PHILADELPHIA, October 13, 2011 – The John Buck Company (JBC) and Sidney Hillman/The Philadelphia Joint Board, Workers United (Sidney Hillman) have partnered together on the redevelopment of 2116 Chestnut Street. The current site will be revitalized to benefit Philadelphia’s Center City and the Rittenhouse Square neighborhood.
JBC, a leading real estate developer whose projects include over 40 million square feet of office, mixed-use, residential and hotel projects nationwide, announced the purchase of an existing health center building at 2116 Chestnut Street. JBC Opportunity Fund III LP and JBC Fund IV LP have purchased the building through Sidney Hillman Medical Center of the Male Apparel Industry of Philadelphia, Inc.
“This project is an investment of more than $104 million in Philadelphia and is expected to create approximately 900 construction jobs,” said Mayor Michael A. Nutter. “2116 Chestnut Street will be a tremendous addition of residential and commercial space to a great neighborhood.”
2116 Chestnut Street will be a class A, 34-story, 319 residential unit rental building in the Rittenhouse Square District of Philadelphia’s Center City. The project will include 130 enclosed parking spaces, 9,150 square feet of retail space on Chestnut Street, a state-of-the-art amenity package for residential tenants and exceptional views of the city.
Financial assistance for the project has been provided by the Commonwealth of Pennsylvania through the support of Governor Corbett. “We have entered a great partnership with the City of Philadelphia and the Commonwealth of Pennsylvania,” said John Buck, Chairman and CEO of The John Buck Company. “We appreciate the support of Mayor Nutter and Governor Corbett and we look forward to continued collaboration with the city, local leaders, community members and residents of Rittenhouse Square to add to the vitality of one of Philadelphia’s great neighborhoods.”
Adjacent to 2116 Chestnut, Sidney Hillman is constructing a new, 5-story office/medical facility to be located at the northwest corner of Van Pelt Street and Sansom Street. The building will house an innovative medical center, replacing the medical center that previously operated at 2116 Chestnut. “We are proud to continue the legacy of Sidney Hillman and our predecessor unions, the Amalgamated Clothing Workers and the International Ladies’ Garment Workers,” said Lynne Fox, President of Sidney Hillman Medical Center and Manager of the Philadelphia Joint Board. “We look forward to a new era of job creation and community service for our members and all working families in the City of Philadelphia.”
2116 Chestnut offers a premier location with proximity to public transportation, commuter rail system and expressways. The property is within walking distance of the area’s universities, the Central Business District, Rittenhouse Square Park, and the shopping districts on Walnut Street and Chestnut Street. Delivery of 2116 Chestnut is scheduled for second quarter 2013.
About The John Buck Company: The John Buck Company (JBC) is a privately owned real estate firm specializing in investment, development, property management, leasing, and advisory services. Focused on creating value for investors, owners and tenants, the firm has completed more than $10.5 billion in real estate transactions and developed or redeveloped 40.7 million square feet of office, mixed-use, residential and hotel projects. A leader in property management, the firm has a portfolio of six million square feet nationwide. JBC is currently active in Chicago, New York, Washington, D.C. and Philadelphia. For more information, please visit: www.tjbc.com.