Philadelphia’s East Market Development Lands First Major Retail Tenant; MOM’s Organic Market to Lease 16,000 Square Feet at 34 South 11th Street
National Real Estate Development and its retail leasing team at The McDevitt Company today announced that MOM’s Organic Market has committed to leasing 16,000 square feet on the ground floor of 34 South 11th Street. The building is part of the larger 4.3-acre mixed-use East Market redevelopment project. This announcement coincides with the launch of the project’s office leasing efforts at 34 South 11th Street, a newly-renovated office building with 200,000 square feet of contiguous space available. These milestones mark yet another step in the execution of this transformative project. East Market will reopen the city block to pedestrian activity, provide local and global retail and dining experiences, deliver 322 new residential units and offer contemporary, collaborative office space in the heart of Philadelphia.
“The mission and clientele of MOM’s Organic Market aligns perfectly with East Market,” said Daniel Killinger, director of development for East Market. “East Market will be a dynamic urban environment for young professionals and innovators who place value on experience and convenience. We are full speed ahead building an exciting development and look forward to adding more tenants that fulfill the vision of reviving Market Street.”
Recently voted Best Grocery Store by Philly Magazine for their Bryn Mawr, PA location, MOM’s can’t wait to meet the East Market crowd. “We are excited to open MOM’s in downtown Philadelphia – a city with incredible energy and community,” said Founder Scott Nash. “We believe that the more MOM’s stores there are, the better off the world will be…we know of no other retail chain that is as environmentally responsible as we are. We have one Purpose-to protect and restore the environment. Through our actions and leading by example, the more stores we have, the more we can accomplish our Purpose.”
Office Leasing Opportunity in the Heart of Center City
A former warehouse building, 34 South 11th Street is being transformed into a Class A contemporary warehouse office building that includes large open floor plates, high ceilings, full height windows and brand new HVAC system, elevators and lobby. This building is uniquely situated in the heart of Center City and will have features ideally suited for modern, collaborative office spaces. It is a central component of the larger East Market project that will bridge the historic and business districts for the very first time, drawing shoppers to a flourishing section of the city.
“34 South 11th Street offers the benefits of a loft-style creative space with the comfort of all-new building systems – a unique blend here in Center City,” said Peter Soens of SSH Real Estate, the development’s office leasing firm and part owner of the project. “The fact that it is surrounded by new apartments, restaurants and terrific retail establishments such as MOM’s will make it an ideal location for Philadelphia’s most innovative companies.”
The first phase of the project, encompassing 34 South 11th Street and additional buildings along Market Street, will open in Summer 2017 and include 200,000 square feet of office space, 322 modern residential units and 130,000 square feet of retail and restaurant space.
About MOM’s Organic Market
Founded by Scott Nash in 1987, MOM’s has grown to become the region’s premiere chain of family owned and operated organic grocery stores. MOM’s Purpose is to protect and restore the environment. MOM’s operates 12 stores in the Washington/Baltimore area and opened their first Pennsylvania store to great success in Bryn Mawr, PA in February 2014. http://www.momsorganicmarket.com/
SSH Real Estate
SSH Real Estate is one of the largest commercial real estate companies in the Philadelphia region. Located in Center City Philadelphia since 1950, the firm is comprised of 75 professionals offering a full service approach in Brokerage, Property Management and Investments. SSH Real Estate manages 40 buildings totaling 6 million square feet and has ownership interest in 9 office buildings totaling 2.1 million square feet. For more information, visit www.sshrealestate.com.
About East Market
East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12thStreets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit www.eastmarketphilly.com or email at [email protected].