Archive for 'Philadelphia'

Phila. Law Firm Commits to 7 Year Lease

Penn Center, Philadelphia, Pennsylvania.

Phila. Law Firm Commits to 7 Year Lease-Image via Wikipedia

Morgan, Lewis & Bockius LLP (Morgan Lewis) and Lexington Realty Trust (NYSE: LXP) announced today that Morgan Lewis extended its lease for 289,432 square feet of Class A office space at Six Penn Center in Philadelphia, PA which is owned by a joint venture controlled by Lexington Realty Trust.  Morgan Lewis, one of the 15 largest law firms in the US according to The National Law Journal’s NLJ250, leases 100% of the office space at Six Penn Center consisting of floors six through 18.  The lease now expires on January 31, 2021.  The building also contains prime ground floor retail space and four levels of structured parking.

Morgan Lewis was represented by W. Whitney Hunter and Peter Talman of Jones Lang LaSalle.  Locally-based Pitcairn Properties Management Co. LLC will continue to be responsible for the management of the building.

ABOUT MORGAN, LEWIS & BOCKIUS LLP

With 22 offices in the United States, Europe, and Asia, Morgan Lewis provides comprehensive transactional, litigation, labor and employment, regulatory, and intellectual property legal services to clients of all sizes—from global Fortune 100 companies to just-conceived startups— across all major industries. Its international team of attorneys, patent agents, employee benefits advisors, regulatory scientists, and other specialists—nearly 3,000 professionals total—serves clients from locations in Beijing, Boston, Brussels, Chicago, Dallas, Frankfurt, Harrisburg, Houston, Irvine, London, Los Angeles, Miami, New York, Palo Alto, Paris, Philadelphia, Pittsburgh, Princeton, San Francisco, Tokyo, Washington, D.C., and Wilmington. For further information about Morgan Lewis or its practices, please visit: www.morganlewis.com.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States.  Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington’s common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

CONTACT: Investor or Media Inquiries for Lexington Realty Trust, Patrick Carroll, CFO, Lexington Realty Trust, +1-212-692-7200, pcarroll@lxp.com, or Media Inquiries for Morgan, Lewis & Bockius LLP, Frances Marine Bravo, Director of Public & Media Relations, Morgan, Lewis & Bockius LLP, +1-215-963-5835, frances.bravo@morganlewis.com

Web Site: http://www.lxp.com

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Philadelphia's Drexel University Opens New Science Building

Philadelphia's Drexel University Opens New Science Building-Image via Wikipedia

Turner Construction Company, the nation’s leading general builder, participated in the ceremony that marked the grand opening of its recently-completed Constantine N. Papadakis Integrated Science Building for Drexel University in Philadelphia, PA on September 20, 2011.

One of Drexel University’s most ambitious construction projects, the scope of work included construction of a 150,000 square foot building to house 39 research and teaching laboratories, classrooms, lecture halls, a 230-seat auditorium, and collaborative spaces. The Science Building’s central feature is a five-story biowall in the central atrium that serves as a living air filter and is the first of its kind in an American university building. Air is drawn through the roots of the plant, which remove particulates and volatile compounds. The building incorporates many other Green features and is expected to be Drexel’s first LEED-certified building.

“We are proud of our relationship with Drexel University and pleased we could work with Drexel University to achieve their goal of constructing a landmark Green building,” said Jeffrey A. Klinger, Vice President General Manager of Turner’s Philadelphia operations.

About Turner

Turner is the leading general builder in the U.S., ranking first or second in the major segments of the building construction field. Turner annually completes $8 billion of construction. Founded in 1902, the firm is a subsidiary of HOCHTIEF, a publicly traded company and one of the world’s leading international construction service providers. For more information, visit Turner’s website at www.turnerconstruction.com.

http://www.turnerconstruction.com

Distressed Property Owners Get Some Help With HUD Grants

Distressed Property Owners Get Some Help With HUD Grants-Image via Wikipedia

Esperanza has received a $271,443 grant from the U.S. Department Housing and Urban Development (HUD) to deliver foreclosure prevention counseling and assist with application to Federal and other mortgage modification programs. Esperanza is one of 23 intermediaries awarded, and will work to deliver housing counseling through its own national network of service providers.

Nationwide, the need for assistance to obtain a mortgage modification or to avoid mortgage scams continues to rise. Hispanic individuals and families are especially at risk of a mortgage default. According to a report by the Center for Responsible Lending, Hispanic borrowers are 71% more likely to have lost their home to foreclosure than non-Hispanic white borrowers. It is estimated that 731,660 Hispanic homeowners are at imminent risk of foreclosure (“Foreclosures by Race and Ethnicity” 2010. Center for Responsible Lending). Esperanza is one of only two Hispanic HUD intermediaries in the United States, and its national network of bilingual counselors ensures that these individuals receive the full services they need without linguistic barriers.

Esperanza’s network of providers will use grant funds to support bilingual housing counselors in key markets, to conduct outreach and counseling efforts designed to identify and assist victims of mortgage modification scams, many of whom are often ashamed to seek assistance, as well as prevent new cases from occurring through vital information dissemination, and to report those cases to the applicable authorities. Between October of 2011 and 2012, Esperanza and five of its affiliates in Arizona, Florida and Pennsylvania will serve over 1200 individuals and families.

Esperanza has engaged in high quality housing counseling in Philadelphia since 1989. The Esperanza branch office in Philadelphia assists well over 600 persons each year, nearly 50% of which are foreclosure-related cases with an 80% success rate at resolving foreclosure. Esperanza has served as a HUD-approved intermediary since 2009 and administered a network of multiple housing counseling agencies since 2008. Esperanza’s local housing counseling efforts and its network have served over 11,292 families since inception.

Esperanza is the largest Hispanic faith-based community development corporation in the United States. Founded in 1987, its purpose is to strengthen the Hispanic community nationwide by raising awareness and identifying resources through a network of more than 12,000 participating Hispanic faith groups and churches in 42 states representing 27 countries of origin. Esperanza’s capacity to serve as a national housing counseling intermediary includes nearly two decades of delivering housing counseling in Philadelphia and experiences working with faith and community based organizations nationally since 2002 to provide training, technical assistance and programmatic and capacity-building sub-awards. For more information about Esperanza’s work, please call 215-324-0746 or visit www.esperanza.us.

http://www.esperanza.us

Children's Hospital of Philadelphia Signs Lease for Extended Area

Children's Hospital of Philadelphia Signs Lease for Extended Area-Image via Wikipedia

Behringer Harvard announced today that The Children’s Hospital of Philadelphia has renewed its current lease through June 2027 and expanded into additional space at the historic Wanamaker Building, an iconic landmark in Center City Philadelphia. The hospital’s expanded footprint at The Wanamaker Building now exceeds 250,000 square feet.

“The Children’s Hospital of Philadelphia has had a distinguished presence in The Wanamaker Building since 2005, and we’re pleased they will be with us for many years to come,” said Ms. Deidre Hardister, Vice President of Asset Management for Behringer Harvard. “We will continue to provide them with the exceptional service that is a hallmark of the Wanamaker experience.”

Behringer Harvard REIT I, Inc. acquired a majority interest in the Wanamaker Building in December 2007. Amerimar Enterprises, Inc., a Philadelphia-based real estate development, investment and management firm, is one of the Wanamaker Building’s ownership partners and the managing agent for the property. The lease renewal for The Children’s Hospital of Philadelphia was managed by Amerimar’s Stephen Gleason and by Sid Smith and Bill Finnegan of Newmark Knight Frank Smith Mack, one of the world’s largest independent real estate services firms and a leader in the greater Philadelphia market.

When construction of the 1.4 million-square-foot property was completed in 1911, The Wanamaker Building was the first department store in Philadelphia and one of the first of its stature in the United States. Declared a National Historic Landmark in 1978, The Wanamaker Building is home to the world’s largest operational pipe organ, which is played daily.

Behringer Harvard is the third-largest owner of commercial real estate in Center City Philadelphia, according to CoStar. Behringer Harvard REIT I, Inc. owns interests in a total of approximately 3.1 million square feet of office space in Center City and approximately 386,000 square feet of office space in other portions of the Philadelphia metro area.

“Our REIT’s holdings in the Philadelphia market play a pivotal role in an asset portfolio comprising more than 23 million square feet of premium office space,” said Mr. Scott Fordham, Chief Financial Officer and Treasurer for Behringer Harvard REIT I, Inc. “We are excited to expand this relationship with one of our premier tenants.”

In addition to The Wanamaker Building, Behringer Harvard REIT I, Inc. owns three other properties in Center City Philadelphia. These properties include: Three Parkway, a 20-story office tower in the heart of Market Street West; United Plaza, a 20-story office tower in Center City; and 1650 Arch Street, a 27-story office tower in the central business district. Located minutes from the train and across from the dramatic Parkway, 1650 Arch Street is undergoing extensive renovations that are slated for completion in early summer. Enhancements to 1650 Arch Street include upgraded lighting on the exterior and interior of the building, new building signage to identify the entrance, and upgraded interior finishes including a detailed terrazzo floor.

About Behringer Harvard

Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Behringer Harvard has interests in or manages more than $11 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at behringerharvard.com.

About The Children’s Hospital of Philadelphia

The Children’s Hospital of Philadelphia was founded in 1855 as the nation’s first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals and pioneering major research initiatives, Children’s Hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country, ranking third in National Institutes of Health funding. In addition, its unique family-centered care and public service programs have brought the 516-bed hospital recognition as a leading advocate for children and adolescents. For more information, visit chop.edu.

This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard REIT I, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the offering documents for the offering of shares of Behringer Harvard REIT I, Inc. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
http://www.chop.edu
http://www.behringerharvard.com

Homeowners in Foreclosure Receive Some Help from Fannie Mae

Homeowners in Foreclosure Receive Some Help from Fannie Mae-Image via Wikipedia

Fannie Mae Center Provides Free Education and Counseling to Local Homeowners Facing Hardship

Fannie Mae (OTC Bulletin Board: FNMA) today announced the opening of the Philadelphia Mortgage Help Center to provide free education and counseling services to struggling Philadelphia area homeowners. The Philadelphia, the latest of nine Mortgage Help Centers to open across the country, is part of Fannie Mae’s nationwide initiative to educate families about the options and tools available to help them stay in their homes. The Center was developed in partnership with Consumer Credit Counseling Service of Delaware Valley, local community and elected officials, and area mortgage servicers.

Services available at the Center include one-on-one consultations with experienced housing counselors to review mortgage loans and financing options, explain the range of options available, and help borrowers apply for loan workouts and other alternatives to foreclosure. Services are available in both English and Spanish.

“Families are struggling and many of them are desperate to take action, but don’t know where to turn.  We are here to help,” said Mike Williams, President & CEO, Fannie Mae.  “Our Help Centers nationwide have met with more than 6,000 homeowners and we have been able to keep more than sixty percent in their homes.  We are bringing our track record of success to help families in this area.”

“Partnering with Fannie Mae on the new Mortgage Help Center in Philadelphia allows us to assist and educate more local consumers who are struggling with housing and mortgage issues,” said Patty Hasson, President and Executive Director of Consumer Credit Counseling Service of Delaware Valley. “Our shared commitment and combined expertise will be a great resource and benefit for the homeowners and region.”

“Philadelphia’s nationally recognized Mortgage Foreclosure Prevention Program has already saved more than 3,000 homeowners from foreclosure,” said Mayor Michael A. Nutter.  “We welcome Fannie Mae to our region and are pleased to have another partner in the fight to keep Philadelphia families in their homes.”

In addition to providing counseling and access to mortgage education and financial literacy resources, the Mortgage Help Center staff will help homeowners coordinate with their mortgage servicers and ensure an efficient response time.  The Center will also help to combat mortgage fraud and abuse in the Philadelphia area.

The free services offered by the Mortgage Help Center are available for families who have a mortgage owned by Fannie Mae.  Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 1-800-7FANNIE.  The Mortgage Help Center is available by appointment only and customers wishing to schedule a visit should call 866-442-8570.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.  Our job is to help those who house America.

Follow us on Twitter: http://twitter.com/FannieMae

Subscribe to our RSS feed at http://www.fanniemae.com/rss/rss.xml

CONTACT: Andrew Wilson, +1-202-752-5168

Web Site: http://www.fanniemae.com

Cape May, NJ Rentals- Book it Now

Cape May, NJ Rentals- Book it Now

Cape May, NJ Rentals- Book it Now-Image via Wikipedia

Vacationers are advised to book their Cape May, NJ, rentals as early as possible to get the rental property of your choice and avoid the rush. According to the experts of leading Cape May real estate firm Wilsey Realty, now is a good time to start looking for Cape May summer rentals.

Quote startThe Cape May area has been one of the region’s most beloved seaside resorts since the 19th century—the city of Cape May, in fact, has been dubbed “the Nation’s Oldest Seashore Resort.”Quote end

Vacationers planning on spending the summer in Cape May have no time to lose in their search for Cape May, NJ, vacation rentals. With summer no more than a few months ahead, leading local brokerage Wilsey Realty advices would-be visitors to the area to find and book their preferred rental as early as possible.

“Cape May is a very popular summer destination and this makes Cape May, NJ rentals very much in-demand throughout the season,” says Broker/Owner Gail Wilsey Morrison. “If you want to get the best possible deals and have the widest range of choices, start your search early and don’t postpone booking.”

The Cape May area has been one of the region’s most beloved seaside resorts since the 19th century—the city of Cape May, in fact, has been dubbed “the Nation’s Oldest Seashore Resort.” Visitors from New York, Philadelphia, other parts of New Jersey, and numerous other areas have been regularly flocking to its beaches and boardwalks for generations.

“There’s no better place to spend the summer months than the Cape May Peninsula,” says Morrison. “Not only are the beaches here some of the best you’ll find anywhere in the country, there’s also a thriving cultural scene, a wealth of historic sites to visit, plenty of shopping and dining options, and numerous fun events.”

A Cape May native, Morrison has been specializing in Cape May homes for sale and Cape May summer rentals for more than a decade. She founded Wilsey Realty in 2005 and the firm’s office has the distinction of having won the Renovation Award from the Historic Preservation Commission.

To search for rentals in Cape May now and to learn more about the different communities in the area, visit the firm’s website at http://www.WilseyRealty.com or contact Gail Wilsey Morrison and her team directly.

CDI Corp. (NYSE: CDI) Signs Contract With Boeing

CDI Corp. (NYSE: CDI) Signs Contract With Boeing

CDI Corp. (NYSE: CDI) Signs Contract With Boeing-Image via Wikipedia

CDI Corp. (NYSE: CDI) announced today it has entered into a three-year Long Term Agreement (LTA) with The Boeing Company.

With this Long Term Agreement, CDI-Aerospace, a division of CDI Engineering Solutions, will be a supplier of engineering services, capable of providing all Boeing divisions design and analysis engineering support across a wide variety of engineering disciplines.

Part of CDI’s performance under the LTA will be done through a new Engineering Design Center in Philadelphia recently created by CDI-Aerospace in partnership with Drexel University.  CDI and Boeing engineers will work directly with Drexel engineering students through Drexel’s cooperative education program, where students alternate periods of classroom study with periods of full-time, professional employment in positions aligned with their academic interests, to execute projects such as structural designs, software conversions and stress analysis using state-of-the-art CAD and analysis tools.

The Design Center will focus on completing engineering design tasks for key Boeing aerospace programs including the CH-47 military helicopter, the V-22 Osprey vertical take-off and landing aircraft and the Boeing 787 commercial transport aircraft.  This unique program provides Boeing with a cost-effective resource for quality engineering design and project execution.  CDI-Aerospace plans to create additional Design Centers at strategic locations throughout the US, allowing CDI engineers to pass on their extensive knowledge and expertise to the next generation of Aerospace engineers.

“A critical component of this award from Boeing was a commitment from CDI-Aerospace to create a network of qualified engineering teams composed of seasoned engineers and co-op students enrolled in university-level aerospace engineering programs,” said Denny Vito, Executive Vice President of CDI-Aerospace.  “As the baby boomer generation of aerospace engineers begins to retire it is essential to develop future generations of skilled professionals to design new aircraft solutions well into the 21st century.  That is why over the past two years we worked closely with Philadelphia’s Drexel University to develop a co-op student engineering model which we plan to expand to other universities.  Since October of 2009 over 40 Drexel engineering students have been teamed with CDI lead engineers and have produced excellent results as they gained training and experience on Boeing technology platforms.”

About CDI

Headquartered in Philadelphia, CDI Corp. (NYSE: CDI) is a leading provider of engineering and information technology outsourcing solutions and professional staffing.  Its operating units include CDI Engineering Solutions, CDI IT Solutions, CDI AndersElite Limited, and Management Recruiters International, Inc.  Visit CDI at www.cdicorp.com. As part of CDI Engineering Solutions, CDI-Aerospace provides a full range of consultative, design, engineering, outsourcing and staffing solutions to the commercial/military aerospace and satellite industries.  Learn more at www.cdi-aero.com.

About Drexel

Founded in 1891, Drexel is the nation’s 14th largest private university and is ranked second among national universities in the U.S. News list of “Up-and-Comers.” Drexel is widely recognized for its focus on experiential learning, technology and use-inspired research. More than 4,500 students are placed with more than 1,500 employer organizations in the business, government, healthcare industry and education sectors in 29 states and 38 international locations to fulfill their co-op requirements.