PhillyInc: PREIT now controls three blocks on Market Street

The Gallery at Market East entrance to the Kmart store. The Kmart site is now part of PREIT's holdings.
The Gallery at Market East entrance to the Kmart store. The Kmart site is now part of PREIT's holdings. (YONG KIM / Staff Photographer)
Posted: April 18, 2013

Pennsylvania Real Estate Investment Trust now controls three blocks on Market Street in Center City.

Vornado Realty Trust, of Paramus, N.J., said Tuesday that it had completed the sale of the Kmart property at 901 Market St. to PREIT for $60 million. The sale was announced in October.

The deal means one owner controls all of the real estate that makes up the Gallery at Market East, which stretches from a Burlington Coat Factory store at 11th and Market to the former Strawbridge & Clothier store, where The Inquirer is now a tenant.

The question remains: With Kmart's lease set to expire in 2014, what does PREIT plan to do with a 1970s-era mall that has about 130 tenants?

More members

TransCelerate BioPharma Inc., a nonprofit formed by 10 large drug companies in September, has added six members.

Astellas Pharma Inc., Biogen Idec, Braeburn Pharmaceuticals, EMD Serono Inc., Forest Research Institute, and Onyx Pharmaceuticals have agreed to contribute resources, including money and personnel, to TransCelerate, which has a goal of bringing new medicines to the public faster, more cheaply, and more efficiently. To do that, the group said, it is looking for solutions to research and development challenges that are common to all pharmaceutical and biotechnology firms.

Of the 10 founders, half have operations in the Philadelphia area: AstraZeneca P.L.C., Eli Lilly & Co., GlaxoSmithKline P.L.C., Johnson & Johnson, and Pfizer Inc. TransCelerate's offices are at GlaxoSmithKline's Upper Merion campus.

Quotable

"I don't see pervasive evidence of rapid credit growth, a marked buildup in leverage, or significant asset bubbles that would threaten financial stability. But there are signs that some parties are reaching for yield, and the Federal Reserve continues to carefully monitor this situation."

- Janet L. Yellin , vice chair of the Federal Reserve Board of Governors, in prepared remarks for a conference in Washington on Tuesday.


Contact Mike Armstrong at 215-854-2980 or marmstrong@phillynews.com, or @PhillyInc on Twitter. Read his blog, "PhillyInc," at www.phillyinc.biz.

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