PREIT Announces New Tenants for Moorestown Mall's "Boutique Row" and the Addition of a Fourth Premier Restaurant

PHILADELPHIA, July 11, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today the addition of local, upscale boutiques and a fourth premier restaurant to the growing list of premier tenants at Moorestown Mall.  Erdon and Zeyzani, as well as the area's first Orangetheory Fitness, are expected to be operating in their new locations by the end of the year. The new shops and the premier fitness studio will be a part of the mall's new "Boutique Row," a segment of high-end, luxury retailers geared toward the fashion-forward, affluent shopper.

In addition, PREIT has also signed a lease with local restaurateur Dave Magrogan to open a 7,200 sq. ft. Harvest Seasonal Grill & Wine Bar ("Harvest") at the Moorestown Mall by the end of the year. Harvest will be located next to Marc Vetri's Osteria, Jose Garces' recently opened Distrito, in close proximity to the new Rizzieri Salon & Spa. The restaurant will include 220 seats in the dining room as well as 50 seats at the bar, 30 seats on an outdoor patio, a 46 seat private dining room and two chef's tables.

"With the introduction of Boutique Row, Moorestown Mall will offer customers an unparalleled combination of luxury, variety and convenience," said Joseph F. Coradino, CEO of PREIT. "I am thrilled that PREIT has been able to bring South Jersey residents celebrity chef-owned restaurants, an award-winning spa and salon, upscale specialty boutiques and a highly acclaimed fitness studio. These new tenants underscore our successful transformation of the Moorestown Mall into an all-inclusive, desirable location.  We continue to execute on our commitment to redefine the traditional shopping experience to the benefit of our loyal customers."

Erdon, a South Jersey establishment, is recognized within the fashion industry as a top boutique known for providing a unique mix of high-end European, Japanese, and American designers in a relaxed gallery atmosphere. Zeyzani, an award-winning concept, will be relocating from nearby Haddonfield, NJ, bringing its exotic, Mediterranean accessories and footwear to Moorestown Mall.  Orangetheory Fitness, the New York Times acclaimed fitness studio and voted "Best One-Hour Workout in the Country," offers members a one-of-a-kind fitness and strengthening routine.

About Pennsylvania Real Estate Investment Trust

PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve.  Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI.  Information about the Company can be found at preit.com or on Twitter or LinkedIn.

CONTACT:
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

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SOURCE PREIT