Beneficial Bank has signed a 15 year lease at 1818 Market Street in Philadelphia. The city’s oldest bank will be moving into 97,764 sq ft of office space on four floors of the high-rise tower owned by Sovereign Capital Management Group.
1818 Market Street
The Bank was represented by Binswanger in the lease agreement. Joe Muldoon, the company’s senior vice president, stated recently that the Bank’s new building had “everything that you would ever want. It’s a Class A building with on-site parking, it had the available space it needed and identification for signage.”
The building will be renamed 1818 Beneficial Bank Place. The Bank’s name will appear at the top of the building on the South and Western elevation and will also be featured prominently over the entrance.
Chris Lange, the vice president in Binswanger’s Philadelphia office, said, “The market in its present home is in the Central Business District, but the east side of City Hall, which is the old original business district and considered ‘old city’ in Philadelphia. [Business] has migrated to the west side of City Hall and this building sits in the middle of that.”
Lange went on to explain that Beneficial’s lease was expiring and the bank wanted to find a better location. Binswanger conducted a detailed search throughout the local market, which included analyzing space in 28 buildings.
The main factor was signage, according to Lange. There is a lot of signage, and the Bank wanted signage at the top of the building. This is the factor that set 1818 Market Street apart from other properties under consideration as far as Beneficial Bank was concerned.
The Marathon Grill, which has the distinction of being one of the most popular places for lunch in the city, is located on the ground floor of the building.
Beneficial Bank will move all of its 400 staff into 1818 Market Street in February 2014 following an extensive refurbishment.
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