Thor Equities Acquires First Property in Philadelphia

National Real Estate Leader Closes on 214,000 SF Office Condominium at 907 Market Street for $41.8 Million

PHILADELPHIA (PRWEB) February 22, 2018

Thor Equities, a global leader in urban real estate development, leasing and management, has closed on the acquisition of a three-story office condominium at 907 Market Street in Philadelphia for $41.8 million, company executives announced today.

The 214,000-square-foot property is fully leased to a not-for-profit health maintenance organization serving more than 280,000 members in Southeastern Pennsylvania.

"907 Market Street is a high quality asset located in the heart of Market East, the fastest growing neighborhood in Philadelphia's burgeoning City Center district," said Joe Sitt, CEO of Thor Equities.

Retail, residential and office development projects in Market East include Fashion District Philadelphia located directly below the property, as well as East Market and the Lits Brothers Building.

Scheduled to open in the fourth quarter of 2018, Fashion District Philadelphia (formerly The Gallery) will be the largest retail development in downtown Philadelphia, encompassing 840,000 square feet of shopping, food and entertainment destinations including an eight-screen AMC Theatre, Century 21, and the largest H&M in Philadelphia. The property also provides direct access to SEPTA's Jefferson Station, and is within walking distance to Reading Terminal Market and the Pennsylvania Convention Center.

Confirmed East Market retail tenants include an Iron Hill Brewery & Restaurant, City Fitness, Columbia Sportswear, T.J. Maxx/Home Goods, and Federal Donuts. The mixed-use project will also include 175,000 square feet of office space, and 322 residential units.

Thor Equities owns properties in major cities throughout the United States including New York, Washington, D.C., Miami, Chicago, Houston, San Francisco and Los Angeles, as well as in Europe, Canada and Latin America.

About Thor Equities: Thor Equities is a leader in the development, leasing and management of commercial, residential, retail, hotel and mixed-use assets in premier urban locations worldwide. The company maximizes returns for investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. Thor Equities is also the exclusive representative of global retailers through Thor Retail Advisors, a premier leasing agent for marquee properties worldwide. For more information, visit http://www.thorequities.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/2018/02/prweb15241995.htm