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.
Binswanger represented the bank in the lease agreement.
“The building had everything that you would want,” Joe Muldoon, Binswanger’s senior vice president, told Commercial Property Executive. “It’s a Class A building with on-site parking, it had the available space it needed and identification for signage.”
The building will be renamed 1818 Beneficial Bank Place and the bank’s name will appear at the top of the building on the South and Western elevations as well as prominently over the entranceway.
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.
“The 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 ‘old city’ in Philadelphia,” Chris Lange vice president in Binswanger’s Philadelphia, Pa., office, told CPE. “[Business] has migrated to the west side of City Hall and this building sits in the middle of that.”
According to Lange, Beneficial’s 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.
“The number one factor was signage,” Lange added. “There’s a lot of signage and signage at the top of the building. It’s really what set 1818 Market Street apart as far as Beneficial Bank was concerned.”
Another plus, The Marathon Grill, one of the busiest lunch spots in the city, sits on the ground floor of the building.
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.
The transaction was handled by Binswanger president and CEO David Binswanger, Muldoon and Lange.