SAN DIEGO, May 15, 2014 /PRNewswire/ -- Sovereign Capital Management Group, Inc. recently announced plans to sell 1818 Beneficial Bank Place (1818 Market Street), a 37-story, Class-A office building with more than 1,000,000 square feet, located in the renowned Market Street West Submarket in Center City Philadelphia. Cushman & Wakefield has been engaged to take the property to market.
Despite its location at the intersection of 19th and Market Streets, widely considered "Main and Main," in Philly's central business district (CBD), 1818 Market was facing imminent foreclosure in 2012. During the property's darkest hour, Sovereign Capital stepped in to partner with investors, inject fresh capital, and execute an aggressive leasing campaign focused on large tenant deals and long-term lease renewals.
In less than two years, Sovereign Capital increased occupancy at the property by ~20%. The white granite and glass tower now has an average annual rollover of just ten percent through fiscal 2020.
As of May 1, 2014, the renamed 1818 Beneficial Bank Place is the new corporate headquarters for national retailer Five Below, emergency technologist Medical Guardian, and Beneficial Mutual Bancorp, Philadelphia's oldest and largest bank.
"We're extremely pleased with both the building's recovery and the renaissance taking place in Philadelphia's central business district," remarked Sovereign's CEO, Todd A. Mikles. "Philly's CBD is now experiencing considerable compression in cap-rates, along with significant increases in rents, occupancy, and price-per-square foot. We've already received tremendous interest and expect a robust bidding process and record-breaking pricing for this trophy Philadelphia asset."
About Sovereign Capital Management Group
Sovereign Capital is a leading private equity real estate firm, headquartered in San Diego, California. Since 1999, Sovereign has served accredited individual and institutional investors with its pooled investment programs, which include private equity partnerships and real estate investment trusts. As of March 31, 2014, Sovereign Capital, in conjunction with its affiliates, managed approximately 60 commercial real estate properties, 20 million square feet, and $1.2 billion in assets. For more information, please visit: www.sovcapital.com
Tel: 619-294-8989 x343
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