By: Press Release | Philadelphia Media Network
PHILADELPHIA (November 14, 2011) – Mayor Michael Nutter joined Gregory Osberg, Publisher and CEO of Philadelphia Media Network Inc. (PMN) – the owner and publisher of The Philadelphia Inquirer, Daily News, Philly SportsWeek, and Philly.com – today to announce the company’s relocation to the historic Strawbridge & Clothier Department Store building at 8th and Market Streets in Center City. In another example of PMN’s commitment to their Project Liberty initiative, launched this past summer, Pennsylvania Real Estate Investment Trust (PREIT) and PMN will be the first companies to collaborate in presenting large format, digital media, on the face of a Market Street building. PMN and PREIT have plans to use state-of-the-art digital technology in transforming the delivery of the news of the day to Center City.
The announcement of the company’s move marks the latest development in the city’s ongoing efforts to revitalize the Market Street corridor between City Hall and Independence Park. Joining Mayor Nutter and Osberg at today’s event were Ronald Rubin, Chairman and CEO of the Pennsylvania Real Estate Investment Trust (PREIT) and Joseph Coradino, President of PREIT Services, LLC and PREIT-RUBIN, Inc. PREIT owns the historic site.
“Maintaining existing jobs in Center City is important to the continued economic growth of Philadelphia. We are committed to making contributions that encourage job creation, revitalization, and investment,” said Osberg. “We believe the renaissance of the Market Street Gallery area is a vital project for Philadelphia. Philadelphia Media Network is pleased to have this opportunity to be the first of what we hope will be many businesses to participate in this community effort. Our employees will benefit from a variety of public transportation options and a wide spectrum of retail, dining and service amenities that currently serve, and that will continue to develop, within this important corridor of Center City.”
“The City of Philadelphia worked vigorously with Philadelphia Media Network to find a new corporate home for the company, and we are both pleased that the headquarters and hundreds of PMN employees will be on Market Street East, which is experiencing a significant rebirth,” said Mayor Michael Nutter. “At the same time, we are working closely with the new owner of the Inquirer-Daily News building to find the best use of that iconic site as North Broad Street continues its transformation into a more vibrant focus of arts, commerce and city life.”
“Bringing PMN to this Center City location reestablishes 801 Market as a premier address and signals the resurgence of Market East and The Gallery,” said Joseph F. Coradino, President of
PREIT Services, LLC and PREIT-Rubin, Inc. “Many Philadelphians have memories of shopping at Strawbridge & Clothier; however this property has improved with age. Today it boasts a complex Mass Transit system and sits between new neighbors, the Pennsylvania Convention Center and the National Constitution Center. The near future will bring a transformed streetscape to Market East, with the ability to incorporate dynamic digital signage.”
The Strawbridge & Clothier Department Store building is listed in the Philadelphia Register of Historic Places and is a contributing resource to the East Center City Commercial Historic
District. The District is listed in the National Register of Historic Places. In 1868, Strawbridge & Clothier selected this location to open its first store. The original building has since been replaced by two buildings, as they stand today, constructed in 1902 and 1928, respectively. In 1977, the buildings joined The Gallery as an anchor department store for the mall.
Last year the building was awarded LEED Gold Certification by the U.S. Green Building Council, one of the first historical buildings in Philadelphia to obtain it. The project, led by PREIT, incorporated green design and construction techniques such as water efficiency, efficient energy usage, recycled materials, local resources, carbon dioxide emissions reduction, and indoor environmental quality.
Under the terms of the deal, Philadelphia Media Network will occupy 125,000 square foot of the third floor of 801 Market Street, as well as a portion of the adjacent Gallery. This will reduce PMN’s existing footprint by approximately three-quarters, allowing the company to reduce overhead costs in a manner that enables it to remain competitive. PREIT was represented in the deal by commercial real estate broker Stockton Advisors, while PMN was represented by Binswanger.
Over the past several months, PMN has analyzed many options, ranging from remaining at its current location at 400 North Broad to relocating to a number of potential sites throughout the region. In the end, PMN concluded that its continued presence in Center City was ideal both for the company and the city.
About Philadelphia Media Network
Philadelphia Media Network, Inc. (PMN) is the owner of The Philadelphia Inquirer, Philadelphia Daily News, Philly SportsWeek, and Philly.com. With its multiple brand platforms and integrated print and digital products, PMN is the region’s largest media network and the industry’s technological leader and innovator. PMN reaches an average weekly audience of 2.2 million adults – more than the combination of the three evening television news shows or the combination of those radio stations ranked in the top ten during drive-time programming.
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company’s portfolio consists of 49 properties, including 38 shopping malls, eight community and power
centers, and three development properties. The Company’s properties are located in 13 states
in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania. The Company’s website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.