Newly Created Hill Entity Buys 2.2 MSF Philly Mixed-Use Project
- Sep 26, 2008
Marlton, N.J.-based construction manager Hill International has created Hill International Real Estate Partners L.P., a real estate development services firm that will serve the commercial and hospitality industries across the Mid-Atlantic and Northeast. The newly formed entity has already made a grand move–the firm just acquired developer Walnut Street Capital’s interests in the 2.2 million-square-foot American Commerce Center project in Philadelphia. The establishment of HIREP fits with Hill’s strategic plan of expanding its offerings to include development services, as well as project management services for major endeavors. With the purchase of The American Commerce Center project, HIREP is starting out with a bang. The behemoth office and hotel skyscraper, which will sit at 1800 Arch Street, has been designed by the architectural firm of Kohn Pederson Fox to be the tallest skyscraper in Philadelphia, hovering 1,510 feet over the city. The property will actually consist of two linked buildings, a 63-story Class A office high-rise and a 26-story upper-upscale hotel structure. American Commerce Center will also be an environmentally friendly development, encompassing elements that will meet guidelines for LEED Gold certification. Hill International, founded in 1976, is a program and construction manager that also provides claims and consulting services. Headquartered in Philadelphia, Walton Street Capital is a private real estate development and investment concern.