{"id":1004170714,"date":"2017-03-29T01:50:44","date_gmt":"2017-03-29T09:50:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004170714"},"modified":"2022-12-09T01:06:46","modified_gmt":"2022-12-09T09:06:46","slug":"durst-debuts-in-philly-with-waterfront-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/durst-debuts-in-philly-with-waterfront-purchase\/","title":{"rendered":"Durst Debuts in Philly with Waterfront Purchase"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><strong>Philadelphia<\/strong>\u2014The Durst Organization isn\u2019t afraid of change. The century-old commercial and multifamily owner and developer recently expanded its footprint beyond New York for the very first time with the acquisition of the Philadelphia Piers at Penn\u2019s Landing, a segment of the Philadelphia waterfront, from Brandywine Realty Trust.<\/p>\n<div id=\"attachment_1004170725\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004170725\" data-attachment-id=\"1004170725\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/durst-debuts-in-philly-with-waterfront-purchase\/alexander-durst\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Michael Priest&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1486551774&quot;,&quot;copyright&quot;:&quot;\\u00a9 2017 Michael Priest Photography&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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Alexander Durst\" data-image-description=\"&lt;p&gt;Alexander Durst&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Alexander Durst, CDO, The Durst Organization&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg?w=800\" class=\"wp-image-1004170725 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg\" alt=\"Alexander Durst\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Alexander-Durst.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004170725\" class=\"wp-caption-text\">Alexander Durst, CDO, The Durst Organization<\/p><\/div>\n<p>The purchase encompasses Piers 12, 13-15, 19 and 24&#8211;an area that is home to a Dave &amp; Busters, a Hibachi Japanese Steakhouse, a Morgan\u2019s Pier Beer Garden, as well as a DLC Management Parking Facility and the Philadelphia Marine Center marina. \u201cPhiladelphia appeals to us because it shares many of the fundamentals of the New York market: a lively arts and restaurant scene, great higher education institutions, and a dense and walkable downtown,\u201d Alexander Durst, chief development officer of The Durst Organization, told <em>Commercial Property Executive<\/em>. \u201cWe also like the proximity to New York City and the ease of the commute.\u201d<\/p>\n<p>The Penn\u2019s Landing property is quite a catch, particularly given the timing. The transaction comes on the heels of Philadelphia Mayor James Kenney\u2019s proposal to allocate $90 million in capital over a six-year period to finance the transformation of Penn\u2019s Landing by reconnecting it to the city\u2019s core. Meanwhile, the Durst Organization isn\u2019t offering details on plans for its new Philadelphia property, except for its intention to keep the asset in its portfolio as a long-term hold.<\/p>\n<p>The City of Brotherly Love, and next, who knows. Owner of such premier Manhattan office assets as One World Trade Center and developer of\u00a0premier projects like the triple-threat 57 West block of mixed-use residential towers, The Durst Organization is practically synonymous with New York; however, the company\u2019s commitment to the city hasn\u2019t blinded it from certain realities of the day. \u201cAs the economics of building rental housing in Manhattan\u2019s core has become nearly impossible, we have begun looking in new markets,\u201d Durst noted.<\/p>\n<p><em>Image courtesy of The Durst Organization<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The century-old company has expanded beyond New York with the acquisition of Philadelphia&#8217;s Piers at Penn\u2019s Landing.<\/p>\n","protected":false},"author":969,"featured_media":1004170725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21752,10,1494],"tags":[34672,33492],"class_list":["post-1004170714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-mixed-use","category-northeast","category-philadelphia","tag-brandywine-realty-trust","tag-the-durst-organization"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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