In a joint venture with Goldman Sachs, New York-based Nahla Capital has acquired 2000 Market St. from Gemini Rosemont Realty for $126 million, $16 million over the asking price. The 29-story, 665,000-square-foot building is the investor’s first purchase in Philadelphia. Read more at BisNow.
COMMERCIAL REAL ESTATE
UPS signed a lease with Duke Realty Corp. on a 1,015,740-square-foot facility at 33 Logistics Park in Easton in the Lehigh Valley. The company chose this location due to its proximity to major highways and accessibility to East Coast cities. Read more at the Philadelphia Business Journal.
RESIDENTIAL REAL ESTATE
Iron Stone Real Estate Partners is set to open The Preston in East Falls next month, a 131-unit project at the former campus for the Woman’s Medical College. The building’s façade was kept intact, but the interior has been renovated with a focus on wellness, calling back to its original purpose. Read more at Curbed Philly.
Data from the Department of Labor shows the number of available jobs outpaced the number of unemployed workers last month with 6.64 million open positions and 6 million people collecting unemployment. The Department also found that a record number people are quitting their jobs, which is seen as a positive sign. Read more at AP News.
An analysis conducted by Savingforcollege.com found that while the average student loan debt upon graduating with a bachelor’s degree in 2016 (the last year for which government data is available) has increased just one percent since 2012, their parents’ debt for loans that went to assist with paying for their education increased a whopping 19.2 percent. Read more at Market Watch.