The Marketplace Design Center has found a new home in
Center City.
The group of designers and showrooms comprising the
well-known design center has signed a lease on 48,000 square feet to move into
34 S. 11th St. – the former family court building that is under redevelopment
by National Real Estate Development and SSH Real Estate.
PMC Property Group and Lubert-Adler, both of
Philadelphia, bought the property that straddles Center City and University
City.
PMC Property Group and Lubert-Adler, both of
Philadelphia, bought the property that… more
This is the building’s first corporate tenant. With the
tenant secured, the developers also arranged a $38.5 million construction loan
from Wells Fargo to move forward with the project called East Market.
Some of the design center tenants have worked out of 2400
Market St., where they are currently located, for 40 years and had been in
search of new space for a while. That property is scheduled to be redeveloped
by Lubert-Adler and PMC Property Group.
Jim Egan, an office broker with Newmark Grubb Knight
Frank, and his colleagues Jeff Tertel and Matt Guerrieri represented the center
in its search.
The search for new space was a unique endeavor.
It involved 15 different tenants, which meant multiple
lease negotiations, different architectural designs and fit outs, and, perhaps
most challenging, getting everyone to agree on a new space.
At its new location, it will go by the “Design Center."
In some ways, it's a homecoming to an area that had
played a big part in the city's design community.
“The area east of Broad Street has become the vibrant
heart of Philadelphia’s design community, with so many designers, architects
and furniture stores calling it home,” said Gregory Augustine, a local owner of
The Baer Collection showroom in a statement. “In moving to East Market, we have
the opportunity to make our showrooms even more accessible to the design
community and Philadelphia consumers and to create a ‘design hub’ right here in
Center City.
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