Leo Addimando, Managing Partner of Alterra Property Group, LLC, and James L. Paterno, founder of Stockton Real Estate Advisors, LLC, announced that in a joint venture, the acquisition of 1760 Market Street in Center City, Philadelphia was completed. The 15-story, Class A, 126,000 square foot office building is located at the corner of 18th and Market Streets equidistant between Rittenhouse Square and the growing Comcast urban campus. Current tenants include Allied Barton, GSA Federal Transit Administration, The Philadelphia Trust Company, and a host of legal and technology-oriented users.
“At Stockton, we believe strongly in the importance of local ownership and the level of responsiveness it allows,” said Paterno. “1760 Market Street is a phenomenal asset with a great roster of tenants whose employees enjoy the Live/Work/Play blend of Rittenhouse Square and Market West. We look forward to upgrading common areas, establishing solid relationships with our tenants, and repositioning the building as a premier home to Philadelphia’s business community.”
Leo Addimando added, “Alterra is excited to be partnering with Stockton to purchase 1760 Market Street. Our joint venture will draw on the strength of our two firms and together we will re-vitalize this well located asset and make it into Center City’s premier boutique office destination.”
As part of the repositioning, the outside of the building will be retrofitted with LED lighting, and the lobby and other common areas will be upgraded to give the building a more contemporary look, both inside and out. Additionally, ownership will work closely with CBD brokers to ensure that 1760 Market’s renovation and amenity mix provide maximum appeal to prospective tenants.
Stockton Real Estate Advisors will assume on-site leasing and management responsibilities on behalf of the joint venture. Heading the property management division is Guy Pierce, who brings 25 years of extensive experience having overseen 7.5 million square feet at Brandywine Real Estate Trust.
Alterra Property Group, LLC is a diversified real estate investment, development and management company based in Philadelphia, PA. The company employs a highly qualified team of professionals that handle all aspects of real estate development, investment and management, including but not limited to: acquisition, entitlement, project/construction management, asset management, property management, accounting and underwriting. During the past decade, Alterra has executed over 100 real estate transactions across 15 states, (re)developed over 2MM square feet of real estate into over 1,000 new condos/apartments, office space, medical office, retail and senior housing. In total over the past decade, Alterra and its current and former affiliates have raised approximately $200MM in equity capital, completed over $300MM of (re)development projects, and closed approximately $850MM of real estate transactions.
Stockton Real Estate Advisors acquires office and mixed-use properties and executes value-creation strategies to achieve superior risk adjusted returns. Stockton’s targeted geographic markets center on the Mid-Atlantic, with concentration in Philadelphia, PA, Pittsburgh, PA, Baltimore, MD and Washington, DC. In addition to its investment platform, Stockton provides leasing and property/asset management services to corporate clients and landlords. The firm has extensive experience in all aspects of commercial real estate, including identifying, underwriting and negotiating individual and portfolio asset acquisitions, structuring debt and equity capitalization, and launching leasing, property management and capital improvement programs.