philadelphia, pennsylvania - loopnet · philadelphia city hall size (sf) 48,069 year built 1960...

P H I L A D E L P H I A , P E N N S Y L V A N I A

RITTENHOUSE SQUARE | 48,000 SF SINGLE TENANT OFFICE | 12+ YEARS OF TERM | CORPORATE GUARANTY

E X E C U T I V ES U M M A R Y

I 1626 LOCUST STREET EXECUTIVE SUMMARY I 3

THE OPP ORTUNITYHolliday Fenoglio Fowler, L.P (“HFF”), has been retained on an exclusive basis to arrange the sale of 1626 Locust Street

(the “Property” or “Offering”), a 48,069 square foot, class A single tenant office property located in the heart of Rittenhouse

Square, Philadelphia’s most sought after and prestigious neighborhood. The Offering is 100% net leased to Regus’ creative

office subsidiary, Spaces. Built in 1960 and completely renovated in 1989 and again in 2019, to the most forward looking

office design in the market today, 1626 Locust Street offers qualified investors 12+ years of secure income with annual rent

escalations and minimal landlord responsibility. This long term lease has a corporate guarantee from Regus, one of the

first companies to offer shared office spaces and the world's largest provider of flexible work solutions.

IDEAL 1031 EXCHANGE CANDIDATE1626 Locust Street’s recent renovation, stable tenancy, long-term lease obligation, increasing rents and net lease structure make this opportunity a perfect candidate for an investor’s 1031 exchange needs while also being located in Philadelphia’s most dynamic location, Rittenhouse Square.

1626 LOCUST STREET I 4 I EXECUTIVE SUMMARY

1626 LOCUST STREET, PHILADELPHIA, PA

RITTENHOUSESQUARE

THE COMCASTTECHNOLOGY CENTER

THE COMCASTCENTER

ACADEMY OF MUSIC

SUBURBAN STATION

PHILADELPHIA CITY HALL

RITTENHOUSE SQUARE PARK

JFK BOULEVARD

MARKET STREET

CHESTNUT STREET

WALNUT STREET

LOCUST STREET

SPRUCE STREET

BROAD STREET

17TH STREET

16TH STREET

SIZE (SF) 48,069

YEAR BUILT 1960

YEAR RENOVATED 1989 / 2019

ARCHITECTS CLARENCE S. THALHEIMER DAVID D. WEITZ

CURRENT OCCUPANCY 100%

ESTIMATED LEASE START DATE JULY 1, 2019

LEASE TERM 12 YEARS, 10 MONTHS

YEAR 1 RENTAL INCOME $1,562,243

ANNUAL ESCALATIONS 2%

LEASE GUARANTY RGN - NATIONAL BUSINESS CENTERS, LLC


RIT TENHOUSE SQUARE

SIZE (SF) 48,069

YEAR BUILT 1960

YEAR RENOVATED 1989 / 2019

ARCHITECTS CLARENCE S. THALHEIMERDAVID D. WEITZ

CURRENT OCCUPANCY 100%

ESTIMATED LEASE START DATE JULY 1, 2019

LEASE TERM 12 YEARS, 10 MONTHS

YEAR 1 RENTAL INCOME $1,562,026

ANNUAL ESCALATIONS 2%

LEASE GUARANTY RGN - NATIONAL BUSINESSCENTERS, LLC

PHILADELPHIA’S MOSTSOUGHT AFTER NEIGHBORHOOD1626 Locust Street is situated in Philadelphia’s most sought after, upscale neighborhood: Rittenhouse Square. Located between Market and Pine Streets from 15th to 24th streets, the neighborhood is occupied by luxury hotels, high-end office and retail space, as well as world-renowned restaurants. This highly coveted location offers energetic nightlife and an extensive array of art and culture providing entertainment options, all just steps from the Offering. Residents of Rittenhouse Square consistently choose to live and work in this neighborhood, taking advantage of the area’s unrivaled cultural and lifestyle amenities, proximity to the Philadelphia MSA’s densest office submarket, and direct access to a variety of transportation options.

ONE OF FIVE ORIGINAL

SQUARES PLANNED

BY CITY FOUNDER

WILLIAM PENN IN THE

LATE 17TH CENTURY,

RITTENHOUSE SQUARE IS

THE HEART OF CENTER

CITY’S MOST EXCLUSIVE

NEIGHBORHOOD.


IRREPLACEABLE UNDERLYING PHYSICAL PROPERTYOriginally built in 1960 by award-winning architects Clarence S. Thalheimer & David D. Weitz, 1626 Locust Street was completely renovated in 2019 and and is located in Rittenhouse Square, where the median home value within a half mile radius is $467,531 and over 79% of its residents have a Bachelor's degree or higher. The Property's premier location offers qualified investors the rare opportunity to acquire an asset that provides stable, long-term cash flow with irreplaceable underlying real estate.

PREMIER LOCAT ION


EXCELLENT AC CE S S IB IL I TY

SEPTA:

Trolley Lines (end of route) SEPTA Bus RouteBroad Street Line and

Broad-Ridge SpurStation

Regional Rail Lines

Center City Station Station Station Subway Elevated

Market-Frankford Line

Station Tunnel Street PATCO High Speed Line

Ave

nue

of t

he

Arts

Spangler St

Napa St

National St

Douglas St

Melon St

34th St

35th St

Hamilton St

Shedwic

k St Wallace St

Mt V ernon St

Haverford Av

Brandywine St

Pearl St

Powelton Av

Fairmount Av

33rd St

32nd St

Cherry St

Arch St

Filbert St

Warren St

23rd

St

22nd

St

Lancaster Av

Pennsylvania Ave

Benjamin Franklin Pkwy

Arch St

MARKET STREETMARKET STREET

VINE ST EXPRESSWAY

Spring Garden St

VINE ST EXPWY

16th

St

18th

St

9th

St

Ridge Av

Race St

JFK Blvd

21st

St

6th

St

5th

St

2nd

St

Spring Garden St

Vine St

Arch St

Rand

olph

Pl

Pember ton St Monroe St

Spruce St

Fitzwater St

7th

S

t

Dari

en S

t

Juni

per S

t

Sart

ain

St

10th

S

t

Faw

n St

Isem

inge

r

St

Jess

up S

t

Clift

on S

t

Walnut St

South St

Chestnut St

Mar

tin S

t

Dorr

ance

St

Cle

vela

nd S

t

Hick

s St

Rittenhouse Sq

Ranstead StLudlow St

23rd

St

21st

St

Ave

nue

of t

he

Arts

Walnut St

Chestnut St

Spruce St

Lombard St

21st

St

South St

Broa

d St

Broa

d St

34th

St

36th

St

Civic Center Blvd

33rd

St

Con

vent

ion A

v

Market St

Clymer St

Uber

St

Mol

e St

23rd

St

24th

St

22nd

St

St Albans St

Kauffman St

Montrose St

Catharine St

Christian St Christian St20th

St

17th

St

16th

St

15th

St

19th

St

18th

St

Rose

woo

d

St

13th

St

12th

St

Fulton St

Hall St

Clymer St

Fulton St

Queen StKauffman St

Fitzwater StCatharine St

Webster St

11th

St

Salter

Per

cy

S

t

Delh

i

St

Sche

ll St

Rees

e St

SCHUYLKILL

Broa

d St

36th St

Christian St

Baring St

Osler Cir

HealthSciences Dr

St Pass

yunk

Av

Webster St


MARKET STREETLOCUST STREET

17TH

ST

16TH

ST

Pennsylvania Convention CenterPennsylvania Convention Center

F RANKLINSQUARE

RITTENHOUSESQUARE

LOGANSQUARE

WASHINGTONSQUARE

F RANKLINSQUARE

RITTENHOUSESQUARE

LOGANSQUARE

WASHINGTONSQUARE

AMTRAK30th Street

Station

AMTRAK30th Street

Station

City HallStation

City HallStation

12th-13thSt. Station

9th-10th St.Station

Walnut-LocustStation

34th St.Station

22nd St.Station

19th St.Station

15th St.Station

15th-16th St.Station

8th St.Station

Lombard-SouthStation

Race-Vine Station Chinatown

Station

Spring GardenStation


13th St. Station

11th St.Station 5th St/

IndependenceHall Station

2nd StStation

JeffersonStation

AMTRAK30th Street

Station

City HallStation


9th-10th St.Station


34th St.Station

22nd St.Station

19th St.Station

15th St.Station


8th St.Station



Station



13th St. Station



2nd StStation

JeffersonStation

95

76

676

76

95

30

O4 09 12

Market-Frankford Line to 69thStreet Transportation Center

11 Darby Transportation Center13 Yeadon/Darby Transportation Center34 61st-Baltimore36 80th-Eastwick

Trolley Routes10, 11, 13, 34, 36

Airport,Media/Elwyn,

Wilmington/NewarkLines

SEPTA Regional Rail Lines

AMTRAK service toBaltimore and

Washington, DC


Washington, DC

AMTRAK service to New York, Boston, Montreal, Harrisburg, Pittsburgh and

Chicago

NJ Transit service to

Atlantic City10 63rd-Malvern

Trolley

Ro

utes

11,1

3,34

,36

Chestnut Hill East,

Fox Chase,Lansdale/

Doylestown,Manayunk/Norristown,Warminster,West Trenton

Lines



PATCO High Speed Line




Trolley Route 10

Broad-Ridge Spur to Fern Rock T.C.Bro

ad S

tree

t Lin

e to

Fer

n Ro

ckTr

ansp

orta

tion

Cent

er

AMTRAK service to New York, Boston, Montreal, Harrisburg, Pittsburgh and

Chicago

NJ Transit service to

Atlantic City

SOCIETY HILL

OLD CITY

WASHINGTON SQUARE

RITTENHOUSE SQUARE

UNIVERSITY CITY

SOCIETY HILL

OLD CITY

WASHINGTON SQUARE

RITTENHOUSE SQUARE

17TH

ST

16TH

ST

UNIVERSITY CITY

UNMATCHED COMMUTER ACCESS1626 Locust Street's ideal location places its tenants within 350 feet of Patco's 15/16th Locust Street Station and 3 blocks from SEPTA's Walnut-Locust Station. In addition to its extremely walkable location, the Property offers convenient access to all major arterial roadways of the region, including Interstates 76, 95 and 676. 1626 Locust Street’s central location provides multiple forms of public transportation, including numerous bus, subway, and regional train lines providing immediate accessibility to the entire city and its surrounding suburbs. Amtrak’s 30th Street Station, the third busiest stop along the nation’s Northeast rail corridor, is also just a short walk away.

100TRANSIT SCORE

93BIKE SCORE

100WALK SCORE

SEPTA:

Trolley Lines (end of route) SEPTA Bus RouteBroad Street Line and

Broad-Ridge SpurStation

Regional Rail Lines

Center City Station Station Station Subway Elevated

Market-Frankford Line

Station Tunnel Street PATCO High Speed Line

Ave

nue

of t

he

Arts

Spangler St

Napa St

National St

Douglas St

Melon St

34th St

35th St

Hamilton St

Shedwic

k St Wallace St

Mt V ernon St

Haverford Av

Brandywine St

Pearl St

Powelton Av

Fairmount Av

33rd St

32nd St

Cherry St

Arch St

Filbert St

Warren St

23rd

St

22nd

St

Lancaster Av

Pennsylvania Ave

Benjamin Franklin Pkwy

Arch St


VINE ST EXPRESSWAY

Spring Garden St

VINE ST EXPWY

16th

St

18th

St

9th

St

Ridge Av

Race St

JFK Blvd

21st

St

6th

St

5th

St

2nd

St

Spring Garden St

Vine St

Arch St

Rand

olph

Pl

Pember ton St Monroe St

Spruce St

Fitzwater St

7th

S

t

Dari

en S

t

Juni

per S

t

Sart

ain

St

10th

S

t

Faw

n St

Isem

inge

r

St

Jess

up S

t

Clift

on S

t

Walnut St

South St

Chestnut St

Mar

tin S

t

Dorr

ance

St

Cle

vela

nd S

t

Hick

s St

Rittenhouse Sq

Ranstead StLudlow St

23rd

St

21st

St

Ave

nue

of t

he

Arts

Walnut St

Chestnut St

Spruce St

Lombard St

21st

St

South St

Broa

d St

Broa

d St

34th

St

36th

St

Civic Center Blvd

33rd

St

Con

vent

ion A

v

Market St

Clymer St

Uber

St

Mol

e St

23rd

St

24th

St

22nd

St

St Albans St

Kauffman St

Montrose St

Catharine St

Christian St Christian St20th

St

17th

St

16th

St

15th

St

19th

St

18th

St

Rose

woo

d

St

13th

St

12th

St

Fulton St

Hall St

Clymer St

Fulton St

Queen StKauffman St

Fitzwater StCatharine St

Webster St

11th

St

Salter

Per

cy

S

t

Delh

i

St

Sche

ll St

Rees

e St

SCHUYLKILL

Broa

d St

36th St

Christian St

Baring St

Osler Cir

HealthSciences Dr

St Pass

yunk

Av

Webster St


MARKET STREETLOCUST STREET

17TH

ST

16TH

ST

Pennsylvania Convention CenterPennsylvania Convention Center

F RANKLINSQUARE

RITTENHOUSESQUARE

LOGANSQUARE

WASHINGTONSQUARE

F RANKLINSQUARE

RITTENHOUSESQUARE

LOGANSQUARE

WASHINGTONSQUARE

AMTRAK30th Street

Station

AMTRAK30th Street

Station

City HallStation

City HallStation


9th-10th St.Station


34th St.Station

22nd St.Station

19th St.Station

15th St.Station


8th St.Station



Station



13th St. Station



2nd StStation

JeffersonStation

AMTRAK30th Street

Station

City HallStation


9th-10th St.Station


34th St.Station

22nd St.Station

19th St.Station

15th St.Station


8th St.Station



Station



13th St. Station



2nd StStation

JeffersonStation

95

76

676

76

95

30

O4 09 12




Airport,Media/Elwyn,

Wilmington/NewarkLines

SEPTARegional Rail Lines


Washington, DC


Washington, DC

AMTRAK service to New York, Boston, Montreal, Harrisburg, Pittsburgh and Chicago

NJ Transit service to Atlantic City

10 63rd-Malvern

Trolley

Ro

utes

11,1

3,34

,36

Chestnut Hill East,

Fox Chase,Lansdale/

Doylestown,Manayunk/Norristown,Warminster,West Trenton

Lines







Trolley Route 10

Broad-Ridge Spur to Fern Rock T.C.Bro

ad S

tree

t Lin

e to

Fer

n Ro

ckTr

ansp

orta

tion

Cent

er

AMTRAK service to New York, Boston, Montreal, Harrisburg, Pittsburgh and Chicago

NJ Transit service to Atlantic City

SOCIETY HILL

OLD CITY

WASHINGTON SQUARE

RITTENHOUSE SQUARE

UNIVERSITY CITY

SOCIETY HILL

OLD CITY

WASHINGTON SQUARE

RITTENHOUSE SQUARE

17TH

ST

16TH

ST

UNIVERSITY CITY


LEASE COMMITMENT FROM THE GLOBALLEADER IN SHARED WORKSPACE SOLUTIONS

LONG TERM, SECURE CASH FLOWOne hundred percent (100%) of the Offering’s rentable square footage is leased to RGN - Philadelphia IX, LLC, a subsidiary to Regus, the world's largest provider of flexible work solutions to some of the most successful entrepreneurs, individuals, and multi-billion-dollar corporations. Found in 1989, Regus has a network that includes 3,000 business centers, spanning almost 900 cities across 120 countries, and is considered one of, if not the first, companies worldwide to offer and market shared office spaces.

Spaces is Regus' modernized creative office concept. Since first opening in the Netherlands in 2008, Spaces has seen rapid growth and now has offices in Europe, the Americas, Asia & Pacific, and Africa. With over 12 years of lease term and a corporate guaranty from Spaces' parent company Regus, this Offering provides qualified investors a long term, secure income stream from a high-quality tenant.

$2.34B 2017 REVENUE

2.5MMEMBERS

3,094LOCATIONS

1,000+CITIES

110+COUNTRIES

REGUS BY THE NUMBERS


P H I L A D E L P H I A I SA G L O B A L D E S T I N AT I O N

6M+PERMANENTRESIDENTS

2NDMOST POPULOUS

CBD IN THENATION

11YEARS OF

CONSECUTIVEPOPULATION GROWTH

12FORTUNE 500

COMPANY HEADQUARTERS

1STWORLD HERITAGE

CITY INTHE U.S.

42M+TOURISTS

ANNUALLY

4THLARGEST MEDIA

MARKET IN THE U.S.

#1HIGHEST WAGE

GROWTH AMONGU.S. CITIES

Take Note

CONFIDENTIALITY I 10

© 2019 Holliday Fenoglio Fowler, L.P. (“HFF”) a Pennsylvania licensed real estate broker.

This Offering Memorandum has been prepared by Holliday Fenoglio Fowler, L.P. (“HFF”) for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by HFF, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by HFF or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, HFF, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors. Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to sell the property to any entity reviewing this Offering Memorandum or making an offer.

This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or HFF and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or HFF. If you have no interest in the property, please return the Offering Memorandum forthwith.

1700 MARKET STREET, SUITE 3232 | PHILADELPHIA, PA 19103 | HFFLP.COM

THISIS

SPACES.

E XCLUS IVE MARKET ING ADV ISOR SINVESTMENT ADVISORS

DOUG RODIOSenior Managing Director

[email protected]

BRETT SEGALManaging Director

[email protected]

MARC MANDELManaging Director

[email protected]

STEVE SCHRENKDirector

[email protected]

DEBT ADVISORS ANALYTICS

RYAN ADEManaging Director

[email protected]

NEIL CAMBPELLDirector

[email protected]

ADAM GOSSReal Estate Analyst

[email protected]

philadelphia, pennsylvania - loopnet · philadelphia city hall size (sf) 48,069 year built 1960...

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