- The Wharf at Rivertown in Chester, Pa.
The Philadelphia metropolitan market is showing clear signs of economic prosperity in the closing months of calendar year 2012, especially in the commercial real estate segment.
That’s according to the co-president of Buccini/Pollin Group, which has headquarters in Wilmington.
The Federal Reserve Bank of Philadelphia’s Research Department issued its October Business Outlook Survey on October 18th, and the firms responding to this survey reported a “modest improvement in business activity this month.
“That’s alright with us, slow and steady improvement in regional business activity is probably healthier in the long run,” noted Buccini / Pollin Group co-president Chris Buccini. “In each of the markets in which we are active, the leading indicators are encouraging. And our Pennsylvania property portfolio has become stronger throughout 2012.” Among the 16 BPG owned and/or managed properties in the Philadelphia metropolitan area, Buccini cited three properties as especially healthy from both a location and a revenue-generating standpoint.
BPG’s Quaker Park property has reached 100% occupancy with recent expansions by eMoneyAdvisor and Monetate, two of the fastest growing technology companies in the region. Quaker Park is a four-story 200,000 square foot office building in Conshohocken, Pa
Quaker Park is the latest building in BPG’s Southeastern Pennsylvania portfolio to reach 100 percent occupancy. Another BPG property that enjoys this fully-leased status is The Wharf at Rivertown in Chester, Pa. that reached full occupancy in 2012. The historic 400,000 square foot, six story building was fully renovated in 2004, and is located on a 100-acre Delaware River waterfront site. “We have invested heavily in the Chester community,” Buccini noted, “and the returns on our investments there are greater than we had hoped for. We believe that there is even more opportunity ahead in the Chester market.”
Some other properties in the BPG Southeastern Pennsylvania portfolio with robust performance and bright futures include Baldwin Place in Eddystone, once the location of the historic Baldwin Locomotive Works.
“The imaginative restoration and re-use of well-located properties is a key element in our southeastern Pennsylvania real estate portfolio,” Buccini points out. “Our team works creatively with its strategic partners – including local government entities – to bring new life to sites that will play significant roles in the commercial future of our region.”
On behalf of its principals, investors and financial partners, Buccini/Pollin has acquired or developed real estate assets valued in excess of $3 billion, including seven million square feet of office, flex office, and retail space in 69 buildings, 25 internationally branded hotels and nine major residential communities. For more information on BPG’s PA properties contact Ken Kearns at (302) 691-2115 or via email kkearns@bpgroup.net, or visit www.bpgroup.net.
