylkill River, so stop on by and cheer us on.

Investment News

The CommonwealthDan Mayock and Adam Gillespie of SSH’s Investment Services Division represented1201 Chestnut Street Partners LP inthe transfer of certain partnershipinterests in The CommonwealthApartment Building to Invesco Real Estate.

The Commonwealth is a completelyrenovated, 98-unit, luxury redevelopmentof an historic offi ce building at 1201 Chestnut Street in Philadelphia, PA.

1776 Massachusetts AvenueThe asset at 1776 Massachusetts Ave., NW, Washington, D.C., has traded for $45.5 million, or $498 per square foot. ELV Associates, a privately held real estate investment and management fi rm basedin Boston, acquired the 91,312 squarefoot building. In 2005, SSH Real Estate purchased the building in a joint venture with Young Capital and JOSS RealtyPartners for $34.5 million.

Management News

Kimco Realty Corp. (NYSE: KIM) has hired SSH to manage their Center City Philadelphia commercial portfolio consisting of six properties totalling over 250,000 square feet which include1401 and 1429 Walnut Streets.

SSH has been retained by the owners of 1524-26 Chestnut Street, Philadelphia, PA, a former GAP Outlet, to redevelop this 25,000 square foot property for multiple tenancy.

For more information regarding Property Management services, please contact Phil Rosen at (215) 732-9010 or [email protected].

New Hires

Rebecca Simon is SSH’s Tenant Coordinator.The newly created position will provide ahigher level of service to our tenants.

Joe Fornash joined SSH as a Property Manager.His primary responsibility is to work on theKimco portfolio.

About SSH Real Estate www.sshrealestate.com

Tenant RepresentationSSH Real Estate provides tenant representation services to clientsin the Philadelphia area and throughout the country. Utilizing ourextensive knowledge, resources and expertise, each client isprovided with exceptional service and unparalleled results.

Landlord RepresentationRepresenting approximately 2,000,000 square feet of offi ce spacein Philadelphia, and over 900,000 square feet in the suburban market,SSH Real Estate is a recognized leader in landlord representation. Our buildings consistently retain high occupancy due to ouraggressive and creative marketing.

Investment ServicesSSH Real Estate’s Investment Services Division is focused on selling investment properties in the Philadelphia region. Our team hasrepresented owners of investment real estate in the sale of over$1 billion worth of income producing real estate within the lastfi ve years. The Investment Services Division provides capital market services for income producing real estate including multi-housing, industrial, offi ce, and retail properties.

Non-Profi t ServicesThe Non-Profi t Real Estate Services Group provides comprehensive commercial real estate services to the region’s nonprofi t sector. Clients include associations, education, health, social service,religious, legal, arts and cultural organizations, as well asgovernment agencies.

Property ManagementSSH Management manages approximately six million square feet of offi ce space in the Greater Philadelphia region. SSH Management’s innovative and entrepreneurial approach results in maximizing our clients’ cash fl ow while maintaining the highest quality service to our tenants.

Construction ManagementSSH Real Estate’s Construction Management performs constructionmanagement for core and shell capital work, and new tenantimprovement fi t-outs.

Asset ManagementSSH is the Asset Manager for two million square feet of offi ce space, overseeing all phases of the ownership process for our clients.

SSH Real Estate Services

Center City Offi ce:123 South Broad Street8th FloorPhiladelphia, PA 19109T (215) 893-3000 F 215 893 1466

Jeffrey R. Seligsohn, SIOR, Partner(215) 825-1500

Peter C. Soens, Partner(215) 825-1510

Suburban Offi ce:Two Radnor Corporate Center100 Matsonford Road, Suite 107Radnor, PA 19087T (610) 995-1010 F (610) 995-1017

Doug Newbert, Partner(610) 995-1010 ext. 100

John H. Susanin, Partner(610) 995-1010 ext. 101

2012 mid-year office market report

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