Philadelphia, PA – April 24th, 2017 – Cohen Equities announced today that Community Behavioral Health has expanded its premises at 801 Market Street, a 382,801 square foot, 7-story, Class-B office condominium located in the heart of Philadelphia’s CBD. The not-for-profit 501c (3) corporation provides mental health and substance abuse services for Philadelphia County Medicaid recipients.
Community Behavioral Health has been a tenant at 801 Market Street since 2003. CBH has now chosen to expand its 112,247 footprint at the property to include an additional 22,395 square feet on the 10th Floor in hopes of accommodating a larger workforce.
Cohen Equities acquired 801 Market Street in November of 2016. The acquisition was driven by strong market fundamentals and an identifiable demand for high quality, low cost office space.
“The leasing demand at 801 Market is a testament to the explosive growth in Market East.” said Patrick Grenko, JLL Vice President. “New commercial development has created a ripple effect of desirability, with prospective tenants already pursuing more than 200,000 square feet at 801 Market.”
801 Market Street is the second property Cohen Equities has purchased in Pennsylvania this year. The firm also acquired Oak Hill Plaza, a 165,000 square foot office building in King of Prussia in May of 2016. Both deals are illustrative of Cohen Equities’ renewed focus on the office sector. The firm has demonstrated an affinity for targeting well-located, under-performing assets and bringing value through strategic capital improvements and aggressive leasing and asset management.
About Cohen Equities
Cohen Equities is a national real estate investment firm that pursues commercial assets that present an opportunity to add value in both secondary and gateway markets. The company has successfully invested in and improved more than 9 million square feet of real estate across the United States. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more about Cohen Equities, please visit cohenequities.com.
Chief Investment Officer