Alliance Realty Awarded Management of 2 Penn Center, Philadelphia.PHILADELPHIA--(BUSINESS WIRE)--April 6, 1998-- New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Owner Cites Firm's Unique Approach Alliance Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Services Inc. has been awarded the management contract for the 500,000 square foot 2 Penn Center commercial building in Center City, Philadelphia Center City is the "downtown" section of Philadelphia, Pennsylvania and by population, is the 3rd largest downtown in the United States. It is bounded by South Street to the south, the Delaware River to the east, the Schuylkill River to the west and either Vine Street or Spring , it was announced here Monday Monday: see week. . Owner Crown Properties Inc. of New York cited Alliance's unique "value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: " approach to property management in awarding the contract for the Class A real estate complex. "Traditionally, Class A properties such as 2 Penn Center have been the domain of larger firms," said Bob Rosenberg Rosenberg (rō`zənbərg), city (1990 pop. 20,183), Fort Bend co., S Tex., on the Brazos River, in an oil and natural gas area; inc. 1902. Rosenberg and its sister city of Richmond are physically one community. , director of asset management for Crown Properties. "Because Alliance has displayed an institutional owner focus -- one that is driven by how well the asset can be developed, not simply maintained -- the firm was the obvious choice for the contract." Williams J. Agate, president of Alliance, has long been a part of the real estate scene in Philadelphia, having worked during the early 1980s on the transformation of the Reading Terminal train shed
A train shed is an adjacent building to a railway station where the tracks and platforms are covered by a roof. The first train shed was built in 1830 at Liverpool's Crown Street Station. on Market Street into today's convention complex. With an academic background in economics and physics, Agate has developed a "manufacturing facility approach" to property management. He has redeveloped numerous suburban and Center City properties for various clients during his 15 year career. "The driving force prior to 1986 was geared toward tax avoidance The process whereby an individual plans his or her finances so as to apply all exemptions and deductions provided by tax laws to reduce taxable income. Through tax avoidance, an individual takes advantage of all legal opportunities to minimize his or her state or federal , but with changes in the tax laws, the maximization of cash flow is now the name of the game, and this is precisely our focus," explained Agate. "We first look at the asset value of the existing product, identify the challenges, and then develop a program to add value through renovations or direct involvement in cost control. Fee generation is not our primary motivation." Rosenberg concurred. "Because of Alliance's aggressive management style and direct involvement in both the property management and construction activities, we are already finding ways to achieve significant operating cost savings, while still delivering the quality services that our tenants demand," he said. Agate said that he is particularly pleased with the addition of 2 Penn Center to Alliance's existing portfolio of Class B and suburban properties in that it "validates the fact that our approach to real estate management is in tune with the demands of the owners of larger, Class A properties." The complex at 2 Penn Center is a Class A property located adjacent to City Hall in the Market Street corridor of the Center City Philadelphia office market. The property consists of just over 500,000 square feet of office and retail space. The office component has more than 60 tenants. The large retail component at both street and concourse levels are adjacent to SEPTA's MetroMarket and transit system. The property was built in 1957 and was substantially renovated in the late 1980s. CB Commercial Real Estate Group Inc. will continue to handle leasing. Crown Properties Inc. is a privately held, large institutional owner of real estate with holdings in 17 metropolitan areas throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Based in Garden City, Long Island, Crown embarked on an aggressive campaign during 1997 that resulted in the addition of more than $200 million in assets consisting of over 2.5 million square feet. Alliance Realty Services Inc. was formed in 1986 and presently serves the tri-state Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. region. The firm manages more than 1.5 million square feet of investment grade property and indirectly employs more than 150 people. CONTACT: Alliance Realty Services Inc. by Barrett Communications Joseph M. Barrett, 610/277-6093 www.joembarrett@msn.com |
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