The Marketplace Design Center has found a new home in Center City.
The group of designers and showrooms comprising the well-known design center has signed a lease on 48,000 square feet to move into 34 S. 11th St. – the former family court building that is under redevelopment by National Real Estate Development and SSH Real Estate.
This is the building’s first corporate tenant. With the tenant secured, the developers also arranged a $38.5 million construction loan from Wells Fargo to move forward with the project called East Market.
Some of the design center tenants have worked out of 2400 Market St., where they are currently located, for 40 years and had been in search of new space for a while. That property is scheduled to be redeveloped by Lubert-Adler and PMC Property Group.
Jim Egan, an office broker with Newmark Grubb Knight Frank, and his colleagues Jeff Tertel and Matt Guerrieri represented the center in its search.
The search for new space was a unique endeavor.
It involved 15 different tenants, which meant multiple lease negotiations, different architectural designs and fit outs, and, perhaps most challenging, getting everyone to agree on a new space.
At its new location, it will go by the “Design Center.”
In some ways, it’s a homecoming to an area that had played a big part in the city’s design community.
“The area east of Broad Street has become the vibrant heart of Philadelphia’s design community, with so many designers, architects and furniture stores calling it home,” said Gregory Augustine, a local owner of The Baer Collection showroom in a statement. “In moving to East Market, we have the opportunity to make our showrooms even more accessible to the design community and Philadelphia consumers and to create a ‘design hub’ right here in Center City.
By Natalie Kostelni
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