Ensemble Real Estate Investments Announces Purchase of Four Major Office Buildings in Philly’s Navy Yard
PHILADELPHIA, PA – Ensemble Real Estate Solutions and Investments announced it officially closed on the purchase of two major office buildings in South Philadelphia’s booming Navy Yard, with the closing of another two properties coming in the next 30 days. The beautiful high-performance buildings – One Crescent Drive and 201 Rouse Boulevard, with 150 Rouse Boulevard and 1200 Intrepid Avenue forthcoming – were all purchased from Liberty Property Trust. They boast a collective 304,721 square feet and 82 percent occupancy rate, and they have been nationally recognized for their sustainability and design.
“We’re incredibly excited to continue our investment in Philadelphia’s historic Navy Yard, which has emerged as the leading area in the city for innovation and collaboration,” said Kam Babaoff, Chairman of Ensemble. “The transformation the Navy Yard has seen over the past decade has been staggering, and we look forward to deepening our presence and remaining in good company with the many other great businesses there.”
Ensemble has been steadily building its investment in the Philadelphia market, expanding its portfolio to nearly ten properties over the past 15 years. Ensemble owns the Courtyard Marriott at the Navy Yard and has several other projects in development there: the Iovance Biotherapeutics building in partnership with Gattuso Development, the conversion of the Marine Barracks building to a beautiful historic high-end hotel, and an additional mixed-use and extended stay facility. Ensemble also owns and is developing Camden’s new Hilton Garden Inn, the first new hotel the City of Camden has seen in more than 50 years. Ensemble will provide property management services for the portfolio from its regional office, soon to be established at the Navy Yard.
The Navy Yard is currently home to close to 15,000 employees and 170 companies in the office, industrial, manufacturing, retail, and research and development industries, occupying 7 million square feet of real estate. The shipyard’s current business roster includes an eclectic mix of local, regional, and national companies, from Fortune 500 corporations like GlaxoSmithKline, housed in new high-performance LEED certified construction, to local titans like the Tasty Baking Company and Urban Outfitters, which are housed in turn-of-the-century Navy machine shops. The diversity of companies and spaces create an exciting, vibrant, and progressive environment well suited for attracting and retaining top talent.
And although the Navy Yard’s office inventory has expanded by more than 480,000 square feet or 33% since 2010, supply still has not exceeded local demand. According to long-term projections, upwards of 30,000 people will be working in the Navy Yard by 2030, and companies large and small are still relocating there. Not only will these companies have access to Philadelphia’s growing talented workforce, but the largely wide-open landscape has allowed companies to consolidate their office, warehouse, and retail locations.
About Ensemble Real Estate Solutions and Investments
A proven, trusted company with 30+ years of expertise, Ensemble is a full-service real estate solutions and investments provider that creates exceptional real estate in the healthcare, hospitality, commercial, and urban multifamily/mixed-use sectors. Ensemble is a multi-capable company providing everything it takes to make commercial real estate work. And it all begins with listening—to partners, clients and team members, and responding to the context of a project in order to craft unique and appropriate solutions.