Goldenberg Group, Hines and ASB Real Estate Investments Partner on New Philadelphia Multifamily Development

Goldenberg Group, Hines and ASB Real Estate Investments Partner on New Philadelphia Multifamily Development

(PHILADELPHIA) – The Goldenberg Group of Philadelphia, international real estate firm Hines, and ASB Real Estate Investments, today celebrated the groundbreaking of a new Class A residential tower at 1213 Walnut Street in Center City, Philadelphia. The project represents the first venture by the partnership of Goldenberg, Hines and ASB.

1213 Walnut will be a 26-story 300,000-square-foot, 322-unit for-rent luxury residential tower located in the Midtown Village neighborhood of Center City’s Washington Square West submarket. This state-of-the art apartment tower will feature more than 7,200 square feet of retail space on Walnut and Sansom Streets and a best-in-class amenity package with over 11,000 square feet of resident community space, including a stunning great room, outdoor terrace lounge overlooking Walnut Street, gaming area, entertainment kitchen, private conference area and luxurious “quiet room.”

Other property features include a 3,000+-square-foot indoor/outdoor fitness center with exercise studio and fitness and yoga terrace, rooftop deck, an elevated private dog park, and bicycle storage with workshop.

The project will offer studio, one-bedroom and two-bedroom units incorporating best-in-class finishes that cater to a sophisticated urban resident. The project will be LEED® Silver certified, and will incorporate many sustainable features including: the use of green building materials; energy-efficient lighting and plumbing fixtures; state-of-the-art building systems; a green roof; and best management practices.

Design Collective Inc. of Baltimore, whose prior work includes the Domus apartments in University City, is the base-building architect, with common areas and amenities designed by RD Jones & Associates. Hunter Roberts Construction Group is the general contractor. The construction financing will be provided by Wells Fargo Bank, N.A. Construction began in October, and the first apartments are scheduled to be ready for occupancy in the summer of 2017.

The Goldenberg Group Founder, President and Chief Executive Officer Ken Goldenberg said, “This development is an exciting one for us because Midtown Village is a diverse, expanding neighborhood in a high-density, highly amenitized area. We have partnered with Hines and ASB to create a project that will contribute to the unique vibrancy of the neighborhood.”

Daniel Moore, Hines managing director, added, “1213 Walnut is particularly significant to Hines as it is our first development project in Philadelphia. We look forward to setting a new bar for top-quality multifamily product in Center City and to growing our presence in the city. We feel privileged to be partnering with Goldenberg and ASB on this important new venture.”

Dignitaries in attendance for today’s groundbreaking celebration include City Councilman Mark Squilla and Deputy Mayor for Economic Development and Commerce Alan Greenberger.

The Goldenberg Group

Based in Blue Bell, Pennsylvania, The Goldenberg Group (TGG) is one of the greater Philadelphia region’s most diverse development companies. Since 1987, TGG has built a reputation with leading national retailers and banks as Greater Philadelphia's top developer of open-air "power" shopping centers. TGG has developed over 14 centers and now owns and manages over six million square feet of retail space, with a tenant occupancy rate consistently exceeding 98%. TGG has leveraged its development expertise through diversification into other product categories including residential, mixed use and student housing. Founder, President, and CEO Ken Goldenberg leads TGG’s team of 20 professionals in a variety of functions including acquisitions, development, leasing, design, construction, finance & accounting, asset management, and marketing. Visit http://www.goldenberggroup.com/ for more information.

About ASB Real Estate Investments

ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing $6 billion* in gross assets under management for over 300 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Fund, a low‐leverage value creation vehicle; and a development separate account. For more information about the company, visit www.asbrealestate.com.

* As of 9/30/2015.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

1213 Walnut
Caption 1213 Walnut

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