{"id":1004147248,"date":"2016-07-05T01:09:50","date_gmt":"2016-07-05T09:09:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147248"},"modified":"2020-04-13T23:22:54","modified_gmt":"2020-04-14T07:22:54","slug":"keystone-picks-up-key-office-asset-in-philly","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/","title":{"rendered":"Keystone Picks Up Key Office Asset in Philly"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/p>\n

\"Penn<\/a>

Penn Mutual building, Philadelphia<\/p><\/div>\n

Philadelphia<\/strong>\u2014Keystone Property Group<\/a> has added a premier Philadelphia property to its holdings with the acquisition of the One Washington Square office building. Keystone purchased the 880,000-square-foot property from Rubenstein Partners<\/a> for $114 million.<\/p>\n

One Washington Square is not your typical office property. Located at 510-530 Walnut St. in the Independence Mall submarket of the historic section of Center City, it consists of three connected structures, the first of which was developed in 1914. The office asset last changed hands in 2014 when it was purchased out of receivership by Rubenstein, which immediately undertook a capital renovation program that transformed the property into a coveted office destination. With the assistance of commercial real estate services firm Newmark Grubb Knight Frank<\/a>, Rubenstein has since inked lease transactions totaling more than 140,000 square feet.<\/p>\n

Keystone has its own plans for One Washington Square. The real estate development and investment company will invest in upgrades and, taking the asset to new heights, reinvent the ground-level and mezzanine office segments at 530 Walnut as retail space. \u201cWe strongly believe that Washington Square and the surrounding neighborhoods are quickly becoming an epicenter for modern, forward-thinking workforces in search of a fresh, collaborative environment,\u201d Bill Glazer, president & CEO of Keystone Property Group, said in a prepared statement. \u201cThis area is indeed historic, but it\u2019s also emerging as one of the city\u2019s coolest hubs that blends culture, entertainment, dining, and business.\u201d<\/p>\n

It\u2019s a good time to own a premier office building in Philly. The second quarter of 2016 proved quite successful, due in no small part to the Class A segment, which recorded nine consecutive quarters of positive absorption, according to a report by NGKF. Sales activity has been none too shabby, either. The list of major transactions this year includes Shorenstein\u2019s acquisition of 1700 Market St. for $195 million; Korea Investment Management\u2019s purchase of Cira Square<\/a> at 2970 Market St. in a $354 million transaction; and Zurich Insurance Group\u2019s acquisition of 2.0 University Place<\/a> for $41.3 million, or a city record of $420 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company paid $114 million to acquire a premier office property from Rubenstein Partners.<\/p>\n","protected":false},"author":969,"featured_media":1004147249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,10,21747,1494],"tags":[],"class_list":["post-1004147248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","category-philadelphia"],"acf":[],"yoast_head":"\nKeystone Picks Up Key Office Asset in Philly - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keystone Picks Up Key Office Asset in Philly\" \/>\n<meta property=\"og:description\" content=\"The company paid $114 million to acquire a premier office property from Rubenstein Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-05T09:09:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-14T07:22:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"732\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/\",\"name\":\"Keystone Picks Up Key Office Asset in Philly - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg\",\"datePublished\":\"2016-07-05T09:09:50+00:00\",\"dateModified\":\"2020-04-14T07:22:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg\",\"width\":1000,\"height\":732,\"caption\":\"Penn Mutual building, Philadelphia, PA\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Keystone Picks Up Key Office Asset in Philly\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Keystone Picks Up Key Office Asset in Philly - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/","og_locale":"en_US","og_type":"article","og_title":"Keystone Picks Up Key Office Asset in Philly","og_description":"The company paid $114 million to acquire a premier office property from Rubenstein Partners.","og_url":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-07-05T09:09:50+00:00","article_modified_time":"2020-04-14T07:22:54+00:00","og_image":[{"width":1000,"height":732,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/","url":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/","name":"Keystone Picks Up Key Office Asset in Philly - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg","datePublished":"2016-07-05T09:09:50+00:00","dateModified":"2020-04-14T07:22:54+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg","width":1000,"height":732,"caption":"Penn Mutual building, Philadelphia, PA"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/keystone-picks-up-key-office-asset-in-philly\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Keystone Picks Up Key Office Asset in Philly"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/One-Washington-Square-2.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004147248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004147248"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004147248\/revisions"}],"predecessor-version":[{"id":1004416645,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004147248\/revisions\/1004416645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004147249"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004147248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004147248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004147248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}