Jun 30, 2015, 08:00 ET
PHILADELPHIA, June 30, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) today announced the execution of a lease with AT&T Mobility for their recently acquired asset located at 1501 Walnut Street in the heart of Center City Philadelphia. The Company acquired the 27,000 square foot property in 2014 with plans to reposition the property.
This transaction results in significant value creation and boosts the asset to a 92% occupancy rate. AT&T will occupy almost 5,000 square feet on the first and second levels of the building and is expected to open in November 2015. The property is also home to Club Monaco and Cameo Water Wear along with an 18,000 square foot office tenant.
"This transaction creates significant value and is the first step in the redevelopment of an asset that represented a unique opportunity in a prime location in a growing Philadelphia retail market," said Joseph Coradino, CEO of PREIT. "This opportunity is representative of PREIT's dominance in and significant knowledge of the retail landscape in Philadelphia."
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 28.5 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: AT THE COMPANY
VP, Corporate Communications and Investor Relations
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