PHILADELPHIA, March 2, 2016 /PRNewswire/ -- East Market, Philadelphia's transformative mixed-use development leading the resurgence of activity east of Broad Street, today announced its latest retail tenant – Design Within Reach (DWR). Recognized as the largest retailer of authentic modern furniture and accessories in the world, DWR will return to the Philadelphia market with its commitment to leasing 15,000 square feet to house its newest studio. With plans to open in early 2017, the DWR studio will be located at the corner of 11th and Ludlow Street, a part of East Market's 4.3 acre development that includes some of the city's premier retail, office and residential space.
"East Market is a driving force behind the transformation of what was Philadelphia's original retail hub," said Daniel Killinger, managing director for National Real Estate Development. "The addition of Design Within Reach to the growing design community East of Broad simply affirms our vision to deliver a neighborhood at East Market that serves as that hub for creatives, innovators and young professionals who value design and creativity."
DWR will be located at the corner of 11th and Ludlow Streets, directly across from previously announced East Market occupants, The Design Center and MOM's Organic Market, both planning to open their doors in the reimagined neighborhood later this year. In keeping with its original design, the neighborhood's diverse retail mix calls for Market Street tenants more aligned with frontage to a major thoroughfare and digital signage, while Ludlow Street will be home to boutique, artisanal shops and restaurants, making it a natural fit for DWR.
After closing its Walnut Street location in 2010, DWR will make its long-awaited return to the Philadelphia market. The studio will offer a wide selection of its exclusive collection of modern furniture and accessories to complement the iconic midcentury classics. Bringing the studio to life, DWR will continue its partnership with New York-based architecture firm D Form A (DFA) and will enlist the help of Light Studio LA in creating dramatic lighting design throughout the space.
"We are thrilled to be coming back to this vibrant development in the Philadelphia market," said Design Within Reach President John McPhee. "Our new studio will be five times the size of our former location and will truly offer the best in modern design."
East Market is currently leasing retail and office space through the McDevitt Company and SSH Real Estate, respectively. The first phase of the project, encompassing 34 S. 11th Street and additional buildings along Market and Ludlow Streets, will be completed by the spring of 2017 and will include 175,000 square feet of office space, 322 modern residential units and 130,000 square feet of retail and restaurant space.
About Design Within Reach, Inc.:
Design Within Reach, Inc., founded in 1998 and headquartered in Stamford, Connecticut, is the world leader in authentic modern design. The company sells its furniture and accessories to residential and commercial customers through retail Studios in North America, via the Web at dwr.com, by phone at 1.800.944.2233 and through the Contract division at dwrcontract.com.
About East Market:
East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12th Streets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit www.eastmarketphilly.com or email at [email protected]
SOURCE East Market