{"id":1004071365,"date":"2013-04-19T06:48:27","date_gmt":"2013-04-19T14:48:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004071365"},"modified":"2022-12-06T05:06:39","modified_gmt":"2022-12-06T13:06:39","slug":"beneficial-bank-inks-15-year-lease-in-phily-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/beneficial-bank-inks-15-year-lease-in-phily-high-rise\/","title":{"rendered":"Beneficial Bank Inks 15-Year Lease in Philly High-Rise"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Philadelphia%2c-PA-1818-Market-Street-Beneficial.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004071369\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/beneficial-bank-inks-15-year-lease-in-phily-high-rise\/philadelphia%2c-pa-1818-market-street-beneficial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Philadelphia%2c-PA-1818-Market-Street-Beneficial.jpg\" data-orig-size=\"478,640\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Philadelphia%2c PA &#8211; 1818 Market Street &#8211; Beneficial\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Philadelphia%2c-PA-1818-Market-Street-Beneficial.jpg?w=478\" class=\"alignleft size-medium wp-image-1004071369\" title=\"Philadelphia%2c PA - 1818 Market Street - Beneficial\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Philadelphia%2c-PA-1818-Market-Street-Beneficial.jpg\" alt=\"\" width=\"224\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Philadelphia%2c-PA-1818-Market-Street-Beneficial.jpg 478w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Philadelphia%2c-PA-1818-Market-Street-Beneficial.jpg?resize=224,300 224w\" sizes=\"auto, (max-width: 224px) 100vw, 224px\" \/><\/a>Beneficial Bank, the oldest bank in Philadelphia, has signed a 15-year lease at 1818 Market St., taking four floors and 95,764 square feet in the million-square-foot high-rise owned by Sovereign Capital Management Group.<\/p>\n<p>Binswanger represented the bank in the lease agreement.<\/p>\n<p>\u201cThe building had everything that you would want,\u201d Joe Muldoon, Binswanger\u2019s senior vice president, told <em>Commercial Property Executive<\/em>. \u201cIt\u2019s a Class A building with on-site parking, it had the available space it needed and identification for signage.\u201d<\/p>\n<p>The building will be renamed 1818 Beneficial Bank Place and the bank\u2019s name will appear at the top of the building on the South and Western elevations as well as prominently over the entranceway.<\/p>\n<p>The bank will be moving from its present location in the old Penn Mutual Building directly behind Independence Hall, approximately 12 blocks from its future home.<\/p>\n<p>\u201cThe market in its present home is in the central business district, but the east side of City Hall, which is the old original business district and considered \u2018old city\u2019 in Philadelphia,\u201d Chris Lange vice president in Binswanger\u2019s Philadelphia, Pa., office, told <em>CPE<\/em>. \u201c[Business] has migrated to the west side of City Hall and this building sits in the middle of that.\u201d<\/p>\n<p>According to Lange, Beneficial\u2019s lease was expiring and it wanted to find a better opportunity. Binswanger searched property throughout the Center City market and analyzed space in 28 buildings.<\/p>\n<p>\u201cThe number one factor was signage,\u201d Lange added. \u201cThere\u2019s a lot of signage and signage at the top of the building. It\u2019s really what set 1818 Market Street apart as far as Beneficial Bank was concerned.\u201d<\/p>\n<p>Another plus, The Marathon Grill, one of the busiest lunch spots in the city, sits on the ground floor of the building.<\/p>\n<p>The space will be demoed and rebuilt into private offices, conference rooms, open areas, kitchenettes and other amenities, and Beneficial Bank is expected to move in all of its 400-plus employees in February of 2014, once work is completed.<\/p>\n<p>The transaction was handled by Binswanger president and CEO David Binswanger, Muldoon and Lange.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beneficial Bank, the oldest bank in Philadelphia, has signed a 15-year lease at 1818 Market St., taking four floors and 95,764 square feet in the million-square-foot high-rise owned by Sovereign Capital Management Group.<\/p>\n","protected":false},"author":952,"featured_media":1004071369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,11,21742,21747,1494],"tags":[],"class_list":["post-1004071365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest","category-office","category-philadelphia"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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