SREA is pleased to announce its role in extending and expanding Health Partners Plans’ lease for 214,000 square feet of office space at 901 Market Street, Philadelphia, PA. Jim Paterno and Mike Dolan represented The Pennsylvania Real Estate Investment Trust (“PREIT”) to cement this key office tenancy in support of the repositioning and upgrade of The Gallery. SREA’s involvement in this transaction, along with 2012’s 125,000 square foot Philadelphia Media Networks’ lease, has resulted in approximately 340,000 square feet of SREA-guided leasing activity in the Market East Submarket of Philadelphia’s CBD.
901 Market Street is a five-story building that features high quality office space, a newly refurbished lobby, and state-of-the-art mechanical systems and windows. The first two floors of the building consist of retail space. The building is located adjacent to The Gallery, one of the largest urban malls in the United States, and is easily accessible via I-95 and I-76. 901 Market Street also stands above the hub of SEPTA’s Regional Rail and public transportation system.
The Pennsylvania Real Estate Investment Trust (“PREIT”) is one of the first publicly traded real estate investment trusts, established in 1960, specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. The Company’s current portfolio is comprised of 34 shopping malls, 7 other retail properties and 3 development sites totaling 42 properties and 30.1 million square feet of space in the eastern half of the U.S. PREIT is headquartered in Philadelphia, Pennsylvania.
Health Partners Plans is a not-for-profit, managed care health organization serving more than 185,000 members in the Greater Philadelphia region. It provides a broad range of health coverage options through Health Partners Medicare, Health Partners for Medicaid recipients and its KidzPartners CHIP (Children’s Health Insurance Program) plan. Founded nearly 30 years ago, Health Partners Plans is one of the few hospital-owned health insurers in the country. Nationally recognized for its innovations in managed care, it consistently receives the highest ratings for member and provider satisfaction.