The NGKF Capital Markets team comprising Brett Segal, Mike Margolis and Dave Dolan of the Philadelphia office successfully completed the sale of AQ Rittenhouse, along with the guidance of Steven Schultz of the Northern New Jersey office and Blake Okland of ARA, a Newmark Company (ARA). The newly constructed, LEED Silver certified, 110-unit high-rise apartment residence, located in Rittenhouse Square, was sold to LaSalle Investment Management for $51.1 Million. The sale of AQ Rittenhouse was the first transaction of its kind for ARA Newmark in Philadelphia since the company was acquired by BGC Partners, Inc. in December 2014.
Schultz was instrumental in introducing the NGKF Capital Markets and ARA Newmark team to the seller, as well as acting as the co-lead advisor on this transaction. The strength of Newmark Grubb Knight Frank’s platform, area expertise and ease of collaboration between the offices allowed the NGKF Capital Markets and ARA Newmark teams to come together and complete this noteworthy transaction, while continuing to build its multihousing platform in the greater Philadelphia region.
The sellers, a joint venture between Aquinas Realty Partners and MB1 Capital Partners are extremely pleased with the results of the sale and the execution that was put forth by the ARA Newmark and NGKF team to close the deal”, said Leonard Poncia, of Aquinas and Joel Brudner of MB1.
“AQ Rittenhouse recently began lease-up at a rapid pace and we expect the momentum to continue,” said Segal. Built to the highest standards and outfitted with the finest finishes and amenities, AQ Rittenhouse is among the few apartment buildings in Philadelphia to be designed with an active, urban lifestyle in mind. The building is equipped with many premier amenities uncharacteristic of typical multi-housing residences in Philadelphia, like a rooftop sky terrace that boasts year-round entertainment options with both indoor and outdoor living space via its retractable glass curtain wall.
Located at 2021 Chestnut Street in Philadelphia, AQ Rittenhouse offers a prime Rittenhouse Square location and unparalleled access to the finest amenities Philadelphia has to offer, including high-end and diverse retailers, fine dining and a vibrant nightlife. Center City is home to over 440 full-service restaurants and over 1,000 retailers, while Rittenhouse Row (only one block from AC Rittenhouse) is recognized as a “high street” retail corridor boasting some of the highest rents and most fashionable boutiques on the East Coast. AQ Rittenhouse is one block from Market Street, the thriving heart of Philadelphia’s economy and home to 25.2 million square feet of office space. AQ Rittenhouse is a place where you can live, work and play, which is rare to find.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.