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The projects, people and companies


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changing the regional landscape.


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20-57
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Commercial real estate brokerages ranked by


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number of local licensed brokers.


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18
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DRANOFF PROPERTIES
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HEALTH CARE LAW BANKING


Qlik finds its new Industry disruptor CEOs optimistic
headquarters in KoP nabs Phila. lawyer about economy
The behind-the-deal story on how one Eric Meyer worked for traditional law Banking leaders from around the
of the region’s hottest technology firms throughout a nearly two-decade region came to Center City last week
companies ended up in its glittering legal career. Now, he’s working for for the Business Journal’s ‘Navigating
new home on Gulph Road in King of ‘cloud-based’ firm FisherBroyles. a New Banking Landscape’ Q&A
Prussia. NATALIE KOSTELNI, 16 JEFF BLUMENTHAL, 10 symposium. JEFF BLUMENTHAL, 14
RESHAPING THE CLAY STUDIO 8

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MARCH 23, 2018 3

NEWS
‘BIG DEAL’

Tyler School of Art launches artist fund


BY KENNETH HILARIO “This is a big deal. With federal arts trillion of total annual discretionary
khilario@bizjournals.com funding declining, The Andy War- spending, grants from these agencies
hol Foundation for the Visual Arts rec- have been deeply valued financial life-

T
emple Contemporary at Tyler ognized a desperate need for artists to lines and highly coveted honors for art-
started The Velocity Fund, an ini- support their own practices, and they ists, musicians, writers and scholars for
tiative supporting visual artists stepped into the breach,” Tyler Contem- decades,” according to The New York
living in the city with grants of up to porary’s Blackson said. Times.
$5,000. Tyler Contemporary was estab- To do that, artists partner with local But all is not lost in Philadelphia, the
lished with the support of The Andy arts institutions that have access to the cultural sector of which generates $4.1
Warhol Foundation. surrounding artistic communities, or billion in economic impact to Greater
Temple Contemporary’s mission is “places that are attuned to the needs of Philadelphia, according to a 2017 report
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to “re-imagine the social function of GETTY IMAGES their city and its artists,” he said. by the Cultural Alliance. Institutions
art through questions of local relevance Federal arts funding has been on the also continue to get funding from orga-
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and international significance,” accord- round of grants will be awarded on Sept. decline for years now, and the cultural nizations like the Philadelphia Cultural
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ing to its website, and it’s described as 1 after a national panel assessment. sector took a huge hit when in 2017 Pres- Fund, which in 2017 doled out over $3
an “urban connector in the visual arts” The Velocity Fund is one of 12 so-called ident Donald Trump released a proposed million to 300-plus organizations.
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by Tyler Dean Susan E. Cahan. regional re-granting programs the War- federal budget eliminating the Nation- Left to their own devices, and in
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Robert Blackson, director of Tem- hol Foundation launched to fund “under- al Endowment for the Arts and the attempts to assuage funding woes, local
ple Contemporary, said those eligible to the-radar artistic activity” by partnering National Endowment for the Human- cultural organizations created their own
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apply include all professional, nonstu- with cultural institutions in U.S. cities ities, among others. initiatives to keep themselves afloat and
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dent visual artists living and working in “where the level of self-organized artis- The Philadelphia region’s cultural keep funding streams coming in.
Philadelphia seeking to create any type tic activity is the highest,” according to organizations received nearly $8 mil- Theatre Philadelphia, for instance, a
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of project with a public outcome — web- Tyler officials. lion from the NEA in the five years pri- in February this year held its inaugural
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sites, books, performances and screen- The Velocity Fund is the first War- or, according to the Greater Philadelphia Philly Theatre Week, a restaurant week-
ings, among others. hol Foundation-supported regional Cultural Alliance. like festival with over 80 events and 200
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Artists can apply online for the first re-granting program in Pennsylvania, “While the combined annual bud- performances. The end game was to help
annual round of Velocity Fund grants; and only the second on the East Coast, gets of both endowments — about $300 introduce new audiences to theatrical
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applications are due by June 1. The first according to officials. million — are a tiny fraction of the $1.1 and artists’ work
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4  PHILADELPHIA BUSINESS JOURNAL

ON HEALTH CARE BY JOHN GEORGE

I JGEORGE@BIZJOURNALS.COM 215-238-5137 @PHLBIZJGEORGE

R R QUOTABLE LONG-TERM CARE

TRECS targets ‘no-brainers’


W
hile nursing homes are capa-
ble of providing blood transfu-
sions to residents, they don’t if
the person’s medical expenses are covered
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by Medicaid.
The reason?
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“We are not going to The cost of a medically necessary


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blood transfusion for a Medicaid long-


singlehandedly solve term care patient is only covered if that
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the opioid epidemic patient is admitted to the hospital and


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becomes a Medicare patient. The average


crisis, but we think we length of stay for such patients is 4.7 days,
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can contribute.” resulting in the average admission cost-


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ing the Medicare program $15,000. Hav-


GERRI HENWOOD, president and ing a qualified nurse handle the trans-
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CEO of Recro Pharma, discussing fusion at the nursing home would cost
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the Malvern company’s new drug


candidate IV meloxicam. The FDA
less than $2,500. Transferring patients to
is expected to rule on Recro’s and from nursing homes for short hos-
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new drug application for the pital stays also exposes them to potential
experimental, non-opioid pain health risks.
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JOHN GEORGE
relief product in May. You can read Allowing and paying for blood transfu- John Whitman, founder of TRECS Institute, speaks at a senior housing
about what the Chester County
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pharmaceutical company is doing to


sions at nursing homes is an example of a symposium at the University of Pennsylvania.
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prepare for the potential launch of “no-brainer” that John Whitman, found-
its first product at PBJ.com. er and executive director of the Bucks ing them with what the cost savings potentially driven by historical practice
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County-based TRECS Institute, is trying would be,” Whitman said. “I want to send patterns, reimbursement or regulations
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R R BIG NUMBER to shine a light on. that information to CMS [the Centers for that is not in the patient’s best interest or
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The TRECS Institute, a nonprofit orga- Medicare and Medicaid Services].” results in wasted and unnecessary health

$126,617
nization — with an acronym that stands Whitman is well aware that changing care system spending.
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for Targeting Revolutionary Elder Care a government program will take time, but “I am not suggesting no-brainers are
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Solutions — works to bring about positive he has a secondary motive. anybody’s fault,” he said. “It’s just the way
Amount of civil penalty paid by
changes in the care of senior adults, has “You have all these managed care com- the system has evolved.… We need to step
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Philadelphia cardiologist Dr. Vidya teamed up with the University of Penn- panies and ACOs and third-party payers back and take a look at the system.”
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Bankato to settle claims by the U.S. sylvania’s School of Nursing and Leonard that have the ability to make changes The TRECS Institute has reached out
Attorney’s Office that he performed Davis Institute on a national initiative to now,” he said. If we can raise awareness to the country’s major professional orga-
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unnecessary cardiac stent identify and address no-brainers in long- of savings and quality-of-care issues, my nizations actively involved in long-term
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procedures at Pennsylvania Hospital


between May 2010 and September
term care. hope is these groups will move much care and individual providers to be part-
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2012. Banka admitted no liability as “Our ultimate goal is to come up with quicker.” ners in this initiative and provide exam-
part of the agreement. a list of the top 10 or 20 or 50 no-brainers Whitman defines no-brainers as any ples of no-brainers they encounter, and
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and have recommendations for address- current practice within long-term care, how those situations can be improved.
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FDA WATCH

FDA APPROVES MONTCO COMPANY’S TREATMENT FOR RARE NERVE DISORDER


Company: CSL Behring 30 percent of CIDP patients will approval of Hizentra offers patients
Headquarters: King of Prussia progress to wheelchair dependence who were once burdened by traveling
if their condition is not properly to the infusion center or hospital
Drug: Hizentra treated. Hizentra was approved as the flexibility to self-administer their
Approval: Hizentra was approved as a maintenance therapy to prevent treatment at a time, place, and on a
a treatment for chronic inflammatory relapse of neuromuscular disability schedule that’s convenient for them,”
demyelinating polyneuropathy and impairment. Butler said.
(CIDP). The rare autoimmune disorder What they’re saying: Lisa Butler, More about the drug: Hizentra is
affects the peripheral nerves and may executive director of the GBS/CIDP already approved in 51 countries for
cause permanent nerve damage. The Foundation International, said despite the treatment of several immune
condition, which afflicts an estimated the available treatment options, many deficiencies. The CIDP approval
40,000 people in the United States, CIDP patients continue to struggle from the FDA came 10 days after
can cause nerve numbness or with daily disease and lifestyle the company received approval for
tingling, muscle weakness, fatigue challenges — making continued Hizentra in CIPD from the European
and other symptoms. An estimated research and innovation critical. “The Commission.
MARCH 23, 2018 5

S TAT U S Q U O S I T S I D L E .
Am
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Jo
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Status Go
No


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H A S T H E E N G I N E S R E V V I N G.
or
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Welcome to Status Go.


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Explore the implications at


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“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or refers to the brand under which the independent network of GTIL member firms
provide services to their clients, as the context requires. GTIL and each of its member firms are not a worldwide partnership and are not liable for one another’s acts or omissions. In the United States,
visit grantthornton.com for details. © 2018 Grant Thornton LLP | All rights reserved | U.S. member firm of Grant Thornton International Ltd
6  PHILADELPHIA BUSINESS JOURNAL

ON TECH & EDUCATION BY MICHELLE CAFFREY

I MCAFFREY@BIZJOURNALS.COM 215-238-5132 @PHLBIZMCAFFREY

R R BY THE NUMBERS

Ben Franklin Technology Partners


Need to rehome or adopt a pet?
of Southeastern Pennsylvania
posted record annual investment GETYOURPET.COM HAS A NEW WAY TO FIND A FURRY FRIEND
figures once again this week,

A
when it announced its calendar pet rehoming company born
year 2017 results. Here’s how the
nonprofit, a combination seed stage in New Hope is steadily grow-
fund and economic development ing following a recent national
organization, spent its money last expansion, as the startup and its web-
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year: site, GetYourPet.com, attempts to change


the adoption game.
67
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Founded by Angela Marcus, a former


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the number of companies in the operations director of the Pennsylvania


region that Ben Franklin committed SPCA, the site matches pet owners who
to investing in
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need to rehome a cat or dog with people


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looking to adopt. After taking it nation-


31 al last year, the site’s recorded a 30 per-
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the percent of deals that cent to 35 percent increase in adoptions


represented follow-on funding to
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each month, reaching 280 in February


existing portfolio companies
and more projected in March.
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28 The number may seem small consid-


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ering the 2.5 million pets that are giv-


the number of information en up by owners each year, but it’s still
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technology companies that received


funding far more than Marcus needs to feel she’s
making progress on the goal she set out
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223 when first coming up with the site.


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The seeds of Get Your Pet were plant-


the number of active companies
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now in Ben Franklin’s portfolio ed during her time at the Pennsylvania


SPCA, when she saw countless people
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$12 million come in who needed to find a new home


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for their pet, and they didn’t have any-


The total amount Ben Franklin
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committed in 2017, up nearly $2 where else to turn.


million from 2016. The vast majority of people giving up
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their pets aren’t doing so willingly, Mar- GETTY IMAGES


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cus said. It’s often the result of a death,


R R QUOTABLE a move to a residence where pets aren’t their health, personalities and the reason up for adoption are the pets’ best advo-
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allowed, financial hardship, a new child, they need to be rehomed. People looking cates, she said and many are “like adop-
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allergies or clashes with other pets. for pets can browse through those post- tion counselors on steroids” as they do
“These are not bad people,” she said. ings, using filters to find what they’re their due diligence vetting their pets’
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“Why not build something that enables looking for. If they see a pet they like, potential new home.
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people to do it responsibly and support they message the owner and arrange to It’s a process Marcus said mimics how
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them through the process?” meet up offline. Get Your Pet provides many people, especially younger genera-
After leaving the SPCA in 2013 and a voucher for a veterinary check up at tions, are used to interacting with online
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spending a couple of years helping her any of the 500 private veterinary prac- services.
husband renovate a veterinary hospital tices it’s partnered with nationwide, and “This is the future of pet adoption,”
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they own in New Hope, she got Get Your the legalities are covered through an offi- ACCT Philly Executive Director Vincent
Pet off the ground. cial pet adoption on the Get Your Pet site. Medley said about Get Your Pet, accord-
Co-founder Jeff Tucker, a family friend Get Your Pet also provides 30 days of pet ing to its site.
“We’re not looking to who was drawn to Marcus’ ideas, had insurance through Trupanion. She doesn’t think the site would hurt
displace the business’s the business know-how, but she knew Marcus said they require users — it existing pet shelters or rescues in any-
she needed technical expertise to build has about 140,000 at the moment — to way, as many are already over capacity
existing infrastructure, the site she imagined. After tapping her adhere strictly to its process and not and struggling to handle the pets they
we think we can personal network, a friend connected message each other outside of the site have coming in already. About 7.5 mil-
her to Barry Glick, the founding CEO of until the pet owner accepts the meetup. lion pets go into a shelter each year —
cohabitate with Mapquest, who in turn introduced her to The messaging center automatically flags one out of every three out there, Marcus
them.” her Brian Eriksen, now her chief techni- if a phone number is put in the chat or if said — and 2.5 million of those are sur-
cal officer. a user mentions problematic key words rendered. Overall, 2.6 million are euth-
ANDREW CHAMBERS, CEO of To date, the company has raised about like dog fighting. anized each year.
Berwyn-based Renterval, which $1.2 million from friends, family and Revenue comes from its flat adoption About 300 new pets are listed on Get
creates white label software for
angel investors, as well as an addition- fees, $99 for a dog and $49 for a cat, and Your Pet and 15 adoptions are complet-
companies that rent anything
from costumes to construction al $750,000 from the Watershed Animal users are not allowed to ask for any addi- ed each day, Marcus said, and more than
equipment. It recently released Fund. tional rehoming fees. 1,300 pets have been adopted through
Renterval for Retail, a platform that The site is set up to allow pet own- “Our first and last and best line of the site, so far. If this growth continues,
ties into a retail company’s existing ers, or guardians as the site calls them, defense is the guardians themselves,” she anticipates the company will begin
point-of-sale system to allow it to
to post their pet’s information including she said. The people putting their pets breaking even this fall.
rent out its inventory.
MARCH 23, 2018 7

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Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner
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8  PHILADELPHIA BUSINESS JOURNAL

ON HOSPITALITY BY KENNETH HILARIO

I KHILARIO@BIZJOURNALS.COM 215-238-5145 @PHLBIZKENNETH

R R QUOTABLE

“Clients and potential


NETFLIX-STYLE OPERA
clients were looking NEW AUDIENCES? CHECK. IMPROVED PERCEPTION? CHECK.

T
to New York for the hey say perception is everything,
and if that is true, then Opera Phil-
products and services adelphia is heading in the right
that they could find in direction.
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Opera Philadelphia’s inaugural O fes-


their own backyard. tival in 2017 attracted new audiences and
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Realizing that we have improved its perception as a compa-


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ny. That’s important amid competition,


been a design district and for a company that sees itself as a
for years — without
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media choice alongside Netflix, HBO and


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YouTube.
the title — helped us to Opera Philadelphia in September 2017
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move in the direction launched O, a 12-day festival opening


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the opera company’s fall seasons, where


of collaborations and guests pick productions they want to see.
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forming a network.” This year’s iteration, O18, will be held


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Sept. 20-30, comprising five operatic


EUGENIE A. PERRET, founder of
events across multiple Philadelphia ven-
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showroom Minima, one of 10 PATRICK BERGER


independent Old City businesses ues, including two world premieres and
that created Philadelphia Design two new productions. “A Midsummer Night’s Dream” will be at the Academy of Music in Philadelphia
Jo

District, a collective initiative to Among the goals was to open the on Feb. 8, 10, 15 and 17, 2019. It will be the U.S. production premiere of Robert
ur

raise awareness for the area’s design company to a wider audience and attract Carsen’s classic staging of Benjamin Britten’s opera.
industry.
na

future donors and philanthropists. The


company may have accomplished what it ly with social media — were also on an media choice along with Netflix, HBO,
ls

set out to do. upswing. YouTube, movies, podcasts and playlists,


R R BIG NUMBER
-

Opera Philadelphia issued 30,000 tick- About 80 percent of attendees said among others.
No

ets during O17, according to post-festival their O17 experience improved their per- “We need to develop compelling artis-

$8 million research data given to the Philadelphia ceptions of Opera Philadelphia as a com- tic experiences that connect artists and
tf

Business Journal by Opera Philadelphia, pany. Innovative and ambitious produc- audiences so as to compete with all these
or

Gift given by Alan B. Miller, CEO of which reports 88 percent of attendees tions and quality productions were the other alternatives,” Devan said. “Percep-
Universal Health Services Inc., and were satisfied with their overall experi- top reasons that improved perception, tion of our festival brand as being vital,
c

wife Jill Miller to the Museum of the ence at O17. according to Opera Philadelphia research. alive and on the leading edge of artistic
om

American Revolution. The theater About 54 percent of attendees were “High perceptions and trust in our experiences is paramount.”
housing George Washington’s
first-time buyers, and 35 percent of those artistic choices is good and necessary in That’s particularly important as fund-
m

war tent was named after Alan, a


museum board member. who saw two or more productions during a modern age of increasing competition ing for the arts continue to dwindle and
er

O17 came from more than 70 miles from for people’s time and attention,” Gener- cultural organizations must diversify and
cia

Philadelphia. al Director and President David B. Devan develop new revenue streams.
Levels for word of mouth — a strong, told the Business Journal.
lu

influential marketing tool, particular- The opera company views itself as a


se

A FEW MINUTES WITH ...

JENNIFER D. MARTIN, EXECUTIVE DIRECTOR, THE CLAY STUDIO


The Clay Studio in Old City appointed We have nearly doubled our earned Together with the neighborhood,
Jennifer D. Martin as its new income to $1 million in the past six we launched the First Friday
executive director. Martin will lead the years. The Clay Studio budget has program and established the
organization through its expansion grown to $2.3 million over the last district as a destination for artists
and relocation to South Kensington. I five years, and our staff has grown and makers. Since then, Old
spoke with her about how the studio from 14 people in 2013 to 21 in City has grown into a thriving
has grown. Read the full interview at 2018. community of galleries, arts
pbj.com. What does the expansion mean for organizations, tech and advertising
How has the studio grown? The Clay the studio, Old City and the design agencies, boutique retailers, and a
Studio has quadrupled the number of industry in Philadelphia? At the culinary hub.
people coming through our doors in time of The Clay Studio’s founding,
the last five years. Our numbers have Old City had just taken on the brand
grown to 4,600 people served in our of the “design district” and our
school alone. organization was very much a part of
making this happen.
MARCH 23, 2018 9

Am
er
ica
n
Ci
ty
Bu
s
ine
ss
Jo
ur
na
ls
-No
tf
or
c om
m
er
cia
lu
se

VIS-001_Vistage_SilverTie_10x12.25-BH-1.indd 1 3/14/18 9:52 AM


10  PHILADELPHIA BUSINESS JOURNAL

ON FINANCE & LAW BY JEFF BLUMENTHAL

I JBLUMENTHAL@BIZJOURNALS.COM 215-238-5136 @PHLBIZLAWBANK

HEAD IN THE CLOUD


R R BIG NUMBER

$30M
The size of the loan fraud scheme
WHY A LOCAL EMPLOYMENT LITIGATOR JOINED
allegedly engineered by Gary A CLOUD-BASED LAW FIRM
Alan Frank, 47, of Philadelphia,

E
owner of Bala Cynwyd-based The ric Meyer spent his entire 17-year shoe law firm [with offices across the
Legal Coverage Group, which
contracts with employers desiring
legal career at traditional law firms country]. I am not in seven figures yet,”
Am

to offer a legal plan as part of their such as Schnader Harrison Segal & he said. “I would have to charge my cli-
employee benefits package. Federal Lewis and Dilworth Paxson. But he was ents an obscene amount of money. At
prosecutors charged Frank with wire recently recruited to join a firm that does FisherBroyles, my rates have actually gone
er

fraud and claimed he lied to lenders not have offices, associates, paralegals or down, dramatically in some cases.”
ica

about the size and profitability of his


company to obtain credit and even
billable hour requirements. FisherBroyles lawyers work from home
filed a bogus Chapter 11 bankruptcy Earlier this month, the employment offices but have centrally located confer-
n

petition earlier this year. lawyer became a partner at Fisher- ence room space in each city. In Philadel-
Ci

Broyles, which describes itself as the first phia, it has conference space at One Lib-
ty

and largest cloud-based law firm with erty Place and now has 10 lawyers who
R R BANK NOTES
more than 200 lawyers in over 20 cities. have practiced at big firms such as Dil-
Bu

In 2011, Meyer, chairman of Dilworth’s worth, Saul Ewing Arnstein & Lehr, Ste-
BB&T IMPORTS social media practice group, started a vens & Lee, Morgan Lewis & Bockius, Coz-
s ine

NEW LOCAL LEADER blog called “The Employer Handbook” en O’Connor and Reed Smith.
BB&T Corp. has changed its local that offers analysis on the latest news Broyles said the firm provides lawyers
ss

leadership, bringing in an executive involving workplace issues and case with the basics such as centralized admin-
from its North Carolina home law. The blog has garnered Meyer some istrative and accounting staff, software,
Jo

base to replace the retiring Scott national attention and become his chief liability insurance and document man-
Gamble as
source of client generation. And that led agement. Individual lawyers are respon-
ur

president for
its Delaware to a desire to work at a firm with lawyers sible for hiring their own legal assistants
na

Valley Region. around the country. or paralegals as needed.


Travis Rhodes
ls

“What attracted me was the national He said the firm operates as a meritoc-
has been footprint,” Meyer said. “If I engaged with lawyers with lower rates and overhead. racy, with lawyers compensated based on
-

named
a potential client in Colorado, they would Lawyers are known to be risk-averse simple, objective criteria such as client
No

president for
the bank’s ask if my firm had a Colorado presence. and behind other industries when it generation, billing clients and helping to
Delaware And when I said we didn’t have one, they comes to adapting to changes. But Fish- recruit new partners. The firm does not
tf

Valley Region, might offer us some federal work, but a erBroyles had an interesting proposition. hire lawyers with less than seven years
or

Scott which lot of them would say they need lawyers “You can make 80 percent of [the busi- experience and all of them are partners.
includes
Gamble on the ground there. FisherBroyles does ness] you generate instead of 30 percent,” Broyles declined to provide specific
c

community
om

banking have that.” Broyles said. “And you can have more data on the firm’s financial performance
markets in Philadelphia and The firm was started 15 years ago in flexibility and be more entrepreneurial. but did say it aspires to reach the AmLaw
m

surrounding Pennsylvania and Atlanta by intellectual property lawyers You are more in charge of your own des- 200, a list of the highest grossing U.S. law
New Jersey counties. Rhodes, 45,
er

Jim Fisher and Kevin Broyles. The pair tiny. There is not a lot of dictating from firms, within 18 months. That would take
who is regional corporate banking
were looking for a new economic model the top to raise rates.” it to at least $85 million in revenue based
cia

manager in Charlotte, N.C., will


assume his new role effective after the tech wreck of the early 2000s That was part of the appeal for Meyer. on last year’s list. Meyer noted that the
immediately. caused many of their clients to go out of “I don’t have a big enough book of firm would like to exceed 300 lawyers by
lu

business and those who survived to seek business to be considered by a white next year.
se
MARCH 23, 2018 11

R R BY THE NUMBERS R R QUOTABLE

U.S. News & World Report released its


annual law school rankings this week. Here “You won’t see us double in size any time soon. We will grow strategically if it fits
is how the six local schools ranked by 2016
employment rate for graduates 10 months
with the needs of our clients.”
after graduation. GRANT PALMER, Blank Rome’s incoming managing partner, on the firm’s future.
GRADUATE EMPLOYMENT RATE

PENN
Am

COUNT ON
95.7%
er
ica

OUR CAPITAL.
n
Ci
ty

Drexel
BUILD YOUR
Bu

83.7%
s

BUSINESS.
ine
ss
Jo
ur

Temple
na

83.2%
ls

Christine Carpenter, VP
-

610.263.0301
No
tf
or
c

Villanova
om

81.4%
m
er

COMMERCIAL
cia

LENDING
lu
se

Rutgers
80.2%
COMMITMENT YOU CAN COUNT O N.
SM

Widener
59.5%

RECENTLY FINANCED COMMERCIAL REAL ESTATE

$17,200,000 $9,925,000 $15,700,000


MULTIFAMILY MEDICAL OFFICE MULTIFAMILY
PERMANENT LOAN CONSTRUCTION LOAN CONSTRUCTION LOAN
Source: U.S. News & World Report
Note: Widener data is just for Delaware
Law School. Harrisburg data is not www.Provident.Bank
included.
12  PHILADELPHIA BUSINESS JOURNAL

Philadelphia Business Journal’s Inside the Reporter’s


INSIDE THE REPORTER’S NOTEBOOK: BANKING Notebook event “Navigating the New Banking Landscape”
was held Thursday March 15 at Hard Rock Cafe.

Bankers look into their crystal balls


BY JEFF BLUMENTHAL & CLARA LEFTON

At the Philadelphia Business Journal’s “Navigating


the New Banking Landscape” event last week, we
asked our panel of six local bank executives to tell us
about something people are not talking about now
regarding banking but could be in the coming years.
Here are their responses:

CHRISTOPHER EVELYN SMALLS RICHARD J. GREEN


Am

MAHER CEO, UNITED BANK OF CHAIRMAN AND CEO,


FIRSTRUST BANK
CEO, OCEANFIRST PHILADELPHIA
er

FINANCIAL CORP. Where will small Thinking over what


ica

community banks be? Jim said about artificial


I think 10 years
You know, because intelligence and just a
n

from now you may


the technology is more elaborate use of
Ci

have read stuff


really growing, and that. That’ll develop in
about blockchain
ty

JIM DEVER GERARD CUDDY and cryptocurrency.


millennials don’t go ways that we haven’t
REGIONAL PRESIDENT, into banks, and like even thought of. And
Bu

CEO, BENEFICIAL Within 10 years


BANK OF AMERICA things like apps and so, for Chris talking
BANCORP you’re going to start
so it’s just what will about blockchain I
s

We’ve got something to see very dramatic


ine

I think 10 years from banking look like? believe that bitcoin


very interesting differences in use of
now when you’re What will community as currency... I really
coming out in the that technology. It’ll
ss

here doing this panel banks look like? And don’t have much faith
next couple months come out first on the
and I’m in the back will there be more in that, but I think that
called Erica — much commercial side. Just
Jo

in my wheelchair. I mergers/acquisitions blockchain’s distributed


like Siri, much like to give you a minute
think half the CEOs combined? lender technology is
ur

Alexa. Erica and again background, bitcoin is


will be women, if not one of those second
na

really creative name a cryptocurrency that


more and I think that’s curb phenomena.
if you think Bank uses the technology.
ls

actually happening There’s this theory that


of America, Erica Blockchain is the
right now. If you we tend to overestimate
-

right? But it’s actually technology. So, to


look at some of the the impact of a
No

kind of artificial reduce it all down to


C-suite positions in phenomenon in
intelligence that when one thing: Blockchain
some of the larger the short run and
tf

you think about gives you the absolute


banks and also the underestimate it in the
or

whether it’s your most security of information.


community banks it long run and not unlike
sophisticated client. And then the roll out of
seems like, there’s a the internet itself, I
c

This would be very, what we saw, actually


IRA BROWN
om

great representation of think that distributed


very interactive. In the just this week, the first
women in the C-suite REGIONAL PRESIDENT, lender technology is
early going it may just real estate transaction M&T BANK
m

that just wasn’t seen. one of those things that


be things like, ‘Erica, in the U.S. — it was
er

This may be a little will pull in ways in our


how much did I spend done in Vermont —did
bit granular but for industry and in others
cia

on Amazon in the last a test where you don’t


the employees we that will [normalize] it
two weeks? In the last need title change with
have on the ground in 10 years.
lu

seven days? Erica, the charge because


today our typical And the last thing
what bills do I have you’re transferring real
se

relationship manager I want to say is that


coming up today? estate via blockchain
who’s going to serve while at Firstrust we’ve
What bills do I have in security. That will
a client is going to never been very heavy
the next week?’ Just grow.
fundamentally change on brick and mortar
very, very, very, very
— they’ve got to be able branches, I think one
interactive.
to adapt to all of this of the things that we’ll
technology. They’ve be talking about in 10
got to be able to work years is that there still
within a structure are branches. There
that is in a heavily should be maybe a lot
regulated industry fewer of them, but still
such as ours. So, I as much as the popular
think you’re going to concept is [that]
see the next generation branches are obsolete...
of bankers. millennials will still use
branches. Not as often
and for different things.
MARCH 23, 2018 13

BANKING LEADERS
BANKING LEADER
Am
er

SINCE 1934
ica
n
Ci
ty
Bu
s
ine
ss
Jo
ur
na
ls
-No
tf
or
c om

For over 80 years, area leaders


m
er

have relied on Firstrust to guide


cia

their growth and ongoing success.


lu
se

Family-owned, forward-thinking,
community-focused, we remain
dedicated to providing our customers
the very best in service, technology,
and solutions.

FIRSTRUST.COM
14  PHILADELPHIA BUSINESS JOURNAL

INSIDE THE REPORTER’S NOTEBOOK: BANKING

Bankers see bright future


BANK LEADERS EXPECT LOWER TAXES & LOOSER REGS WILL BENEFIT ECONOMY
BY JEFF BLUMENTHAL
& CLARA LEFTON

D
onald Trump campaigned for
president with a promise to
cut the corporate tax rate and
repeal the 2010 Dodd Frank Wall Street
Reform and Consumer Protection Act,
the landmark financial regulation over-
Am

haul enacted in response to the finan-


cial crisis.
er

A little more than a year after Trump


ica

was sworn into office, there has been


action on both fronts and a panel of
n

local bankers gathered recently for the


Ci

Philadelphia Business Journal’s “Nav-


igating the New Banking Landscape”
ty

event. They seemed upbeat about what it


Bu

could mean for their businesses and the


broader economy. They also said they feel
s

good about the state of the local econo-


ine

my despite the city of Philadelphia’s sub-


stantial tax burden.
ss

Last week, the U.S. Senate passed a


bill with bipartisan support (67 votes,
Jo

including 17 Democrats) to curb some


ur

of Dodd Frank’s regulations. Banks with


na

$50 billion of assets are considered “sys- CRAIG EY

temically important” and are governed Six bank executives offered their views on a wide range of topics at the Philadelphia Business Journal’s
ls

by more stringent regulations. The Sen- “Navigating a New Banking Landscape” event last week.
-

ate bill raises that threshold to $250 bil-


No

lion, leaving only a handful of the big- the threshold for being viewed as a “sys- Main Street, but I argue you actual-
gest banks facing the toughest oversight. temically important” bank to $250 bil- “The central ly are,” Dever said. “So, whether you’re
tf

The bill also exempts firms with lion assets. Others with local operations issue for me somebody with an investment account
or

less than $10 billion in assets from the include BB&T Corp., Citizens Financial and you’re getting the benefit of the div-
so-called Volcker Rule, which banks Group, KeyCorp and Santander Bank. with the CFPB idends or you’re truly mainstream Main
c

from making certain kinds of specula- “[It will] hopefully give us a little was that they Street — most likely between pension
om

tive investments that do not benefit their breathing room, but it’s still got to get funds or a 401K etc. you’re going to see
customers, and eased mortgage rules for through the House,” M&T Regional Pres- were given, those benefits.”
m

small lenders. The House of Representa- ident Ira Brown said. really, an United Bank of Philadelphia CEO Eve-
er

tives must now pass a version of the bill “What I’ve heard about it is that really, lyn Smalls said because she runs a small
unlimited
cia

before it can hit Trump’s desk. it’s more relief for large banks actually,” business-focused bank, her team has
“Some of the proposals of the bill were Firstrust Bank Chairman and CEO Rich- mission and been trying to make sure its small busi-
lu

supporting the community banks, which ard J. Green said. “So that it raises the ness clientele know about the changes.
tend to be out in the heartland,” Ocean- threshold from $50 billion to $250 bil- an unlimited “Most of them don’t take corporate
se

First Financial Corp. CEO Christopher lion, where they’ll have a more rigorous checkbook. If taxes into their tax review … S-corps and
Maher said. “So there were some rural test level. So, it’ll help I think there, and so forth and so there’s going to be a stated
or nonmetropolitan area provisions as it might as a result of that promote some they can get- 20 percent deductible, but there may be
well, which are good — you know here’s more acquisition of banks that were at a the funding a lot of complexities around that,” Smalls
some parts of the country where it’s dif- different level.” said. “A lot of things that they may think
ficult to find an appraiser. But in a met- As for the reduction in the corporate should come can be deducted but may not. So, we’re
ropolitan area like ours, we really don’t tax rate that kicks in this year, Bank of through cautioning them.”
have those same kinds of issues. So, there America Regional President Jim Dever Maher said it has caused a great shift
were a series of things that were identi- thinks some of the savings will be used the normal in confidence but OceanFirst’s mid-
fied to help community banks and pro- for additional investment but might not channels.” dle-market clients that have investments
vide help if you’re a bank in a non-met- enhance loan demand as many public abroad are keeping an eye on Trump’s
ropolitan area.” companies will look to increase divi- FIRSTRUST BANK plan to enact tariffs on foreign imports
CHAIRMAN AND CEO
At $120 billion in assets, M&T Bank dends or buy back stock. RICHARD J. GREEN, on
and spend money to improve the nation’s
would be one of 28 banks (ranked 13th “A lot of times those items are viewed the Consumer Financial infrastructure.
to 43rd nationally) affected by increasing as [not helping] the average person on Protection Bureau. “Those are all questions and if you
MARCH 23, 2018 15

Philadelphia Business Journal’s Inside the Reporter’s


Notebook event “Navigating the New Banking Landscape”
was held Thursday March 15 at Hard Rock Cafe.

own your own business despite hav- an unlimited checkbook. The fund- “I think what’s “And I think that’s probably a neces-
ing a good balance sheet and getting ing should come through the normal sary adjustment for the entire market
tax reform, you’re looking at that and channels.” more unnerving because we had an enormous amount
saying, `Do I want to make a long-term Locally, bankers are watching the to us right now of development over the course of the
investment if I don’t know whether there aggressive real estate development in last few years.”
will be an infrastructure bill or not? If I the city and suburbs, specifically to see at this point Asked if they believe city government
don’t know, am I going to spend more? if supply outstrips demand. in the site had hindered business growth with its
If I don’t know what my steel is going “I think what’s more unnerving to us policies on taxes and other things that
to cost, pretty much, I’m just not going right now at this point in the site devel- development, could be perceived anti-business, Cud-
to go out and make that commitment,’” opment, is just the sheer amount of is just the sheer dy said if you are a business looking to
Maher said. liquidity in the market,” Brown said. “... come into the city or expand here, “it
As for future of the Consumer Finan- Vacancy rates are higher in Philly than amount of really gives you pause.”
cial Protection Bureau, Dever said the they’ve been in a while … hopefully the liquidity in the “I’m not a resident of Philadelphia,
controversial regulatory watchdog has millennials view us as a destination — but I listen to [City Councilman] Allan
market.”
Am

done a good job with its mission, return- we’re at a high point right now. Domb all the time,” Cuddy said. “I think
ing $12 billion to $15 billion to consumers “So how stable that will be is the ques- M&T BANK REGIONAL
what he’s saying is there’s such a tidal
and he doesn’t see its structure changing tion. But yeah, a really good group of core wave of past-due taxes that haven’t been
er

PRESIDENT IRA
significantly. developers are here in Philly that I think BROWN, on aggressive collected. Now that could help alleviate
ica

Green thinks the CFPB might change can manage their way through.” real estate development some of the problem. So, I’m hoping that
from a single director structure to one Beneficial Bancorp CEO Gerard Cud- in the city and suburbs. the budget that we just proposed in the
n

with five directors, something similar to dy called the level of development a city of Philadelphia is a starting point.”
Ci

the SEC or FCC. He thinks it will adopt “once in a generation thing.” Green said business leaders are not
ty

a more collaborative tone than it did “We technically had a credit cycle for a averse to paying their fare share of taxes
during the Obama era. while and sooner or later, those projects or moving into the city due to all of the
Bu

“I think they’re clearly adversarial,” are probably going to come on, which positives that go with that.
Green said. “They clearly have a polit- means sponsor quality matters a lot,” “I don’t think they’re against that,”
s ine

ical point of view. The central issue for Cuddy said. Green said. “I think they’re against not
me with the CFPB was that they were “I also think things are slowing down using [the revenue] well and it not being
ss

given, really, an unlimited mission and a little bit but positively,” Cuddy said. cohesive.”
Jo
ur
na
ls
-

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16  PHILADELPHIA BUSINESS JOURNAL

ON REAL ESTATE BY NATALIE KOSTELNI

I NKOSTELNI@BIZJOURNALS.COM 215-238-5139 @PHLBIZNKOSTELNI

FROM THREE FLOORS TO ONE

Qlik finds its new headquarters in KoP


B
etween July 2016 and January “The facility itself was spectacular,”
2017, Perry Kaplan easily called Capone said. “It’s one floor instead of
Qlik 50 times trying to win its three, which is what we’re in right now.
real estate business. It’s one space instead of the bridges and
Am

Such is the burden of trying to sell corridors we have now, and the floor
your services to a client that has never plan was great so we’ll open it all up, and
met you, but Kaplan’s perseverance paid have the ability to have tons and tons of
er

off. After seven months, three pitch- collaboration space and not a lot of offic-
ica

es and a change in real estate directors es. I want it to be a showcase to bring cli-
at the data analytics software company, ents. I want the feel to be, ‘Hey, we are
n

Kaplan, who works as a managing direc- a tech company,’ but when you walk in
Ci

tor for Savills Studley, was hired by the [Qlik’s current office] it’s very tradition-
ty

company to help it search for new office al. I want to wow people. That will attract
space. employees from all spectrums or careers
Bu

Qlik ended up signing a 10-year but as we look to add some engineering


D2 SOLUTIONS
lease on 62,000 square feet at 211 S. and data science talent, it’s nice to have
s

A rendering of Qlik’s new headquarters at 211 S. Gulph Road in King of Prussia.


ine

Gulph Road in King of Prussia and lat- a facility like that.”


er this year will relocate its headquar- The deal also reflects the continued
ss

ters and 300 employees from 150 Rad- said. “It’s very traditional. We are a tech ton acquired the 102,204-square-foot attention King of Prussia continues to
nor-Chester Road in Radnor. How it got company, and I value that open space South Gulph Road property for $21 mil- receive from investors and tenants.
Jo

to that location came after an exhaustive and the ability to shout across the hall. lion. Roseview bought the single-story “King of Prussia is on the rise,” Mona-
search to find the right space for what If we have a problem, let’s get together property from O’Neill Properties Group han said. “There was nothing that was
ur

the fast-growing company wanted in a and solve it.” and the Arsenal Fund, which bought going to change or be different in Rad-
na

new headquarters. The company start- Kaplan and colleagues Tim Mona- it in 2007 and converted what was an nor. They would get a monument sign
ls

ed out in about 12,000 square feet at 150 han and Elaine Marquardt were figur- old data center into office space. When and that was OK, but is there any sweep-
Radnor-Chester Road in 2005 and has ing out the best options for the com- Roseview bought it, Accenture occupied ing plan to transformative? No. Would
-

grown to 64,000 square feet. pany including staying in Radnor but 62,000 square feet in the building but they have lived through a renovation?
No

“We were looking for a space that also considered spaces in West Consho- ended up vacating the space. Not long Yes. Would you get 30-foot high ceil-
would kind of blow out collaboration,” hocken at 100-200 Four Falls and 300 after that, Roseview enlisted D2 Solu- ings? No.”
tf

said Mike Capone, Qlik’s new CEO. “I’m Four Falls, as well as 980 Jolly Road in tions to come up with a plan to rebrand As a result of the lease, the building at
or

a big believer in a highly collaborative Blue Bell and 211 S. Gulph. The final- it with a series of renovations. 211 S. Gulph is now fully leased. Its oth-
environment.” ists were 211 S. Gulph, remaining at 150 Qlik was enamored with the build- er tenants are Academic Urology, Coti-
c om

That’s not so easy to accomplish Radnor-Chester and 100-200 Four Falls. ing and the proposed design changes. va Institute, Integrated Physical Thera-
where is it today, occupying multiple The South Gulph Road building rose to The company was originally going to py and Regulatory Datacorp Inc. Qlik is
m

floors at 150 Radnor-Chester. “[Our the top because it was a single floor and take 48,000 square feet but continued expected to move in this November.
er

current] building is beautiful and ser- the other options involved leasing two to grow during the search and leased
viced really well but you can see from floors. 62,000 square feet of the former Accen- Michelle Caffrey contributed to this
cia

the flow it’s not very open,” Capone In 2015, Roseview Group of Bos- ture space. report.
lu
se

LABEL HERE

EQUUS BUYS LIBERTY PORTFOLIO FOR $92M


Equus Capital Partners Ltd. has 440 and 460 E. Swedesford Road
acquired seven suburban office in Wayne, 300, 400, and 500
buildings for $92 million from Chesterfield Parkway and 45 Liberty
Liberty Property Trust. The sale Blvd. in Malvern and 2100 and 2201
further pares down Liberty’s Renaissance Blvd. in King of Prussia,
suburban office holdings, which according to a statement issued by
is part of a years-long strategy the Equus.
company has had to reposition Equus bought the portfolio
itself into an industrial real estate through a $361 million fund called
investment trust that also focuses on Equus Investment Partnership
urban centers. X. The firm has plans to upgrade
The buildings that were bought the interior and exterior of the GOOGLE STREET VIEW
total 592,942 square feet and were properties and ultimately sell them.
45 Liberty Blvd. in Malvern.
located in three different office The transaction was done directly
submarkets. The properties were: between Liberty and Equus.
MARCH 23, 2018 17

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Commercial Real Estate


com

It’s not just financing, it’s also knowing the landscape.


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Capital One® has the full-service capabilities Brian Sykes Bill Booth
CRE SVP, Originations CRE SVP, Relationship Manager
to handle all capital solutions, and the 617-747-1028 610-254-4811
commercial real estate expertise to get over brian.sykes@capitalone.com bill.booth@capitalone.com

hurdles that get in the way of your financing.


Jeff Wallace
CRE SVP, Relationship Manager
capital.one/cre 610-254-4809
jeff.wallace@capitalone.com

Products and services are offered by Capital One, N.A., Member FDIC. © 2018 Capital One.
18  PHILADELPHIA BUSINESS JOURNAL

Compiled by Sharon Oliver


215-238-5146, @PHLBizLists
soliver@bizjournals.com

COMMERCIAL REAL ESTATE BROKERAGES


RANKED BY NUMBER OF LOCAL LICENSED BROKERS
R CLOSER LOOK
Name / Address / Local real Local Local
URL Phone estate brokers employees offices Top local executive ABOUT THE LIST
This List has reverted
50 S. 16th St. #3000
1 CBRE Philadelphia, PA 19102 120 374 7 Robert Walters
back to its ranking from
cbre.com/philadelphia 215-561-8900 prior years. We thank you
for your comments, peer
1650 Arch St. #2500
2 JLL Philadelphia, PA 19103 86 180 6 Michael Morrone
review, and expressed
jll.com/philadelphia 215-988-5500 concerns as we continue to
improve The List.
1650 Market St. 33rd Fl.
3 Cushman & Wakefield of Pennsylvania LLC Philadelphia, PA 19103 60 150 7 Michael McCurdy
cushmanwakefield.com/ Information was obtained
215-963-4000
from firm representatives.
Am

1801 Market St. #500 Information on The List


4 Colliers International Philadelphia, PA 19106 58 52 6 Douglas Sayer
colliers.com/philadelphia was supplied by individual
215-925-4600 companies through
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1735 Market St. #3900 questionnaires and could


5 Newmark Knight Frank Philadelphia, PA 19103 57 88 6 Steven J. Cousart not be independently
ica

ngkf.com 215-561-8300 verified by the Philadelphia


2005 Market St. #1510 Business Journal. SSH Real
6 Marcus & Millichap Estate did not respond to
n

Philadelphia, PA 19103 50 10 2 Sean Beuche


marcusmillichap.com/about-us/offices/philadelphia-pennsylvania 215-531-7000 our inquiries by deadline.
Ci

Only those that responded


996 Old Eagle School Rd. #1117
7 NAI Geis Realty Group Inc. Wayne, PA 19087 36 62 3 Dean Geis
to our inquiries were listed.
ty

geisrealty.com 610-989-0300 In case of ties, companies


are listed alphabetically.
Bu

307 Fellowship Rd. #300


8 Metro Commercial Real Estate Inc. Mt. Laurel, NJ 08054 26 87 3 Tom Londres
metrocommercial.com NEED A COPY
856-866-1900
OF THE LIST?
s

1845 Walnut St. 6th Fl. Information for obtaining


MSC Retail
ine

Michael Salove
8 mscretail.com
Philadelphia, PA 19103 26 30 1
Douglas Green reprints, web permissions
215-568-2600 and commemorative
plaques can be obtained
ss

1621 Wood St.


10 The Flynn Company Philadelphia, PA 19103 25 55 3 Kevin Flynn from Jenny Clark at
flynnco.com 215-561-6565 877-397-5134 or jclark@
Jo

bizjournals.com.
21 Roland Ave.
11 NAI Mertz Mount Laurel, NJ 08054 24 13 3
Barry Mertz
ur

naimertz.com David Grove WANT TO BE


856-234-9600
ON THE LIST?
na

Edward Ginn
Robert Samtmann If you wish to be surveyed
531 W. Germantown Pike #103 when The List is next
12 Equity Retail Brokers Inc. Plymouth Meeting, PA 19462 21 24 1
Ken McEvoy
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equityretailbrokers.com Brian Wherty updated, or if you wish to


610-645-7700
Bart Delfiner be considered for other
-

David Goodman Lists, email your contact


information to Sharon Oliver
No

2 Logan Sq. 4th Fl.


13 Binswanger Management Corp. Philadelphia, PA 19103 20 36 2
Frank Binswanger, III
at soliver@bizjournals.com
binswanger.com David Binswanger
215-448-6000 and make sure to include
tf

John Morrissey which list(s) you wish to be


151 S. Warner Rd. #110
13 Jackson Cross Partners LLC Louis Battagliese surveyed inclusion.
or

Wayne, PA 19087 20 48 3
jacksoncross.com Pete Davisson
610-265-7700
Catherine Sennett MORE DATA AVAILABLE
c

300 Barr Harbor Dr. #150 Visit www.bizjournals.com/


15 Avison Young
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avisonyoung.com
West Conshohocken, PA 19428 19 35 2 David Fahey philadelphia/datacenter/lists
610-276-1080 For more list-specific data
1601 Walnut St. #900 including 2017 leased and
m

16 Mallin Panchelli Nadel Realty Inc. Philadelphia, PA 19102 18 20 1 Kenneth Mallin sold transaction details;
mpnrealty.com 215-413-4900 primary services offered;
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number of commercial
Patterson-Woods Commercial Properties/ 3801 Kennett Pike Bldg. D #100
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property managers and


16 CORFAC International Wilmington, DE 19807 18 20 1 W. Duncan Patterson
pattersonwoods.com 302-622-3500 expanded company profiles.
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1700 Market St. #3232


18 HFF Philadelphia, PA 19103 14 29 1
Mark Thomson
hfflp.com Doug Rodio
484-532-4200
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50 S. 16th St. #3400


18 Savills Studley Philadelphia, PA 19102 14 20 1
Hether Smith
savills-studley.com Greg Soffian
215-563-4000
951 Route 73 N. #D
20 Wolf Commercial Real Estate (WCRE) Marlton, NJ 08053 13 16 2 Jason Wolf
Wolfcre.com 856-857-6300
107 S. 2nd St. Fl. 4
21 Rittenhouse Realty Advisors Philadelphia, PA 19106 12 15 1 Ken Wellar
rittenhouserealty.com 215-454-2852
1 W. 1st Ave. #201
22 Cresa Conshohocken, PA 19428 10 13 2 John Behm
cresa.com 610-825-3939
2 Logan Sq. #520
23 Tactix Real Estate Advisors Philadelphia, PA 19103 8 22 1 Glenn Blumenfeld
tactix.com 610-688-1800
1500 John F. Kennedy Blvd. #1520
24 PernaFrederick LLC Philadelphia, PA 19102 6 8 1 Stephen Perna
pernafrederick.com 215-496-9675
2490 Blvd. of the Generals
25 Gola Corporate Real Estate Valley Forge, PA 19403 4 10 1 Mark Gola
gola.com 610-631-0333
1760 Market St. #900
25 Stockton Real Estate Advisors Philadelphia, PA 19103 4 12 1 James Paterno
stocktonadvisors.biz 215-636-4444

NOTES: NA - not available; NEW - New to the list; WND - Would not disclose
MARCH 23, 2018 19

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THE MUST-SEE PROJECTS AND MUST-MEET PEOPLE CHANGING OUR SKYLINE


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20  PHILADELPHIA BUSINESS JOURNAL

ABOUT THIS SECTION

HONORING THE REGION’S


GAME-CHANGING DEALS
JUDGES
G
Greater Philadelphia is full of feature on PBJ.com that has beome a
opportunity. major reader favorite.
Projects are sprouting up in This year, we received 50 nominations
Center City, King of Prussia, South for Best Real Estate Deals. That’s a
Jersey and across the region. It’s an record and it speaks to the rise in
exciting time. activity across almost all sectors.
Am

The Philadelphia Business Journal Of course, the entire program would


each year honors the Best Real Estate be impossible without our volunteer
Deals of the year – anything from judges who spent hours pouring over
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building sales to renovations to the nominations and choosing our


ica

project completions. honorees.


Through an extensive nomination We hope you enjoy the Best Real ANNE KLEIN BRIAN EDMONDS DAVID FAHEY
n

process, we endeavor to honor the Estate Deals of 2017. Congratulations Executive Managing Managing Director at Principal and Managing
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deals with the highest impact on the to all of our honorees. Director of Newmark SVN-The Concordis Director at Avison Young
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region – the gamechangers, if you — Craig Ey Knight Frank’s Global Group


will. Editor-in-Chief Corporate Services
Bu

We also honor the region’s Economic Group


Development Champions, people
s ine

who are leading the effort to grow


Greater Philadelphia.
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And, new this year, we are honoring


the Coolest Offices of the Year – the
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very best of our weekly Cool Offices


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MULTIFAMILY FINANCING EXPERTS


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ACQUISITION | REFINANCE | REHABILITATION | CONSTRUCTION


-

FREDDIE MAC | FHA


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SMALL BALANCE LOAN SMALL BALANCE LOAN
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10-YEAR FIXED, 4.07% 10-YEAR FIXED, 4.30%


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$1.08 MILLION CONTACT


ACQUISITION MICHAEL STATON

FREDDIE MAC MSTATON@COMMUNITYP.COM


SMALL BALANCE LOAN 646-822-6858
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UNCOMMON EXPERTISE. UNMATCHED IMPACT.


MARCH 23, 2018 21

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22  PHILADELPHIA BUSINESS JOURNAL

ONE RIVERSIDE
210 S. 25TH ST.,
PHILADELPHIA
Developer: Dranoff
Properties
Architect: Cecil Baker &
Partners
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Landscape Architect:
Studio Bryan Hanes
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Financing: M&T Bank


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BEST LUXURY HOUSING | ONE RIVERSIDE


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FIVE-YEAR OVERNIGHT SENSATION


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BY NATALIE KOSTELNI than originally expected. At the high end, there


have been sales at or hovering around $3 million

B
etween May and December 2017, 59 of One and $4 million. More than a dozen are a tad above
Riverside’s 68 condominiums closed for or below $2.5 million and nearly 25 transactions are
a total of $123 million, underscoring the below $2 million.
demand for high-end condos in Philadelphia. The success of One Riverside isn’t a fluke, said
The new owners at the tower at 225 S. 25th Carl Dranoff of Dranoff Properties. After completing
St. that was developed by Dranoff Properties are Symphony House and undertaking unsold condos
overwhelmingly from Philadelphia and the Main at 10 Rittenhouse and Two Liberty Place, projects
Line with a very small number from New York or that were taken back by the lender, Dranoff feels
New Jersey who have children attending schools in he has a playbook that was successfully deployed at
Philadelphia and bought a pied-à-terre for when One Riverside.
they visit. These residents are also at the top of “We know what will be highly appealing,” he
their professions and, if they don’t hold high power said in an earlier interview with the Business
positions, they are in the upper echelons of the city couple of units with the average size being between Journal. “We’re an overnight sensation in five years.
and region’s social scene. 2,200 and 2,600 square feet. Sale prices have been It took five years of planning to pull off project like
About 25 percent of the buyers have combined a more than $1,050 a square foot – about $50 more One Riverside.”
MARCH 23, 2018 23

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In 2017, Hyland Levin LLP real estate lawyers


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closed transactions for our clients with a


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collective value in excess of


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$1.3 billion dollars


Our real estate investor clients had a busy year, buying, financing
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and selling properties in New Jersey, Pennsylvania, Maryland, Virginia,


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New York, South Carolina and Florida. Our real estate transactional
team led by Mark Shapiro, includes Lauren Beetle, Stacy Asbell, Julie
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Murphy and Will Hanna. Together, we assisted our clients in over


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40 transactions involving multi-family, retail, office, warehouse and


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commercial properties.
Acquisitions ....................................$119,948,400 of purchase price
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Financings ............................................. $908,288,900 of loan value


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Sales.....................................................$344,259,500 of sales price

How can we help you in 2018?


Mark D. Shapiro Lauren A. Beetle Stacy L. Asbell
856.355.2929 856.355.2913 856.355.2914
shapiro@hylandlevin.com beetle@hylandlevin.com asbell@hylandlevin.com
Julie M. Murphy William F. Hanna
856.355.2992 856.355.2937
murphy@hylandlevin.com hanna@hylandlevin.com

New Jersey Office Philadelphia Office


6000 Sagemore Drive 1524 Locust Street
Suite 6301 Philadelphia, PA 19102
Marlton, New Jersey 08053
www.hylandlevin.com
24  PHILADELPHIA BUSINESS JOURNAL

BRIDGE ON
RACE —
RETAIL LEASE
205 RACE ST.,
PHILADELPHIA
Developer: Brown Hill
Development and Jeffrey
Brown Associates
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Broker: Josh Weiss of


MSC Retail
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HONOREE
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Rooms with a view


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BY NATALIE KOSTELNI
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D
uring the summer of 2016, Brown Hill
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Development and Jeffrey Brown Associates


topped off the Bridge, a 17-story apartment
tower at 2nd and Race streets in the Old City
neighborhood of Philadelphia. It was a long time
in the making. Brown Hill has been trying to get
the Bridge, which was once known as 205 Race,
out of the ground for about 15 years.
The project has 146 apartments and 13,480
square feet of ground-floor retail space. The retail
space wraps around the building and involves four
spaces that have been leased out in deals valued at
$6 million.
Three tenants are open in the building: United
by Blue, a new flagship environmentally conscious
apparel brand with a coffee house. It leased 3,463
square feet; Tuna Bar, a sushi restaurant, leased
2,586 square feet; Moxie Blue Salon, which is the
first location of a Marlton, N.J., hair salon; and the
fourth is a yet-to-be-disclosed tenant that rented
4,100 square feet.
MARCH 23, 2018 25

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26  PHILADELPHIA BUSINESS JOURNAL

1213 WALNUT —
PROJECT
DELIVERY
1213 WALNUT ST.,
PHILADELPHIA
Developer: Goldenberg
Group
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Financing: Wells Fargo


Architect: Design
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Collective
Interior Designer: RD
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Jones & Associates


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HONOREE
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Apartment living with a hotel feel


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BY NATALIE KOSTELNI
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oldenberg Group’s newly constructed


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apartment building at 1213 Walnut St. in


Center City is the company’s first large-scale,
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high-end apartment tower in Philadelphia.


The $126 million, 26-story building has 322
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apartments and rose on what was a parking lot.


The Blue Bell developer isn’t foreign to multifamily
development but 1213 Walnut was its first attempt
to capture where apartment living is headed and
Goldenberg thinks that future looks a lot like a hotel,
and 1213 Walnut was designed with this in mind.
The lobby has a front desk akin to a check-in area
and a 24-hour concierge along with a gas fireplace
and comfortable seating. While that sets the tone,
the second floor’s 11,000 square feet is dedicated
to amenities that include televisions, game rooms,
an outdoor patio, catering kitchen, a dog walk and
private alcoves in lieu of a business center.
Much like a hotel, there will be dining nearby. A
5,000-square-foot restaurant will line ground-level
space fronting Walnut Street and another 1,200
square feet of retail space will likely be a café on
Sansom Street. By providing a hotel experience, 1213
Walnut is seeking to differentiate itself amid an ever-
competitive marketplace.
MARCH 23, 2018 27

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28  PHILADELPHIA BUSINESS JOURNAL

ROWAN
UNIVERSITY —
HOLLY POINTE
COMMONS
15 CARPENTER ST.,
GLASSBORO, N.J.
Developer: University
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Student Living, a
division of the Michaels
Organization.
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Architect: Erdy
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McHenry Architecture
General Contractor:
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Torcon Inc.
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An aerial view of
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the project. Rowan


President Ali A.
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Houshmand speaks
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at the student housing


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BEST UNIVERSITY DEAL | ROWAN UNIVERSITY-HOLLY POINTE COMMONS


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STUDENT GROWTH PLAN


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BY NATALIE KOSTELNI
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A
s it continues to shape its campus, Rowan
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University has been methodically ensuring


it has all of the right elements to attract and
retain students, staff and faculty. One big part of that
is student housing, so Rowan initiated its first-ever
public-private partnership with University Student
Living, which is part of the Michaels Organization,
to develop a $145 million student housing complex
called Holly Pointe Commons.
The 302,900-square-foot complex involves four-
story and seven-story buildings that are connected by
a bridge. Holly Pointe Commons has space for 1,400
freshman, a 20,000-square-foot dining facility that
can seat more than 500 students as well as seminar
rooms and laundry facilities.
The project helps as Rowan grows its student
population, which has swelled by 6,000 during the
past six years. Enrollment is now 16,000 and by 2023,
the school expects that number to be 25,000.
MARCH 23, 2018 29

MRP | PHL RESIDENTIAL

1338 Chestnut Street 400 Walnut Street 1930 Chestnut Street


Philadelphia, PA 19107 Philadelphia, PA 19106 Philadelphia, PA 19103
Am
OFFICE

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111 N Independence Mall E 325 Chestnut Street 400 Market Street 3 Benjamin Franklin Pkwy
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Philadelphia, PA 19106 Philadelphia, PA 19106 Philadelphia, PA 19106 Philadelphia, PA 19102


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award-winning projects excellence in development

630 Sentry Parkway, Suite 300


Blue Bell, PA 19422
goldenberggroup.com • 610.260.9600
30  PHILADELPHIA BUSINESS JOURNAL

TATEL AT THE
BOYD THEATER
— RETAIL LEASE
1910 CHESTNUT ST.,
PHILADELPHIA
Landlord: Pearl
Properties
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Architect: Eimer Design


Brokers: Jacob Cooper
and Brittany Goldberg of
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MSC Retail
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Contractor: Streamline
Solutions
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HONOREE

Theatrical location
ur
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BY NATALIE KOSTELNI one of Philadelphia’s High Street Corridors. space. The project will cost $8.7 million. Jason
No

The landlord secured Tatel, a high-end Spanish Kramer and Josh Haber of Binswanger represented

O
ne of the keys to making the development restaurant owned by celebrities that also can be Tatel. Jacob Cooper and Brittany Goldberg of MSC
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of the Boyd Theater standout was finding a found at vacation destinations such as Ibiza and Retail represented Pearl Properties, the landlord
or

restaurant that would set the tone for not Miami Beach. and developer. Streamline Solutions is part owner
only the project but the location at 1910 Chestnut Tatel will occupy three floors totaling 13,243 in Tatel and is overseeing the construction of the
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St., just off Rittenhouse Square in the heart of square feet of what is a totally gutted former theater space.
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MARCH 23, 2018 31

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PHILADELPHIA BUSINESS JOURNAL OPEN NOMINATIONS!


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2018 BEST PLACES TO WORK AWARDS


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Do you love where you work? Is your company the best place to work in
Greater Philadelphia? Nominate now to be considered for the 2018 Best
m

Places to Work Awards.


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NOMINATE HERE
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HTTP://BIZJ.US/1PIIYY
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DEADLINE TO NOMINATE
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FRIDAY, APRIL 20 | 5:00PM

2018 SOARING 76 AWARDS


The Philadelphia Business Journal is launching its third-annual initiative to
identify the fastest-growing companies in the area.
The List will be based on average percent revenue growth over the last three
years. Will your company make the list? Nominate today!

NOMINATE HERE SPONSORED BY:


HTTP://BIZJ.US/1PIUMQ

DEADLINE TO NOMINATE
FRIDAY, JUNE 1 | 5:00PM

Event Questions? Advertising Opportunities?


Angelica Garcia | agarcia@bizjournals.com | 215-238-5111 Sandy Smith | ssmith@bizjournals.com | 215-238-5100
32  PHILADELPHIA BUSINESS JOURNAL

VIEW32
3201 RACE ST.
PHILADELPHIA

SUMMER12
3200 SUMMER ST.
PHILADELPHIA
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An artist’s rendering
of Summer12.
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DEAL OF THE YEAR | VUE32/SUMMER12


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MULTIFAMILY GOES NEXT L


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impressed the judges. “University City, as a general


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BY NATALIE KOSTELNI | NKOSTELNI@BIZJOURNALS.COM


statement, is on the move up,” said David Fahey, prin-

P
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cipal and managing director at Avison Young, and one


hiladelphia is awash with multifamily family projects. They’ve spread across every of the judges. “This is a little further out and I think is
neighborhood and as a result it can be difficult to notice when something distinctive a great location for new development. I think being
part of a transforming area is part of its significance.”
comes out of the ground. Such is the case with Vue32 and Summer12. ¶ The $60
Edmonds concurred and is hopeful that other
million development at 3201 Race St. and 3200 Summer St. in Powelton Village rose developers will take note. “It’s great to see this kind
on a vacant corner on the Drexel University campus. It involved constructing a 16-story building development moving into a neighborhood,” he said.
“We have to figure out how to get more development
with 164 apartments, a 180-student preschool, and soon 12 for-sale townhouses. While those
into the neighborhoods. It’s not deep inner city, but
details at first blush sound like a typical mixed-use development, Vue32 and Summer12 strove to it’s moving in that direction.”
be anything but and because of that and the challenges it overcame getting started, it has been When Drexel issued a request for proposals for the
development of the parcel at the corner of 32nd and
named the Philadelphia Business Journal’s Deal of the Year.
Race streets, the university had several goals in mind.
It wanted to find a way to increase homeownership in
“First of all, it’s a beautiful project,” said Brian University City has been experiencing a tremen- the community, provide new housing for faculty, staff
Edmonds, managing Director at SVN-The Concordis dous amount of development activity during the last and graduate students and make available a preschool
Group, one of the judges for the Best Real Estate Deals 20 years. Despite that, no large-scale private real estate that would cater to not only those who attend or work
of 2017 that named Vue32 and Summer12 as Project investment had made its way north of Race Street at Drexel but people in the community as well.
of the Year. “It was a huge financial investment, I love until Vue32 was proposed and ultimately completed. The university selected Radnor Property Group to
public-private partnerships — I think that’s the way to The fact that the project stretches development oversee the project’s design, to build it, finance it and
go — and there are so many dynamics to it.” activity in University City up to Powelton Village also own it in an arrangement in which Radnor has a long-
MARCH 23, 2018 33

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Views of the various


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features of Vue32.
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LEVEL IN UNIVERSITY CITY


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term ground lease with Drexel where Vue32 is located. The civic association worried about the influx of make a difference. “What stood out was the full pro-
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This arrangement can bring its own set of challenges. students living in the neighborhood. It’s a family-ori- cess of what it took to put this deal together,” said
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“Public-private partnerships can make things com- ented community and Radnor Property committed Anne Klein, executive managing director at Newmark
plicated because of the wants, needs and interest of to not renting the apartments to undergraduates but Knight Frank. “From compiling various parcels, with
each,” Fahey said. primarily to graduate students and young profession- a variety of zoning classifications, putting together the
The property had its own set of issues. The final site als instead. The civic association didn’t want surface right partnership, and developing something import-
involved combining 12 different properties and, as an parking and didn’t want to have the development ant to the community — graduate student housing,
assemblage, the parcel was bifurcated by two different obstruct the natural light of a nearby community gar- child care for professors and students’ children, and
zoning designations. Rather than agreeing to change den. To solve those issues, Radnor Property moved a lot of great amenities too.”
the zoning through an ordinance, Radnor Property the bulk of the building as far east on the site as it Construction of Vue32 was completed last summer
first engaged the community and pushed for a vari- could, extended a western plaza to respect the garden and the project is more than 50 percent leased and
ance, said David Yeager, who formed Radnor Prop- and create a more light and air, increased the build- that’s within the developer’s projections. Because of
erty in 1999. ing height, and buried the parking below the ground. its location in University City, the majority of renters
“In that process, we had 14 different zoning vari- To accomplish Drexel’s goal of boosting homeown- are Drexel faculty and staff and young professionals
ances, which I have never had to do before,” Yeager ership, the university sold a parcel to Radnor Property working at Children’s Hospital of Philadelphia, the
said. where it is developing the 12 townhouses. The design University of Pennsylvania and other nearby institu-
It took six months to go through the communi- of that part of the project was also taken into consid- tions. A small percentage of residents are those who
ty engagement process and Radnor Property worked eration to respect the scale of the neighborhood. The commute to New York. Work on the foundation for
with District Councilwoman Jannie Blackwell’s office townhomes are each four stories and, as a grouping, Summer12 is just getting underway and the town-
on that front. The project also went through several was designed to be a transition from the 16-story tow- houses are priced to sell for between $375,000 and
different designs as Radnor Property worked with the er to the lower-scale neighborhood. $450,000.
Powelton Village Civic Association to address commu- Taken as whole, Vue32 and Summer12 captured “We have reservations for them already,” Yeager
nity concerns. There were many. how complicated deals ultimately get done and can said. “That shows the demand in the market.”
34  PHILADELPHIA BUSINESS JOURNAL

WYNNE SENIOR
RESIDENCE
2001 N. 54TH ST.,
PHILADELPHIA

Developer: Pennrose
Architect: K&A
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Architectural Services
General Contractor:
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Domus Inc.
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BEST ADAPTIVE REUSE — WYNNE SENIOR RESIDENCE

ADAPTING A MARQUEE PROPERTY


BY NATALIE KOSTELNI It was always a significant part of the community. incorporated to hark back to the property’s past as
An effort among the Wynnefield Overbrook the Wynne Theater.

P
ennrose embarked on redeveloping the Revitalization Corp., the Philadelphia The project also has several amenities for the
former Wynne Theater, which is a landmark Redevelopment Authority and Pennrose led to residential community such as a gathering space,
that dates back to 1927. Though the building the revitalization of the property into Wynne fitness room and computer-library room. In
at 2001 N. 54th St. in the Wynnfield/Overbrook Senior Residence, a 51-unit affordable housing addition, 1,200 square feet of retail space with
section of Philadelphia started out as a theater, but development for seniors. While a new four-story room for an outdoor cafe was added to bring some
has played many different roles over the decades, building was constructed, design elements, vibrancy to the neighborhood.
including a banquet hall and entertainment venues. including a replica 20-foot tall marquee, were
MARCH 23, 2018 35

CONGRATULATIONS
Don Hinkle-Brown
President & CEO at Reinvestment Fund
on being named

Economic Development Champion of


Am

Greater Philadelphia
er

by the Philadelphia Business Journal


ica
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Ci
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Reinvestment Fund is a catalyst for change in low-income communities. We integrate data,


policy and strategic investments to improve the quality of life in low-income neighborhoods.
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Reinvestment Fund manages $1 billion incapital and has invested $2 billion nationally.
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Reinvestment.com
Twitter - @reinvestfund
Jo
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SAVE THE DATE:


MAY 10 | 5-8PM
SUGARHOUSE CASINO
Join the Philadelphia Business Journal for our Forty Under 40 Awards, celebrating the region’s rising stars. Mix and
mingle with new and current clients, brand your organization to local business leaders and honor our winners!
This evening cocktail reception draws a large audience of local movers and shakers – don’t miss it!

Event questions? Contact Angelica Garcia, Events Director at agarcia@bizjournals.com


Sponsorship or special section questions? Contact Sandy Smith at ssmith@bizjournals.com
36  PHILADELPHIA BUSINESS JOURNAL

CENTRE SQUARE
1500 MARKET ST.,
PHILADELPHIA
Buyer: Nightingale
Group
Seller: Equity
Commonwealth
Brokers: Robert Fahey
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and Jerry Kranzel of


CBRE Inc.
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BEST SALE | CENTRE SQUARE


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$328M FOR A PRIME SPOT


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BY NATALIE KOSTELNI investment trust sold the former and redeveloped Post
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Office building across from 30th Street Station for $354

A
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partnership involving Nightingale Group, a New million.


York real estate firm, bought Centre Square for Centre Square, built in 1974, consists of a 36-story
$328 million, or $187.47 a square foot. East Tower and a 43-story West Tower. Large multifloor
The 1.8 million-square-foot complex, which is referred tenants dominate the complex. Radian, the University
to as the Clothespin Building for the iconic sculpture by of Pennsylvania Health System, Towers Watson, Public
Claes Oldenburg, was 91 percent leased at the time of the Health Management Corp, Saul Ewing, and Comcast Corp.
sale and is among one of the largest office deals based on are among the companies occupying space in the property.
square footage in the city. Equity Commonwealth was In addition, it has a 450-space parking garage as well as
the seller and had put the two-building property on the 41,000 square feet of retail space.
market in March 2016. It is among one of the largest office It’s anticipated the new owner will launch a series
properties to trade in Philadelphia and one of the largest of capital improvements. There’s room for millions to
in terms of dollar amount. be spent on redoing Centre Square’s drab, dated lobby,
Other big sales in recent years include several involving sealing up leaky skylights, as well as reactivating its front
Brandywine Realty Trust. In 2013, Brandywine finalized plaza where the famed Clothespin sculpture stands.
buying One and Two Commerce Square, a 2.2 million- Robert Fahey and Jerry Kranzel of CBRE Capital
square-foot complex in Center City for $331.8 million, Markets represented Equity Commonwealth in the sale of
or $175 a square foot. In another deal, the real estate Centre Square.
MARCH 23, 2018 37

WE FURNISH SOLUTIONS!
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the newest, highest quality products along with superior customer support to our commercial,
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educational, healthcare, government and residential customers.


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Our team at 309 Office Furniture will work with you to plan your office space. From design, layout,
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delivery and installation - while staying within your budget.


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215-822-3333
888-822-3333
info@309officefurniture.com

Visit us at the Harleysville Home Show, Indian Valley Middle School

Friday, March 23rd, 7pm - 9pm and Saturday, March 24th, 9am - 4pm
38  PHILADELPHIA BUSINESS JOURNAL

COMMONWEALTH
CAMPUS
2301 E. ALLEGHENY AVE.
PHILADELPHIA
Developer: BG Capital
Architect: Lighthouse
Architecture
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HONOREE
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Better days ahead


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BY NATALIE KOSTELNI University and Pediatric Dental. Through its redevelopment,


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BG capital was able to land a new major tenant to the property,


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B
G Capital paid $18.48 million for the Northeastern signing the Drug and Alcohol Rehabilitation Center to 55,000
Hospital, which had seen better days. The square feet of space. The company also bought a surface
c om

237,472-square-foot complex sits on 17.42 acres at 2301 parking lot across the street that totals 10.59 acres where
E. Allegheny Ave. in Philadelphia and the goal of BG Capital it will construct a 144,000-square-foot drug and alcohol
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was to reposition it as an updated medical office complex treatment facility. BG Capital has invested $51.65 million in
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called the Commonwealth Campus. repositioning the Commonwealth Campus.


The property already had a strong anchor tenant in Temple
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MARCH 23, 2018 39

Franklin’s

S H O PSATPE N N .CO M
Table DOMUS CONGRATULATES PENNROSE AND

Food Hall: IS PROUD TO BE PART OF THE TEAM!

Best Real
Estate Deals
Am
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of 2017
ica
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General Contractors, Preconstruction and Construction Management


ty
Bu

3401 Walnut Street


s

Philadelphia, PA
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Visit us at www.domusinc.net or contact us at


marketing@domusinc.net for
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#S HOPPE N N more information


@S HOPSATPE N N
Jo

346 East Walnut Lane Philadelphia, PA 19144


ur
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-No
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WHO WILL BE AWARDED 2018 CFO OF THE YEAR?


NOMINATE TODAY: http://bizj.us/1pjcx3
DEADLINE: FRIDAY, MAY 18 | 5:00PM

PROGRAM SPONSORS
40  PHILADELPHIA BUSINESS JOURNAL

CENLAR FSB-
OFFICE LEASE
780 TOWNSHIP LINE
ROAD, YARDLEY
Landlord: W.P. Carey
Scope of Deal: 105,584
square feet of office
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space
Brokers: Steve Tolkach,
Neil Brazitis and Sid
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Smith Newmark Knight


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Frank; Tom Weitzel and


Patric Grenko of JLL.
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HONOREE

Tenants shuffled for big lease


Jo
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BY NATALIE KOSTELNI Frank identified a 105,584-square-foot building at 780


-

Township Line Road in Yardley that would work, but the only
No

C
enlar FSB is a loan servicing firm based in Ewing, problem was it was occupied by several tenants. Tom Weitzel
N.J., that wanted to expand into the Pennsylvania and and Patrick Grenko of JLL represented the landlord, W.P.
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wanted to do so quickly. A team consisting of Steve Carey, in helping to relocate those tenants, thereby making
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Tolkach, Neil Brazitis and Sid Smith of Newmark Knight the entire property available for Cenlar FSB.
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MARCH 23, 2018 41

is pleased to announce

HELPING TO BUILD A STRONG FOUNDATION


FOR PENNSYLVANIA’S FUTURE
PROPERTY DUE DILIGENCE has renewed
its lease at
BROWNFIELDS SERVICES
SITE INVESTIGATION AND REMEDIATION
ENVIRONMENTAL COMPLIANCE
Am

GEOTECHNICAL/FOUNDATION ENGINEERING
WATERFRONT/MARINE ENGINEERING
CONSTRUCTION SUPPORT
er
ica

For more information, contact:


CBRE occupies 15,000 sf
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Ernest Hanna, PE, 267.464.3612, ernest.hanna@gza.com at Center City’s New Two.


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John Oberer, LSRP, 609.209.2823, john.oberer@gza.com


Special thanks to Tony Rossi of CBRE
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www.gza.com
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for leasing information


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Morgan Murray Joe McManus


215.561.8961 215.561.8960
morgan.murray@cbre.com joe.mcmanus@cbre.com
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42  PHILADELPHIA BUSINESS JOURNAL

Am
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Rendering of downtown NoBA District


Jo
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THANKS TO
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NOBA DISTRICT- BERNARDON –


ACQUISITION/
or

LOWER MERION T
DESIGN ARMY
CONSTRUCTION
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10 UNION AVE., 1
CYNWYD ROAD, 200
BALA AVE IN BALA
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CYNWYD
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Developer: Cross
Properties
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Architect: Bernardon
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Bank: Beneficial Bank


HONOREE
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It takes a village
BY NATALIE KOSTELNI and the Dane is an existing apartment building on
Bryn Mawr Avenue across from the Wynnefield train

C
ross Properties is focusing on a corner of station that Cross will redevelop. A third project
Lower Merion’s Bala Village that has all but called the Grant will go on five properties that
been ignored for years, planning to spend Cross purchased on Cynwyd Road. It will have 70
roughly $150 million to develop its own little village apartments once completed along with 7,000 square
in the area branded as NoBA. feet of retail space. The final component, called the
In separate transactions, the developer assembled Mayer — 80 units and 10,000 square feet of retail
14 different properties and will create four distinct space — will also go on a five-property assemblage
projects that will reshape a part of Bala Cynwyd that along Bala Avenue.
has been on the township’s radar for years. All of the projects are scheduled to be completed
Cross currently has two projects under by 2020 and advance a vision of reviving an enclave
development: The Kelly will have 109 apartments in Lower Merion.
MARCH 23, 2018 43

SUBSCRIBERS GET MORE.


Non-Subscriber

Subscriber

Get access to subscriber-only tools


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to grow your business.


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ica

– Exclusive Business News: Develop a deeper understanding of local issues and


trends in your community. Discover what’s at stake for you and your business. the Philadelphia Business Journal’s
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– Book of Lists: Who’s on top and who’s on their way up? Survey the business Best Real Estate Deals of 2017.
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company rankings.
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CIOS THE
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NOMINATE A PHILADELPHIA CIO


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Anyone is invited to nominate a deserving chief information officer


from Philadelphia for the 2018 Philadelphia CIO of the Year® ORBIE®
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44  PHILADELPHIA BUSINESS JOURNAL

THE VIEW-PHASE
II-FINANCING
12TH STREET AND CECIL
B. MOORE AVENUE,
PHILADELPHIA
Developer: Goldenberg
Group
Financing: Goldman
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Sachs & Co.’s Broad


Street Real Estate
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Credit Partners III fund


provided $163 million in
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nonrecourse financing
for the development.
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Ackman-Ziff served
as capital adviser to
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Goldenberg.
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General Contractor:
Intech Construction
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Architect: Niles Bolton


of Atlanta
s
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HONOREE
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Project rises on former high school site


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BY NATALIE KOSTELNI

C
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onstruction started last fall on a $199


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million student housing project next


to Temple University’s main campus in
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Philadelphia that will be a companion to the View


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at Montgomery.
The Goldenberg Group of Blue Bell is the driver of
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the 470,000-square-foot development at 12th Street


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and Cecil B. Moore Avenue that is referred to as View


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II. It is being developed on the site of the former


John Wanamaker High School, which Goldenberg
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purchased in 2008 for $10.75 million and where


it set out to build a two-phased master-planned
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student housing community.


The View II project will have 368 residences and
a total of 984 beds. The units will be fully furnished
and include amenities like a 24-hour concierge,
coffee bar and fitness center. There will be 30,000
square feet of ground-level retail, restaurant and
commercial spaces.
The View at Montgomery was the first phase
of the plan to redevelop the former Wanamaker
site. That project involved a $100 million 14-story,
320,000-square-foot building with 832 beds in 238
residences along with 11,000 square feet of first-
floor retail. It opened in 2014 and has been fully
occupied ever since.
View II is the final phase of the redevelopment of
the 4.6-acre parcel and is expected to be complete
in the summer of 2019.
MARCH 23, 2018 45

A special thanks to
Fred Chiarlanza
for his time and commitment
to EBA
Amy Hennessey, Executive Director
amy@employingbricklayers.org
610-834-8400
Congratulations to Radnor Property Group
Honoree for Best Real Estate Deals of 2017
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Vue32/Summer12
er
ica
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GET OUR NEWS


Ci
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ALL DAY ON TWITTER.


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@PHLBizJournal
s
ine

Celebrating 100 Years in the Construction Industry


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TNWard.com
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TNWard_PhilaBusinessJournal_BestRealEstateDeals2017Ad_03-16-18.indd 1 3/16/2018 1:58:52 PM


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RADNOR PROPERTY GROUP &


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DREXEL UNIVERSITY
er
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A CREATIVE PARTNERSHIP
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ENHANCING COMMUNITY SERVICES


AND PROVIDING NEW RESIDENTIAL
HOUSING OPPORTUNITIES IN THE
HEART OF UNIVERSITY CITY.

vue32.com
46  PHILADELPHIA BUSINESS JOURNAL

ASTRAZENECA’S
NORTH CAMPUS
1800 CONCORD PIKE,
WILMINGTON
Buyer: Delle Donne
Associates
Seller: AstraZeneca
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Pharmaceuticals
Brokers: Jim Galbally
and Blaise Fletcher of JLL
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BEST SALE/LEASEBACK | ASTRAZENECA’S NORTH CAMPUS


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A DEAL TO SELL BUT STAY PUT


cia
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BY NATALIE KOSTELNI property on Concord Pike or relocate to another loca- three-stories and 153,949 square feet. That 58-acre par-
tion in Delaware. The company has 1,500 employees cel has been approved for an additional 832,000 square

A
straZeneca Pharmaceuticals sold its North working in the state. feet of office space.
American headquarters in Wilmington for The company decided staying at 1800 Concord Pike In 2013, AstraZeneca sold the Rollins building, a
$50 million in a transaction that further and pursuing a sale and leaseback arrangement with 15-story, 200,000-square-foot office structure at 2200
shrunk its presence in Delaware. a real estate investor worked best to ensure it would Concord Pike for $10.5 million. AstraZeneca Phar-
Referred to as its north campus, the property con- have the space to meet its present and future needs. The maceuticals, which had previously vacated the entire
sists of four main office buildings totaling 865,000 company plans to update the space while at the same building, bought the property 15 years ago for about
square feet along with a 621-space parking garage on time reducing operating expenses. $37.9 million. AstraZeneca also sold a day care facility
79 acres at 1800 Concord Pike. An affiliate of Delle Don- The sale came on the heels of the pharmaceuti- it had maintained near its campus. The company does
ne Associates purchased the campus and leased it back cal company selling other properties it owned in the continue to own a manufacturing plant on Old Balti-
on a long-term basis 371,000 square feet in two of its Wilmington area. It unloaded its south campus,which more Pike in Newark, Del.
buildings — Brandywine and Alapocas — to AstraZenca. is located off Concord Pike, in 2014 for $44 million. Jim Galbally and Blaise Fletcher of JLL arranged the
In 2016, AstraZeneca began looking at whether it JPMorgan Chase bought the two buildings — a four-sto- 1800 Concord transaction.
would keep its North American headquarters at its ry, 203,602-square-foot structure and another that is
MARCH 23, 2018 47

FRANKLIN’S
TABLE FOOD
HALL
3400 WALNUT ST.,
PHILADELPHIA
Broker: MSC Retail
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BEST RETAIL LEASE | FRANKLIN’S TABLE FOOD HALL


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NEW MENU FOR STUDENTS


na
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- No

BY NATALIE KOSTELNI a scaled-down outpost of the restaurant in Fishtown; the


Juice Merchant Juicery and Cafe; Little Baby’s Ice Cream;

P
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hiladelphia has embraced the food hall concept Double Knot Sushi; and High Street Provisions. MSC Retail
or

with vigor and University City was due for one. wanted to find purveyors who were “Best in Class,” had
The University of Pennsylvania sought to fill a strong brand recognition in Philadelphia and would
c

that void with a 10,000-square-foot first-to-market provide a variety of offerings that weren’t already in
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food hall in the former Moravian Food Court at 3400 University City.
Walnut St. Thus, Franklin’s Table Food Hall was born. Franklin’s Table Food Hall is part of a retail master plan
m

MSC Real Estate was responsible for leasing the space. that the University of Pennsylvania adopted in 2015 that
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The space has 174 indoor seats and seven food stalls. seeks to make University City a destination for shopping,
cia

Among the tenants are: Goldie by CooknSolo restaurant dining and tourism.
group; Pitruco Pizza, which is a brick-and-mortar version
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of the food truck of the same name; Kensington Quarters,


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Rendering of downtown NoBA District

THANKS TO OUR PARTNERS


BERNARDON – BARTON – KEN AARON
LOWER MERION TOWNSHIP – RIVAL BROS
DESIGN ARMY – YOHN ENGINEERING

@NOBADISTRICT
48  PHILADELPHIA BUSINESS JOURNAL

Views of
NORTHERN EDGE
properties in
421 N. 7TH ST., 417 N. the Northern
8TH ST., 444 N. 3RD Edge.
ST., 437-461 N. 3RD ST.,
309-315 CALLOWHILL
ST. 827 SPRING GARDEN
ST. AND 600 SPRING
GARDEN, PHILADELPHIA
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Developer: Arts & Crafts


Holdings
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BEST MULTI-PROPERTY ASSEMBLAGE | NORTHERN EDGE


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LIVING ON THE EDGE


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BY NATALIE KOSTELNI
er

D
uring the last two years, Arts & Crafts
cia

Holdings has invested $150 million acquiring


20 properties of which eight are multitenant
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office buildings so far comprising this fledgling but


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growing office submarket. The company earlier this


year sealed up another deal to bolster its position
and acquired a portfolio of four properties for $30.5
million.
All of these buildings are located on and around
Spring Garden Street, stretching down to Ridge
Avenue across to North 3rd Street. Some people refer
to the area as Callowhill, others call it Chinatown
North, but it is now being branded with new names:
Spring Arts and the growing office submarket 421 N. 7th St. is one property that is part of the assemblage.
portion of it is being dubbed Northern Edge. If
a company leased office space there, it would be
leasing space in the Northern Edge of Spring Arts.
There has been early signs of success at Northern
Edge. Tenants are moving into the buildings and
many are excited to be part of something new that is
emerging in Philadelphia.
MARCH 23, 2018 49

PHILADELPHIA BUSINESS JOURNAL

OF PHILANTHROPY
VIP TABLES NOW AVAILABLE:
Am

http://bizj.us/1pj4ew
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THURSDAY, APRIL 12 | 7:00 - 11:00AM


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CRYSTAL TEA ROOM PHILADELPHIA, PA


Bu
s
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Join the Philadelphia Business Journal as we honor


ss

the most impactful philanthropic initiatives between


for-profit and non-profit companies as well as the
Jo

Top 25 Law Firms by pro bono hours that make up


ur
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Philadelphia’s Faces of Philanthropy.


ls
-
No
tf

Event questions? Contact Angelica Garcia at


or

agarcia@bizjournals.com or 215-238-5111
c om

Sponsorship opportunities? Contact Sandy Smith at


ssmith@bizjournals.com or 215-238-5100
m
er
cia

CONGRATULATIONS 2018 HONOREES


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AC Moore Arts & Citizens Bank with Main Line Accounting Philadelphia
Crafts Inc. with Citizens Champions with Philadelphia Homeowner
Easterseals in Action Youth Basketball Resource with
Rebuilding Together
Akin Gump Strauss CMI/Compas with NewSpring Capital Philadelphia
Hauer & Feld Liguori Academy with The Greenlight
(Philadelphia office) Fund Vanguard Group with
Evolve IP with Junior
with Support Center Children’s Hospital of
Achievement PECO and
for Child Advocates Philadelphia
Philadelphia Zoo
Co-Sponsor: FS Investments with
AmerisourceBergen Wells Fargo with
ACHIEVability Philadelphia Eagles
and Toll Brothers with National Adoption
with Children’s
CEOs Against Cancer Independence Blue Center
Hospital of
Cross with Justice
Benjamin’s Desk/1776 Philadelphia White and Williams
with Episcopal Center for Research, with Adopt A School
Community Services Penn State University PNC Bank with United Initiative
Way of Greater
Berkshire Hathaway KPMG with First Philadelphia and
Book and People’s
HomeServices with Southern New Jersey
Emergency Center
Cradles to Crayons
50  PHILADELPHIA BUSINESS JOURNAL

VERTEX INC.
2301 RENAISSANCE
BLVD., KING OF PRUSSIA
Landlord at the time
of the lease: Liberty
Property Group
Architect and Interior
Designer: Francis
Am

Cauffman
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BEST NEW HEADQUARTERS | VERTEX INC.

FROM 7 SITES TO 1 HQ
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BY NATALIE KOSTELNI it had occupied in seven buildings. Those properties


included five buildings totaling 130,000 square feet
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V
ertex Inc. signed an 11-year lease on 168,000 off Cassatt Road in Berwyn where it had been since
square feet at 2301 Renaissance Blvd. in King 1987, as well as space it occupied in the Freedom
of Prussia, moving from a complex at 1041 Business Center and Chesterbrook Corporate Center.
Old Cassatt Road in Berwyn. Matt Feeney of Cresa The benefits of consolidating into a single
Partners represented the company in its search. building led Vertex to also pursue other options.
Vertex invested $23.5 million in the space It looked at multiple buildings in an area bound
including installing new technology equipment, by Exton, Plymouth Meeting, Conshohocken,
furniture and other additions. It received $1.2 West Conshohocken and Newtown Square. The
million from Pennsylvania in the form of grants and Renaissance Boulevard property rose to the top of its
tax credits for creating 225 new jobs over the next list for several reasons.
five years. The company, which provides corporate It allowed the company to consolidate into
tax software and solutions, has 560 employees a single space, it had large floorplates that gave
throughout the region and 850 employees it flexibility in design and configuration, it had
worldwide. abundant natural light, access to food and fitness,
Vertex search for a new home had been going as well as being centrally located. The building on
on for a couple of years and it considered multiple Renaissance Boulevard totals 190,000 square feet.
options including staying put in 190,000 square feet
MARCH 23, 2018 51

HONOREE

Rubenstein acquires landmark


BY NATALIE KOSTELNI

I
t took nearly two years to wind
through what was called a complicated
WANAMAKER — transaction, but the Wanamaker
SALE/ building, one of Center City’s largest and
FINANCING most well-known structures, took on a
1300 MARKET ST., new ownership partner last year.
PHILADELPHIA Rubenstein Partners of Philadelphia
Buyer: Rubenstein paid $194 million to acquire a majority
Partners ownership stake in the landmark
Seller: TIER-REIT building at 100 Penn Square East. The
Am

Financing: Beneficial deal brought Rubenstein back into the


Bank Philadelphia office market. Amerimar
er

Brokers: Jim Galbally, Partners continues to own an interest in


Chad Orcutt and John
ica

the property.
Plower of JLL The process to reach closing was
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lengthy – mainly because it concerned


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a lot of different parties. There were


four unrelated entities involved in the
ty

building’s air rights; two loans, with at


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least one that needed to be assumed;


the office and garage components were
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collateralized separately; and three existing


ine

financing and the seller was TIER-REIT. is occupied by Macy’s across three floors
parties were involved in the sale.
The 12-story structure totals 1.4 million through 2027. The remainder is office space.
Jim Galbally, Chad Orcutt and John
ss

square feet, making it the second-largest The property also has a 660-space parking
Plower of JLL marketed the building and
building in the city’s Central Business garage.
JLL was also involved in financing the
Jo

District. Of that space, 450,000 square feet


transaction. Beneficial Bank provided
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"The space makes a huge difference.


-

The new office fosters innovation and

Let us
No

unleashes the creativity of our staff."


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or

ANDREW APRILL PRESIDENT AND OWNER, BIOVID


c

tackle your
om
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er

toughest
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project.

Biovid Corporation
Congratulations
on being chosen as
one of the top ARCHITECTS
clemensconstruction.com
Cool Offices of 2017 WWW.KSSARCHITECTS.COM
52  PHILADELPHIA BUSINESS JOURNAL

CAPITAL ONE
802 DELAWARE AVE.,
WILMINGTON, DEL.
Landlord: Equity
Commonwealth
Brokers: Neal Dangello,
Wills Elliman, Jeff Mack
and Brett DiClemente of
Am

Newmark Knight Frank


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ica
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ty
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BEST LEASE RENEWAL | CAPITAL ONE


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STAYING IN WILMINGTON
ls
- No

BY NATALIE KOSTELNI
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A
or

s its lease was nearing expiration, Capital One re-


evaluated its real estate options, including where it
c

might lease or even develop a new building along the


om

Christina Riverfront in Delaware. In the end, the financial


institution signed concurrent 10-year leases on a total
m

of 330,000 square feet at 800 and 802 Delaware Ave. in


er

Wilmington. The company has 2,200 employees in the city.


cia

The lease not only meant that Capital One was making a
long-term commitment to Wilmington but also allowed it
lu

to consolidate its employees into two buildings rather than


be scattered around the city. The bank signed a new lease
se

240,000 square feet of space at its existing offices at 802


Delaware, where it has been since 2011 when it bought ING
Direct. Though it will remain in that space, it signed a new
lease on 90,000 square feet at 800 Delaware. Neal Dangello,
Wills Elliman, Jeff Mack and Brett DiClemente of Newmark
Knight Frank arranged the transaction.
MARCH 23, 2018 53

EASTERN TOWER
1001 VINE ST.,
PHILADELPHIA
Am
er
ica
n
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ty
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BEST FINANCING | EASTERN TOWER


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SOURCES FOR CHINATOWN TOWER


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BY NATALIE KOSTELNI is a signature development that will establish a new The building will sit on three parcels totaling
anchor for the community. PCDC worked for six nearly a half-acre at 10th and Vine. It will have

T
he Philadelphia Chinatown Development Corp. years to finance the project before lining up several 150 apartments, 18,000 square feet of office space,
closed last year on $75 million financing and funding sources. 17,000 square feet of community space, as well
began construction of Eastern Tower, a 20-sto- For example, it received: $1.3 million from as room for an early childhood learning center.
ry, 200,000-square-foot mixed-use project at 10th and Pennsylvania’s Redevelopment Assistance Capital It will also have 30,000 square feet of retail and
Vine streets in Philadelphia. Program; $42 million in senior debt from two banks; commercial space. It has long been the vision of
The project is being developed by PCDC and $33 million in so-called EB-5 funds; $1 million the leaders in Chinatown to push development
JNA Capital Inc. Eastern Tower will be the largest from the William Penn Foundation; and an earlier north of Vine Street, which literally bisected the
project to be built in Chinatown and the biggest to commitment of $3.7 million from the state as well community. It is hoped that Eastern Tower will
be developed by a community-based nonprofit in as $9 million New Market Tax Credits that will go attract more activity in that direction.
Philadelphia. toward building the project. These are just some of
The project has been in the works since 2011 and the funding sources that were tapped for the project.
54  PHILADELPHIA BUSINESS JOURNAL

SONO
456 N. 5TH ST.,
PHILADELPHIA
Landlord: Alliance
Partners HSP
Am
er
ica
n
Ci
ty
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BEST REDEVELOPMENT | SONO


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THE COOLEST KID ON THE BLOCK


m
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BY NATALIE KOSTELNI what we had planned. We were hungry and these


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TARGET

are the fish we caught.”

W
se

hen Target Corp. signed a lease to open YARDS


Steve Niggeman of Metro Commercial Real Estate
BREWING COMPANY

its fifth small format store, it chose represented Target in the lease.
Philadelphia’s Northern Liberties CITY
ARCHIVES
Alliance bought the building four years ago when
neighborhood. The retailer was expanding again, it was focused on buying properties in urban areas
but the decision meant more than that. rather than suburban. It first wanted to convert
Target signed a lease on 47,000 square feet at 456 the old warehouse into creative office space. At one
N. 5th St., a building that used to house Destination point, the Market Place Design Center considered it
Maternity, and had been under redevelopment by as a possible site to relocate.
Alliance Partners HSP, a Bryn Mawr real estate firm With office tenants looking at the building but
since it bought it in 2014 for $14 million. not signing any leases, Alliance moved to get the
The Target lease also meant that the building, property rezoned to accommodate a mix of uses
which has 185,000 square feet of leasable space, “We’re really excited,” Alliance founder and and rebranded it as SoNo. The change in zoning gave
was fully occupied. Other tenants include Yards Managing Partner Richard R. Previdi said in an it more flexibility in what tenants it could attract
Brewing Co., which took 69,762 square feet, and the earler interview with the Philadelphia Business to the space. It worked. The $35 million project has
Philadelphia Department of Records and Archives, Journal when the Target lease was announced last become an anchor in Northern Liberties and is part
which signed a lease on 67,868 square feet. year. “It would be funny if I could say this is exactly of its continued gentrification.
MARCH 23, 2018 55

FIRST JUDICIAL
DISTRICT —
OFFICE LEASE
714 MARKET ST.,
PHILADELPHIA
Brokers: Michael Kane
of CBRE Inc. and Vince
Am

Jolly of CVA Commercial


Group
er
ica
n
Ci

HONOREE
ty

New home along East Market


Bu
s ine
ss

BY NATALIE KOSTELNI
Jo

W
hen Alterra Property Group decided
ur

to buy a 177,000-square-foot office


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building at 1401 Arch St. called


One City Place and convert the building into
ls

apartments, it meant the Philadelphia building’s


-

lead tenant needed a new home.


No

The First Judicial District of Pennsylvania’s


Probation and Pretrial Departments relocated
tf

several blocks to the east. It signed a 15-year


or

lease on 120,000 square feet at 714 Market St. and


is expected to move in by year end. The deal is
c

valued at $50 million. Michael Kane of CBRE Inc.


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represented the tenant in the lease negotiations


while Vince Jolly of CVA Commercial Group
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represented the landlord.


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56  PHILADELPHIA BUSINESS JOURNAL

BEST REAL ESTATE DEALS OF 2017 | ECONOMIC DEVELOPMENT CHAMPIONS

AMY GUTMANN ogy transfer – the commercialization of


university research.
PRESIDENT, UNIVERSITY
OF PENNSYLVANIA The result was the 2016 opening of
the Pennovation Works campus, which
The University of Pennsylvania’s influ- it describes as “a unique blend of offices,
ence on Greater Philadelphia is huge – labs, and production space being devel-
economically and academically. In 2015, oped by the University of Pennsylvania to
Econsult Solutions found that the uni- bridge the intellectual and entrepreneur-
versity and Penn Medicine had a com- ial initiatives for advancing knowledge
bined annual economic impact of more and generating economic development.”
than $14 billion. According to that report, The first part of the project – the Penno-
Penn generates $1 out of every $20 in vation Center – is a 58,000-square-foot
Philadelphia’s general fund and one of business incubator and laboratory.
Last year, the
Am

every nine jobs in Philadelphia. Gutmann could have played it safe and
Philadelphia Business
Under President Amy Gutmann, who simply managed the status quo of one
Journal started a new
has held the position since 2004, Penn of the world’s greatest universities. She
er

tradition as part of JEFF FUSCO


our Best Real Estate has become widely known for its inno- didn’t – and the result is that Penn is an
ica

Deals Celebration. We vative and successful campus redevel- bought a former DuPont property on the even mightier economic engine for the
honor the Economic opment plan that includes expansion on east side of the river to build an inno- city, the region and the state.
n

Development
both sides of the Schuylkill River. The vation hub that was designed to change
Champions of Greater
Ci

Philadelphia. This award university took a risk in 2010 when it Penn’s reputation as lagging in technol-
ty

is designed to honor
people who have gone
Bu

above and beyond


to create a business-
s

friendly environment in
ine

DONALD
Greater Philadelphia – have created 26,830 jobs and are now fill-
indeed, an environment ing 19.1 million square feet of commercial
ss

where the real estate and community facility space.


market continues to be
vibrant and healthy.
HINKLE- Under the leadership of Don Hin-
Jo

kle-Brown, Reinvestment Fund has con-


BROWN tinued to expand beyond Philadelphia,
ur

getting involved in more projects and


na

PRESIDENT AND CEO, maintaining its AA credit rating from S&P


REINVESTMENT FUND
ls

Global Ratings. During his tenure, Rein-


Since its formation in 1985, Reinvestment vestment Fund launched ReFresh, the
-

Fund has invested $2 billion in commu- nation’s first practitioner network of com-
No

nities and people who would largely be munity lenders committed to improving
ignored if the fund didn’t exist. It was cre- access to healthy food for all Americans.
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ated in Philadelphia to fulfill a mission, He has also been instrumental in shaping


or

described as “wealth and opportunity for strategies that leverage efforts at the inter-
low-wealth people and places through the section of health and community devel-
c om

promotion of socially and environmentally CHRISK PHOTOGRAPHY opment to build thriving communities,
responsible development.” including Reinvestment Fund’s pioneering
m

Using analytical and financial tools, the to areas that need better access to those multisector initiative in partnership with
er

fund helps bring grocery stores, afford- kinds of community anchors. Business- Robert Wood Johnson Foundation, Invest
able housing, schools and health centers es and organizations assisted by the fund Health.
cia
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se

THE AMAZON
HQ2 TEAM
Philadelphia may or may not land the
coveted second Amazon headquarters in preparing our bid for HQ2 is really Philadelphia.
project and its estimated 50,000 jobs. But inspiring – not only because we received But the effort went much deeper than
the region’s effort to lure the giant online so much support, but also because we that. More than 65 college and universi-
retailer was an inspiration. received it from so many different types ty presidents and over 150 business lead-
Indeed, the process inspired the region of people,” said Philadelphia Mayor Jim ers signed letters of support for Philadel-
to look closely at its strengths and weak- Kenney in October, after the initial bid phia’s bid. More than 90 entrepreneurs
nesses – and celebrate or confront them. was submitted. and tech startups also provided testimo-
What we found is that our strengths vast- The leaders of the bid were the city, nials. Wharton students organized two
ly outweigh our problems. PIDC, Select Greater Philadelphia, the different competitions around the bid
“The support we received from the Chamber of Commerce Serving Great- and Campus Philly surveyed local stu-
leaders and the residents of this region er Philadelphia, PHLCVB and Visit dents about how HQ2 would affect them.
MARCH 23, 2018 57

COOLEST OFFICES

You WANT to work here


1 2

This year, the Business


Journal added an
exciting new feature
to our Best Real Estate
Deals of the Year
program – Coolest
Offices of the Year.
Each Monday
throughout the year,
Am

the Business Journal


features a Cool Office
3
er

that’s innovative
in some way –
ica

architecture, interior
design, ergonomics,
n

etc. The editorial board


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picked 10 finalists
shown here and our
ty

ultimate winner, The


Archer Group.
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s
ine

9 10 4
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Jo
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- No
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5
or
c om
m
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8 7 6

1) Located at 21 S. 11th St., The Yard offers tenant options, including private offices and
conference rooms, and even a virtual office option. 2) The funky digs of Archer Group
of Wilmington. 3) The pharmaceutical marketing firm BioVid transformed a 19th century
Canal Works warehouse. 4) Govberg Jewelers’ owner Danny Govberg with life-size Hulk
statue. 5) It was originally a convent in the 1930s, now it’s part of Holy Redeemer Health
System. 6) IntegriChain’s downtown space has columns, neon lights and a restaurant
feel. 7) Everything from indoor planter boxes, exposed brick walls and high ceilings at
Muhlenhaupt + Co. in Philadelphia. 8) Local coworking space Pipeline Philly has seemingly
an endless number of couches, chairs and other places to sit. 9) From Vincent van Gogh
pixel art to standing desks, O3 World has a sweet setup in Philadelphia. 10) Complete with
a shuffleboard, the headquarters of the industrial security company, NextGen Security,
has pops of orange, funky stools and a green shag carpet.
58  PHILADELPHIA BUSINESS JOURNAL

PAID ADVERTISING

PEOPLE ON THE MOVE


PROMOTION NEW HIRE BOARD OF DIRECTORS
LESLIE J. JAMIE TIMOTHY
HUDSON GERHARD MCDONALD O‘ROURKE
Vice President Business Development Manager Chairman
S. T. Hudson Engineers, Inc. MJ Settelen Elwyn Board of Directors

Newly promoted Vice President Jamie McDonald brings 10 years of Tim, recently retired from
Leslie Hudson, a University of Project Management experience Temple University where
Delaware graduate, joined S. T. to a new role as the Business he was the CIO and VP of
Hudson Engineers in 2004 and Development Manager at MJ Computer Services, shared
is responsible for day-to-day office operations as well Settelen Construction. Her engineering background the following: “I am honored to have the privilege
as directing marketing efforts, team recruitment and enables her to engage with potential clients & team to serve as Chairman. I follow in the path of many
new business development. She is a fourth generation members in a pre-construction environment to smooth great leaders who have held this role before me,
Hudson family member to join the company and works the transition from budgeting to bidding to building. She and I will continue to uphold our mission to support
side by side with her father, Robert S. Hudson, P.E., is involved in her Philadelphia community as a Drexel individuals with diverse challenges in shaping
current President and CEO. She resides in Glenside, Pa. Adjunct Professor & volunteer board member for the East distinctive, meaningful lives. Collectively, we will be
Am

with her husband, Charles Gerhard IV. Passyunk Civic Association Zoning & Planning committee. impactful and involved to make a difference.”
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ica

NEW HIRE PROFESSIONAL RECOGNITION


TO SUBMIT: http://bizj.us/1pjdgc
n

RYAN MICHAEL For more information,


FITZGERALD LAMM contact Jason Garrison at
Ci

Mechanical Engineer Managing Partner jgarrison@bizjournals.com


ty

Kupper Engineering, Inc. Corporate Advisory Solutions,


Bu

LLC
Ryan will provide mechanical
Michael Lamm is very
s

engineering services,
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which include HVAC design, well respected within the


energy modeling, load outsourced business services
calculations, ductwork and piping system layouts, M&A industry, and for good reason. He is very good
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and construction administration services. He will at what he does, honest to a fault and extremely
focus on projects within the education, retail and knowledgeable. A top professional, a great boss, a
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- No

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When your company needs to announce exciting news, listings with Companies on the Move
c om

guarantee exposure for your positive press.


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Where can I learn more?


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philadelphiabusinessjournal.com/cotm
se

Who can answer my questions?


Jason Garrison – Audience Development Director
215-238-5126 • jgarrison@bizjournals.com
MARCH 23, 2018 59

LEADS
Information to build your business

Christopher Grimes/ Chester 19380, real estate. Huntsman Ln., Blue Bell
RR  Bankruptcies Amie Grimes, 7915 Craig R ABOUT THIS SECTION 19422, real estate.
3330 N. 22nd LLC, 158 W.
St., Philadelphia 19136, Gay St. #200, W. Chester Intuitive Investments LLC,
PHILADELPHIA $157,374, case #18- 19380, real estate. 832 Creekview Dr., Blue Bell
DIVISION 0220027, 02/07/18. CONTACT US SECTIONS 19422, real estate.
FM Vaughn Properties
Chapter 7 CNS Investment Group Business Leads is a weekly compendium Bankruptcies............................... 59 Inc., 804 Vaughn Rd. Office, Sibel Real Estate LLC, 4167
Inc., 6443 Rising Sun
All Hours Air Conditioning Ave., Philadelphia 19111,
of information taken from government Pottstown 19465, real Saddlebrook Rd., Collegeville
LLC, 34 Dolphin Rd., $26,378, case #18- records available mainly from public Business firm registrations......... 59 estate. 19426, real estate.
Levittown 19056; Assets, Trowel To Hammer 6625 Lincoln Dr. LLC, 518
0220032, 02/07/18. sources and documents in the cities, Business name registrations...... 59 Construction LLC, 383 Monticello Ln., Plymouth
$1,508; Debts, $36,245;
Major Creditor, Bank Of CAMDEN COUNTY counties and states that make up Devon Dr., Exton 19341, Meeting 19462, real estate.
America NA, $14,503; metropolitan Philadelphia. Information is Court judgments........................ 60 residential remodeling.
Joseph L. Brown, 2 Charter Axcel Commercial Realty
Attorney, John M. Kenney;
case #18-11668, 03/12/18.
Oak Place, Clementon compiled by American City Business Leads, Federal tax liens.......................... 59 Applewood Homes LLC, LLC, 709 Bethlehem Pike,
08021, $129,276, (1040), 511 Schoolhouse Rd., Erdenheim 19038, real
Chapter 11 Book/Page 10836/371, 877-593-4157. High-end homes.......................... 61 Kennett Square 19348, estate brokerage.
03/02/18. residential subdivision or
IP18 LLC, 2718 Taft Ave.,
ALB Care Inc., 9726
Castle Academy Inc., Lawsuits filed.............................. 60 construction.
Glenside 19038, real estate
Bustleton Ave. #101,
500 Clements Bridge EMAIL EDITION Landis’ Catering & investing.
Philadelphia 19115; Assets,
Rd., Barrington 08007, This information (plus phone numbers) is Mechanics liens.......................... 59 Sandwiches LLC, 2570
$100,001 to $500,000; RDC Affiliates LLC, 477 E.
$44,898, (941), Book/Page available via e-mail subscription. Please call Crum Creek Dr., Berwyn
Debts, $100,001 to
10836/373, 03/02/18. New corporations....................... 59 19312, restaurant or
Main St. #1W, Collegeville
$500,000; Attorney, Douglas 877-593-4157 for average counts and cost 19426, real estate services.
Am

catering.
R. Lally; case #18-11583,
information. Real estate transactions............. 60 Northcreek LLC, 104 N.
Dank Food Group LLC, 1423
03/08/18.
RR  State Creek Rd., Landenberg Barton Dr., Ft. Washington
Release of federal tax liens........ 59 19034, retail food vending.
CAMDEN DIVISION Tax Liens
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19350, retail home or


Chapter 7 ONLINE EDITION State tax liens............................. 59 apparel or lifestyle. Brainwave Games LLC,
8302 Old York Rd. #C200,
ica

CHESTER COUNTY This information is available online MONTGOMERY Elkins Park 19027, software
The Family Bricks VI
LLC, 9407 Ventnor Ave., CW II Holdings Inc., 129 for subscribers under the “Subscriber COUNTY development.
Davis Rd., Malvern 19355, Content” section at www.pbj.com.
n

Margate City 08402; Tami Berry MD LLC, 16 N. Oaks Technologies


Assets, $1,000,002; Debts, $90,690, (unemployment), Bryn Mawr Ave. #1092, Bryn LLC, 1406 Merlin Cir.,
case #2018-02378-LN,
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$3,386,364; Major Creditor, Mawr 19010, coaching or Audubon 19403, software


Berkshire Bank, $2,140,393; 03/05/18. teaching or mentoring or development.
Attorney, Bruno Bellucci III; speaking or writing.
ty

Sahaj Hospitality LLC/ Bluearth Applications Inc.,


case #18-14530, 03/08/18. Sahaj Valley Forge Cloud Level LLC, 1731
Escobar Cleaning Inc., 8705 08046, non-profit feed the music performance. Hershey RV Park & Lodging 642 Cowpath Rd., Lansdale
Chapter 11 Hospitality, 100 Cresson Autumn Rd., Philadelphia homeless. LLC, 3110 Horseshoe County Line Rd., Villanova 19446, system engineering
Bu

Blvd., Phoenixville 19460, Micahsmusic LLC, 1209 19085, computer services. or technology development.
19115, $166,902, case #08- Custom Machined Parts, Orchid Rd., Warminster Trl., Glenmoore 19343,
Mikes Pizza & Sub Shop $15,317, (unemployment), 0720148, 02/13/18. 44 Kennedy Ln., Pemberton 18974, musical campground real estate. TF Properties Wrightsville Zoogooz Technologies
LLC, 2639 Union Ave., case #2018-02382-LN,
LLC, 168 E. 1st Ave.,
s

Pennsauken 08109; Assets, 03/05/18. 08068, produce components entertainment. Better Together Home LLC, 8108 Pennhill Rd.,
CAMDEN COUNTY Collegeville 19426, Elkins Park 19027, technical
ine

$195,237; Debts, $382,303; to spec. Lifestyles Real Estate Services LLC, 209
L&J Moving & Storage Inc., Frederick G. Levin, 11 Lindenwood Dr., Exton concrete plant or real estate services of all kinds to
Major Creditor, Division L.J. Engineering, Clusters LLC, 521 Viscount Dr.,
190 Yarnell Rd., Pottstown MacArthur Blvd. #805, 19341, cleaning or home management. clients.
of Taxation, $154,787; of Lexton #68, Maple Shade Yardley 19067, property
19465, $25,423, (revenue), Westmont 08108, $159,999,
Attorney, Scott H. Marcus; services. MMZ Consulting LLC,
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case #2018-02683-LN, 08052, remolding. management. PHLPA DF Inc., 618 S. Broad


case #18-14773, 03/12/18. (1040), Book/Page 506 Merwyn Rd., Narberth St. #1, Lansdale 19446,
03/09/18. 10836/377, 03/02/18. Doyle’s Retro Games and Xpan Consulting Solutions
SB-Eldorado LLC, 171 19072, consulting. wholesale cell phone.
Toys, 2000 S. Lakeshore Dr., LLC, 342 E. Lancaster
N. Broad St., Doylestown
PHILADELPHIA James and Suzanne
Jo

Ave., Downingtown 19335, Best Impressions Medspa


RR  Federal Warner, 512 W. Cedar Ave., Browns Mills 08015, resale 18901, real estate.
consulting services. Inc., 1050 Dekalb Pike, Blue PHILADELPHIA
Laura Wilk, 4544 Edgemont or online auctions.
Tax Liens St., Philadelphia 19137,
Oaklyn 08107, $111,375, SB-Independence LLC, 171
Athena Home Services Bell 19422, cosmetic skin The Artistry Brand, 5122
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(1040), Book/Page DLM Tree Service, 27 13th N. Broad St., Doylestown care services. N. 12th St., Philadelphia
$65,359, (revenue), case LLC, 1257 Muhlenburg Dr.,
10836/381, 03/02/18. St., Burlington 08016, 18901, real estate. 19141, a one stop shop for
CHESTER COUNTY #18-0201089, 02/14/18. Wayne 19087, contracting or Teslagreen USA LLC, 514 E.
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tree service or general all things beauty.


Senior Pride Adult Day Neshaminy Winding Brook landscaping services. Lancaster Ave., Wynnewood
Gurparkash Singh/ construction.
LLC, 329B S. Main St., 19096, distribution or waste Mindset Auto LLC, 6506
Rupinder Sandh, 135 Care LLC, 30 E. Walnut RR  Mechanics’ Doylestown 18901, real
FAP 4 LLC, 201 E. Gay St.
ls

Ln., Philadelphia 19144, #307, W. Chester 19380, management services. Musgrave St., Philadelphia
Harvey Rd., W. Chester
$17,933, (labor & industry), Liens RR  New estate.
e-commerce. Creative Straebors LLC, 19119, auto sales.
19382, $125,815, case
case #18-0201236, 6684 Phillips Mill LLC,
-

107 Lilac Ln., Gilbertsville


#FT1800103-FT, 03/06/18.
02/14/18. PHILADELPHIA
Corporations 6684 Philips Mill Rd., New
Geartick LLC, 108 Gypsy
19525, diy boutique
Regina’s Place LLC, 4110
Orchard Ln., Philadelphia
Ln., Kennett Square 19348,
No

Great Atlantic Graphics Hope 18938, real estate. woodworking classes. 19154, bar or restaurant.
Inc./Vincent J. Giarrocco, Sadiki Inc., 7152 Ogontz Plaintiff: Intech e-commerce store.
Ave., Philadelphia 19138, Construction LLC, BUCKS COUNTY Sela Plus Inc., 602 WOPR Communications Melanin Beauty Artistry
280 Great Valley Pkwy., Smart Fellers Productions
$15,329, (labor & industry), Defendant: Rittenhouse First Platinum Abstract Danenberger Dr., Ltd., 761 Argyle Rd., LLC, 723 W. Nedro Ave.,
tf

Malvern 19355, $231,774, LLC, 656 E. Swedesford


case #FT1800104-FT, case #18-0201574, Condominium Owners’ (PHA) 1031 LLC, 2416 Southampton 18966, real Glenside 19038, educating Philadelphia 19120, beauty
02/16/18. Rd., Wayne 19087,
Association, $103,532, case Bristol Rd., Bensalem 19020, estate. those interested in science or product distribution.
or

03/06/18. entertainment-screenwriting
Estate of Pearl H. Duffy, #18-01M0013, 02/02/18. 1031 tax free exchange PM Beachfront LLC, 2235 technology.
Mentor Special Situation or production. Christina Super Skin! LLC,
6637 N. Bouvier St., service. Polo Run Dr., Yardley 19067, Execuvend LLC, 80 1518 Walnut St. #303,
Fund LP, 73 Chestnut Rd., Estimatics ESP LLC, 277
c

Paoli 19301, $121,680, case Philadelphia 19126, S.A.S. Academy Athletic real estate. Greenwood Ave., Collegeville Philadelphia 19102, beauty
RR  Business Victoria Chase, Pottstown
om

#FT1800105-FT, 03/06/18. $10,090, (revenue), case Performance, 5909 19426, food vending services.
Abeja Refrigeration Corp., 19465, estimating
Paul J. Pilone, 282
#18-0201599, 02/17/18. Firm Bristol-Emilie Rd., Levittown 609 Warwick Rd., Fairless consulting.
machines.
Capital Book Solutions LLC,
19057, athletic training or
Flagstone Rd., Chester Interactive Physical Registrations performance or conditioning.
Hills 19030, refrigeration co. Hitchcock Home Services
FS Gerard II LLC, 234 N. 211 S. 13th St., Philadelphia
m

Springs 19425, $88,702, Therapy, 2417 Welsh Rd. Ithan Ave., Villanova 19085, 19107, book sales.
#201, Philadelphia 19114, NCDC Homes BH4 LLC, LLC, 368 Hallman Mill
case #FT1800106-FT, Ecograd NA LLC, 1 Kanon holding co.
$12,188, (labor & industry), CAMDEN COUNTY 36 Towpath Rd., Levittown Rd., Phoenixville 19460, M&S Breakfast LLC, 100
er

03/06/18. Ct., Newtown 18940, 19056, residential real general contracting or home Rayavi LLC, 144 Arnold Rd., S. 60th St., Philadelphia
case #18-0202049, Clinton Food Market, 402 catering or entertainment.
Celebrity Limousine estate. renovations. Ardmore 19003, home care 19139, breakfast or lunch.
02/21/18.
cia

Services Inc., 2521 Yellow Clinton St., Camden 08103, Beckbrojack LLC, 3222 agency.
Gazelle Signs Inc., 1045 W. grocery store. Captain Produce LLC, 64 Pinochle Partners LLC, Maxi Care LLC, 2704 S. 86th
Springs Rd., Malvern 19355, 1st Ave., Bensalem 19020, Woodhill Rd., Newtown 1044 Preserve Ln., W. Amazing Escape Room King St., Philadelphia 19153, care
$31,223, case #FT1800108- Glenwood Ave., Philadelphia Junior’s Services, 545 computer programming. 18940, sale of produce. Chester 19382, horse of Prussia LLC, 1020 W. 8th of mentally challenged or
lu

FT, 03/08/18. 19133, $13,849, (labor Newton Lake Dr. #803C, Stateside Builders LLC, 402 training. Ave., King Of Prussia 19406, physically disable adults.
& industry), case #18- Collingswood 08108, home Dispatch Sign Repair, 184
Michael Leardi/Mary Executive Dr., Langhorne interactive game room.
0202302, 02/22/18. improvement. W. Georgianna Dr., Richboro ABR Heating & Cooling Jimi Trans Inc., 9926
se

Ellen Leardi, 604 S. 19047, construction. 18954, signage installation. LLC, 42 Treaty Dr., SCS Consulting LLC, 30 Haldeman Ave. #128A,
Speakman Ln., W. Chester Care at Home of Delaware
D&D Stucco LLC, 1072 Chesterbrook 19087, hvac Foxwood Cir., Bryn Mawr Philadelphia 19115, cargo
19380, $167,596, case Valley LLC, 1500 Walnut St. 5D Sustainable Living, 715
heating or cooling. 19010, it consulting.
#FT1800109-FT, 03/08/18. #700, Philadelphia 19120, RR  Business Oakwood Dr., Warminster
18974, demolition or
E. Cherry Rd., Quakertown transportation.
$14,283, (labor & industry), 18951, social media Glasswave LLC, 904 Fairway Hofer Law LLC, 804 Jay’s
case #18-0202305, Name remediation or installation Dr., Lansdale 19446, law
JZ Construction Inc., 7201
PHILADELPHIA promotions. Dr., Malvern 19355, internet Kindred St., Philadelphia
02/22/18. Registrations of stucco.
Alliance Surgical LLC, 11 development or software. firm. 19149, carpentry framing.
William McAndrews, 9219
Arline Construction Centre Farm LLC, 2224 Woodview Dr., Doylestown Keene Solutions Inc., 544 Yucha Medical A Taste of Me, 2851 N. 27th
Cottage St., Philadelphia
Services Inc., 2599 N. BURLINGTON Forest Grove Rd., Furlong 18901, surgical device Richards Rd., Wayne 19087, Management Co., 435 W. St., Philadelphia 19132,
19114, $1,714,642, case
33rd St., Philadelphia COUNTY 18925, farm. distributorship. investment or referral Cedarville Rd., Pottstown catering business.
#18-0220004, 02/07/18.
19132, $168,336, (labor PT Aviation Services LLC, services. 19465, management
Lamson 1040now Inc., 325 & industry), case #18- Our NJ Kids Directory, 111 KC Events Group LLC, 64 consulting services. R&R Cleaning Services
Pemberton-Browns Mills 516 Cafferty Rd., Erwinna Jasen Dr., Chalfont 18914, Downingtown Trophies 1 LLC, 62 N. Yewdall
Bainbridge St., Philadelphia 0202306, 02/22/18.
Rd., Browns Mills 08015, 18920, flight instruction. wedding coordination. Sports Plaques & Willow’s Walks & Wags LLC, St., Philadelphia 19139,
19147, $272,301, case #18-
0220007, 02/07/18. advertisement marketing JB3 Contracting LLC, 65 Cards, 411 Denford Way, 411 Tudor Rd., Collegeville cleaning.
or business development Kingwood Ln., Levittown CHESTER COUNTY Downingtown 19335, make 19426, pet sitting services.
Chapman Nissan LLC, 6723 RR  Releases mediums. 19055, general contractor. trophies or sports plaques Iconic Drafting, 44 Maria
Natural Cleaning
Essington Ave., Philadelphia L2MJ Enterprises Inc., 348 Services, 5638 N. 10th
19153, $25,045, case #18-
of Federal Stratix, 129 Plumtree Ln., Yizhou LLC, 18 Bennington Keller Rd., Berwyn 19312, 1 or cards. Ln., Schwenksville 19473, St., Philadelphia 19141,
0220008, 02/07/18. Tax Liens Willingboro 08046, digital Place, Newtown 18940, day painting franchise. Visualeyes Optique PLLC, providing technical drawings commercial or residential
advertising. holding co. for real estate. 25 Theresa Dr., Malvern to accompany patents. cleaning service.
Aliyah Robinson/James Abbie Leigh Designs LLC,
19355, optometry. 12 Merion Rd. LLC, 12
Golden, 1721 N. Uber PHILADELPHIA HCS Contracting and STN Management Inc., 1523 Scarborough Ct., W. Fetch Green & Co. LLC, 771
St., Philadelphia 19121, Consulting, 10 Emery Hill 1410 Manning Blvd., Chester 19380, apparel Transform Your Truth Merion Rd., Merion Station N. 38th St., Philadelphia
Younger Days Development design. 19066, real estate.
$57,365, case #18- Ct., Marlton 08053, general Levittown 19057, internet LLC, 425 Carpenters Cove 19104, community service
Center, 6405 N. Broad
0220011, 02/07/18. maintenance or consulting. marketing. K-Source Marketing LLC, Ln., Downingtown 19335, Oaks Real Estates LLC, or engagement or self
St., Philadelphia 19126,
OGS Global Consulting, Dave & Nick LLC, 2035 130 Holby Ln., Pottstown public speaking or writing or 1406 Merlin Cir., Audubon development or mentorship.
Rapha Foot & Ankle $13,219, case #17-
Center, 4605 Frankford 0620130, 02/06/18. 2 Douglas Ct., Willingboro Allentown Rd., Quakertown 19465, branding or web coaching. 19403, real estate. Tiara Construction Corp.,
Ave., Philadelphia 19124, 08046, it consulting or 18951, laundry service design or graphic design. Beaver Pond LLC, 215 Old Castlehill Holdings LLC, 217 N. 11th St. #301,
S&L Roofing Co., 5700
$40,966, case #18- Lebanon Ave., Philadelphia financial advisory services. business. Formation LLC, 102 E. Wilmington Rd., Coatesville 1150 1st Ave. #501, King Of Philadelphia 19107,
0220023, 02/07/18. 19131, $16,061, case #17- Medford Adirondack, 8 Process Service PA LLC, Street Rd., Kennett Square 19320, real estate. Prussia 19406, real estate. construction or remodeling.
Lora Hypes, 1414 S. Penn 1020086, 02/06/18. Harpers Ferry Ct., Medford 4387 W. Swamp Rd., 19348, business consulting. Winans LLC, 904 Colonial Keystone Performing Georgelittle.Design
Square #15A, Philadelphia Phillip McFillin, 800 S. 08055, manufacture of Doylestown 18902, legal David M. Burke LLC, Ct., Coatesville 19320, real Arts Center LLC, 700 S. LLC, 2370 E. Norris St.,
19102, $71,327, case #18- Swanson St., Philadelphia wooden outdoor furniture. messenger. 274 Lancaster Ave. #208, estate. Henderson Rd. #202, King Of Philadelphia 19125, design.
0220024, 02/07/18. 19147, $253,771, case #07- Luv Thy Neighbors, 26 Eelaware LLC, 1103 Hilltop Malvern 19355, business Parsons Glenrothes LLC, Prussia 19406, real estate. Homer Mem LLC, 762
1020227, 02/13/18. Galton Ln., Willingboro Rd., Southampton 18966, consulting. 1373 Enterprise Dr., W. PMB Enterprises LLC, 269 S. Mole St., Philadelphia
60  PHILADELPHIA BUSINESS JOURNAL

LEADS
19146, design or construct health care. Nice Mayers Properties $740,000. 303 Park Ave., Hainesport Solutions Group Inc. vs. plaintiff, case #16-0902871, Medicine/Hospital
homes. Rodriguez Financial LLC, 6532 Castor Ave., Christopher M. Arader/2 08036; 3 S. Haddon Ave., First Stop Management 02/13/18. of the University of
Asset Estate Planning LLC, Services, 4805 VanKirk St., Philadelphia 19149, real Portland Road Associates Haddonfield 08033, Block Inc./Mayra Delacruz, Citizens Bank of Pennsylvania/University
520 N. 64th St., Philadelphia Philadelphia 19135, notary estate. LLC to 2 Portland Mojo 33 Lot 8.01 Borough of $108,437, plaintiff, case Pennsylvania vs. Harris of Pennsylvania Health
19151, document preparer. or bill payments or money Peak Homes LLC, 7707 LLC, 310 Hansen Access Rd. Haddonfield, $990,000. #18-0200635, 02/07/18. Housing Group LLC/ System/Trustees of the
transfers. Delphi Place, Philadelphia #102, Kinf of Prussia 19406; VR Enterprises LLC to Complete Business Melvin Harris, $123,581, University of Pennsylvania,
CRC Electric LLC, 12230 malpractice-medical, case
Medford Rd., Philadelphia Estival, 1431 S. Clarion St., 19153, real estate. Portland Rd., Conshohocken Perina Executive Center Solutions Group Inc. vs. plaintiff, case #17-0104161,
19428, West Conshohocken LLC, 42 Bunker Hill Rd., Health One Labs LLC/ 02/13/18. #18-0200496, 02/07/18.
19154, electrical contractor. Philadelphia 19147, online 7356 Frankford LLC, 4110
sale of accessories. Borough ID 24-00-02228- Shamong 08088; 5 Perina ATA Success Leadership Evette Harris vs. H&S1
Paulstian Entertainment Orchard Ln., Philadelphia SW Stucco LLC vs.
00-7, $650,000. Blvd. Bldg. 48, Cherry Hill Academy LLC, $14,484, Properties LLC, personal
& Hospitality LLC, 616 4306 Market Associates 19154, real estate. Constructure Management
08003, Block 436.03 Lot plaintiff, case #18-0200636, injury, case #18-0200497,
N. 11th St., Philadelphia LLC, 3615 Brandywine Building Holdings Roger Lebow to Main Inc., $48,360, plaintiff, case
11 Cherry Hill Township, 02/07/18. 02/07/18.
19123, entertainment. St., Philadelphia 19104, LLC, 4322 Bermuda St., Street Royersford LLC, #17-1102619, 02/13/18.
$945,000.
ownership or development or Philadelphia 19124, real 1234 Page Terr., Villanova Complete Business Girard Finance Co. Inc. vs. City of Philadelphia vs.
North Philadelphia Garage 19085; 330 Main St., Fithian Properties LLC to Solutions Group Inc. vs. Michael Bowman/Bowman
Doors, 1 Brown St. #1719, operation of real property. estate holdings. SA 3017 Inc., $286,986,
Royersford 19468, HJ & EC Properties LLP, CS Waffles LLC, $22,641, and Partners LLP, city
Philadelphia 19123, garage Winners Circle ENT IERPJ LLC, 422 W. Master plaintiff, case #17-1203055,
Royersford Borough ID 150 Rennaissance Dr., Cherry plaintiff, case #18-0200662, business tax case, case #18-
doors services. LLC, 4613 Wilbrock St., St., Philadelphia 19122, real 02/13/18.
19-00-01992-00-5/19-00- Hill 08003; 6920 Crescent 02/07/18. 0200509, 02/07/18.
Tri State Container Homes Philadelphia 19136, party property. 01996-00-1 (2 parcels), Blvd., Pennsauken 08110, Complete Business
bus or limo service. Block 6502 Lots 1 & B01 Complete Business Solutions Group Inc. vs. Erik and Dona Jones vs.
Inc., 6826 Paschall Ave., Andino’s Construction, 571 $600,000. Solutions Group Inc. vs. Wendy’s Co./Wendy’s/
Philadelphia 19142, general DSMZ 42 LLC, 1420 Walnut E. Sanger St., Philadelphia Pennsauken Township, Aya Autocare Center LLC,
PHILADELPHIA $825,000. James Jenkins/Jenkins $22,200, plaintiff, case #18- Wendy’s International
contractor for homes. St., Philadelphia 19102, 19120, remodeling of Enterprises LLC, $73,907, Inc./GCWEN Management
passive investment for properties. PIDC Financing Corp./ Gerald D. Levin to Liberty 0201006, 02/13/18.
Samana Outlet Store plaintiff, case #18-0200665, Corp./Wendy’s Store
Inc., 718 Adams Ave., website. NE Homes LLC, 2935 Hale Bruce & John LLC to Towers Philly LP, 303 Park 02/07/18. School District of #00008617, personal
Philadelphia 19124, general Lin’s Relax Foot Inc., 13020 St., Philadelphia 19149, MT Integrity LLC, 1401 Ave., Hainesport 08036; 13- Philadelphia vs. St. injury, case #18-0200513,
Berkshire Dr., Bensalem 15 Tanner St., Haddonfield Complete Business Andrews Fellowship
merchandise sales. Bustleton Ave., Philadelphia renting or leasing residential 02/07/18.
19020; 3901-39 G St., 08033, Block 21 Lots 2/3 Solutions Group Inc. vs. Baptist Church, $71,372,
Panauri GP LLC, 204-6 W. 19116, personal massage. real estate. Brigade Holdings LLC/ Ransome Rental Co. LP/
Philadelphia 19124, ID Borough of Haddonfield, plaintiff, case #18-0201033,
Giles & Ransome Inc.
Am

Laurel St. #4, Philadelphia Ascend Fitness LLC, 201 New Batteries LLC, 3801 884114000, $3,100,000. $600,000. William Bethell, $389,100, 02/13/18.
19123, general partner S. Camac St., Philadelphia Jasper St., Philadelphia plaintiff, case #18-0200666, vs. Timothy Dipretoro/
for a lp. 19107, physical training 19124, restaurant. Centra Associates LP to Gerald D. Levin to Liberty 02/07/18. Apex Plumbing & Heating
Meritis Group LLC, 41 Towers Philly LP, 303 Park Inc., contracts, case #18-
Mindset Business LLC, 6506 services. Principis Capital LLC vs. RR  Lawsuits
er

Community Partnership Pheasant Hill, Weston, Conn. Ave., Hainesport 08036; 19 0200541, 02/08/18.
Abington Pain Medicine PC,
Musgrave St., Philadelphia
19119, holding co.
GM Pizza, 9918 Roosevelt School Scholarship #1 06883; 1201-07 Vine St., Mechanic St., Haddonfield
$44,905, plaintiff, case #18-
Filed Marleigh Nociti vs.
Blvd., Philadelphia 19115, LLC, 1936 N. Judson 08033, Block 20 Lot 7
ica

Philadelphia 19107, ID
pizzeria. St., Philadelphia 19121, Borough of Haddonfield, 0200618, 02/08/18. McFadden’s at Ballpark
Levy Brothers Holdings 885816440, $2,400,000.
LLC, 1818 Market St., scholarship fund. $300,000. State Farm Fire and PHILADELPHIA LLC, personal injury, case
Fitz Brothers Investment Precious I Inc. to #18-0200565, 02/08/18.
Philadelphia 19103, holding Casualty Co. vs. King of Weber Gallagher Simpson
n

Group LLC, 100 N. 18th St. 1st Class Services LLC, Allegheny 44 LLC, 33
intangible assets. #300, Philadelphia 19103, 6239 Vine St., Philadelphia Russia Taxi LLC, $13,573, Stapleton Fires & Newby American Baptist
Rock Hill Rd., Bala Cynwyd
RR  Court plaintiff, case #17-0205214, LLC vs. Team Clean Inc., Extension Corp. vs.
Ci

Mejia Remodeling & real estate. 19139, third-party delivery 19004; 1228/1230/1234
Cathedral of Praise
Carpentry LLC, 6623 ASR Philly LLC, 1824 Spruce service. W. Allegheny Ave. et al., Judgments 02/09/18. contracts, case #18-
Community Church, not
Philadelphia 19133, ID Prudential Savings Bank 0200212, 02/06/18.
ty

Tabor Ave., Philadelphia St., Philadelphia 19103, real Bahrillobobo Inc., 9926 residential owner occupied,
19111, home remodeling or estate. Haldeman Ave. #B101, 431025400/431025500 vs. Anmar Holdings LLC/ Beneficial Equipment
PHILADELPHIA Anmar Management Co.
case #18-0200575,
carpentry. Philadelphia 19115, /431025700 et al., Finance Corp. et al. vs. 02/08/18.
Bu

Haverford 43 Associates Nationstar Mortgage LLC LLC, $2,219,322, plaintiff, Robinson Sports Inc.,
JK Constructions LLC, 9851 LLC, 3615 Brandywine St., transportation cargo or $2,200,000.
freight. dba Mr. Cooper vs. Ballah case #17-0701262, contracts, case #18- City of Philadelphia vs.
Wistaria St., Philadelphia Philadelphia 19104, real RX Philly Allegheny B Street Holdings LLC,
Narmah/Muna Reeves, 02/09/18. 0200276, 02/06/18.
19115, home renovation.
s

estate. Total Transportation Investors LLC to 338 $71,550, plaintiff, case #17- equity-no real estate, case
Corp., 4201 Tacony St., Allegheny Equities LLC, 55 Fast Cash Inc. vs. Lila Christopher Wuerz vs.
ine

Above Standard Care Offir Partnership LLC, 0803070, 02/05/18. #18-0200538, 02/09/18.
LLC, 2104 W. Norris St., Philadelphia 19124, Franklin Ave., Brooklyn, N.Y. Super Grocery, $20,387, Sungard Public Sector
3 Country Lane Way, American Builders & plaintiff, case #17-1100596, LLC/Superion LLC/Bank of City of Philadelphia vs.
Philadelphia 19121, housing Philadelphia 19115, real transportation services. 11205; 338 E. Allegheny
Contractor’s Supply Co. vs. 02/09/18. America NA, contracts, case 1855 N. 5th Street LLC,
or personal care. estate. Chosen Kids Christian Ave., Philadelphia 19134, ID
ss

GC Family Contractors LLC, #18-0200294, 02/06/18. equity-no real estate, case


Zeek Repairs, 7141 Learning Center, 7220 88-2028400, $2,199,375. Santander Bank NA fka
N.K.A. Properties LLC, $26,634, plaintiff, case #17- #18-0200542, 02/09/18.
Marsden St., Philadelphia Paschall Ave., Philadelphia PIDC Financing Corp. Sovereign Bank NA vs. Deborah Smith vs.
1218 N. Marshall ., 0502690, 02/06/18. City of Philadelphia
19142, young children PBR Dining Services Inc., Regent Terrace Housing
Jo

19135, housing repairs or Philadelphia 19122-4313, to 3333 S. Third Street


learning center. NRT Property Management $65,385, plaintiff, case #17- Partnership LP/Pennrose vs. Bentwood Historic
maintenance. real estate. Associates LP, 3333 S. 3rd
Pennsylvania LLC vs. 1202969, 02/09/18. GP LLC/Pennrose Condominium, equity-no
Dynasty Wine Spirit St., Philadelphia 19148, ID Delaware Valley Property real estate, case #18-
ur

Frontier Property Group 88-4150500, $840,000. City of Philadelphia vs. Properties/Pennrose


LLC, 3245 Collins St., Management LLC, 0200544, 02/09/18.
Philadelphia 19134, import
LLC, 2201 E. Huntingdon RR  Commercial 52nd Street Group LLC to $609,026, plaintiff, case Bowman and Partners LLP/ Properties Inc./Pennrose
St. #1, Philadelphia 19125, Properties LLC et al.,
na

wholesale. real estate. Real Estate Kalidave LP, 4323 Spruce #17-1002498, 02/06/18. Michael Bowman, $61,409,
personal injury, case #18-
City of Philadelphia vs.
Dan Nelson/Fairmount
plaintiff, case #18-0200509,
Jocelyn Jennings LMFT 1944 Firth LLC, 2201 Transactions St., Philadelphia 19104; Marlin Business Bank vs. 02/09/18. 0200297, 02/06/18. Neighbor Corp., equity-no
205/207/209/211 S. 52nd
ls

LLC, 2305 Fairmount E. Huntingdon St. #1, Bim Bam Burgers LLC, City of Philadelphia vs. real estate, case #18-
Ave., Philadelphia 19130, St., Philadelphia 19139, ID $19,513, plaintiff, case #17- Transource Inc. dba
Philadelphia 19125, real CHESTER COUNTY Arasu Rajaratnam/Phos 0200545, 02/09/18.
individual or couple therapy. 871252700/871299180 1200248, 02/06/18. Unishippers vs. EU Glass
-

estate. Inc., $125,201, plaintiff, Holdings LLC, equity-no real City of Philadelphia vs.
R&P Hospitality LLC to /871402150 (4 parcels), estate, case #18-0200312,
Sanford Trading LLC, 333 American Heritage Federal case #18-0200691, Kensington Quoit Club,
No

Millwood Management Akshar LLC, 675 Baltimore $825,000.


N. 10th St. #1, Philadelphia Credit Union vs. Old 02/09/18. 02/07/18. equity-no real estate, case
LLC, 2201 E. Huntingdon Pike, Springfield 19064; 500
19107, international St. #1, Philadelphia 19125, R&W Associates LP Lincoln Highway LP et al., City of Philadelphia vs. #18-0200585, 02/09/18.
Willowbrook Ln., W. Chester Fleetway Capital Corp.
trading. real estate. to 4923-25 Arendell $316,601, plaintiff, case 2300 Alter LLC, equity-no
tf

19382, West Goshen #3 vs. BCS Enterprises LLC/ City of Philadelphia vs.
Lichtenson LLC, 107 S. LLC, 9323 Keystone St., #18-0200433, 02/06/18. real estate, case #18-
Rapid Leverage LLC, 2201 Willowbrook ID 52-7-25.8, Bruno Sequeira, $72,294, TV PA 6365 Germantown
Philadelphia 19114; 0200351, 02/07/18.
or

2nd St. #300, Philadelphia E. Huntingdon St. #1, $4,350,000. Matthew Pilecki vs. O.P. plaintiff, case #18-0200839, Avenue LLC, equity-no real
19106, investment in real 4923-25 Arendell Ave., Ventures LLC-City Side
Philadelphia 19125, real Yeatman Brothers 02/09/18. City of Philadelphia vs. estate, case #18-0200586,
estate. Philadelphia 19114, ID Properties LP/Nathan
estate. Properties/Yeatman 956 Erie Partners LLC, 02/09/18.
884940010, $673,860. Complete Business
c

Tiff Investments LLC, Krautheimer, $50,000, equity-no real estate, case


York Jasper Partners Property Management Inc. plaintiff, case #16-1200562, Solutions Group Inc. vs. Gary Evans vs. Enterprise
om

544 Washington Ave., VU Read Center LLC to #18-0200364, 02/07/18.


LLC, 2321 Emerald St., to Quarryville LLC, 3556 02/07/18. Sprinkler Repair Inc./ Leasing Co. of Philadelphia
Philadelphia 19147, 2040 Frankford Ave.
Philadelphia 19125, real Newark Rd., Cochranville Debra Morgan, $399,829, Michael Delaney vs. Jayco LLC/Elco Administrative
investments. Owner’s LLC, 35 Hollywood Beneficial Equipment
estate. 19330; 1656 Gap Newport plaintiff, case #18-0200842, Inc., contracts, case #18- Services, contracts, case
Ave., Yonkers, N.Y. 10707; Finance Corp. vs. Natalie
m

Duytrang LLC, 540 Park, W. Grove 19390, 02/09/18. 0200371, 02/07/18. #18-0200602, 02/09/18.
Fast Home Buyers LLC, 311 2040 Frankford Ave., Stimpson PC/Natalie
Washington Ave., London Grove Township Leroy and Christine
E. Girard Ave., Philadelphia Philadelphia 19125, ID 87- Stimpson, $50,603, Sysco Philadelphia LLC vs. American Express Bank
er

Philadelphia 19147, US Route #41 ID 59-5- Williams vs. Tenet


19125, real estate. 1-5410-20, $550,000. plaintiff, case #17-0801813, Italian Chester Pike LLC/ FSB vs. Stephanie Dodson/
investments holding. 122/59-5-121/59-5-121.1, Healthsystem Hahnemann
$950,000. Reisterstown Road 02/07/18. George Mamalis, $51,476, Business Trains LLC, credit
Kanofsky Group LLC,
cia

Ortiz Landscaping plaintiff, case #17-1102884, card collection, case #18- LLC, malpractice-medical,
16 W. Thompson St. #B, Bob Evans Restaurants LLC Associates to Ocean Thia Santander Bank NA vs. Fox case #18-0200609,
LLC, 2101 N. Front St., Investment LLC, 2712 02/12/18. 0200378, 02/07/18.
Philadelphia 19125, real to Exton Sab LLC, 1001 E. Hollow Construction LLC/ 02/09/18.
Philadelphia 19122, lawn estate. Meyer Place, Philadelphia ARF Financial LLC vs. Richard Simnor vs.
Blair Strouse, $119,540,
lu

care or tree trimming or Telecom Dr., Boca Raton, Fla. Denise Alston vs. Northeast
33431; 303 N. Pottstown 19114; 7248 Frankford Ave., plaintiff, case #17-0903147, Fortune Group Hospitality Philadelphia Sports Clubs/
general cleaning. Ginsburg Real Estate Treatment Centers Inc./
Park, Exton 19341, Lot R Philadelphia 19135, ID 88- 02/07/18. LLC/Paul Liang, $267,664, Town Sports International
Ventures LLC, 6230 Net Treatment Centers
se

TK Brand LLC, 4922 N. 9th West Whiteland Parcel 1 ID 2-9261-80, $525,000. plaintiff, case #18-0200796, Holdings Inc., personal
Lawnton St., Philadelphia Beneficial Equipment Inc./Turning Points for
St., Philadelphia 19124, 41-5-43.1, $925,000. 02/12/18. injury, case #18-0200426,
19128, real estate. CAMDEN COUNTY Finance Corp. vs. Apollo Children/Turning Points
lifestyle brand-apparel J&J Sports Productions 02/07/18.
Melon2018 LLC, 2000 Margaret P. Moore and Health Inc., $19,410, CUA 3 LLC et al., personal
or community awareness Gerald D. and Erica J. Levin Inc. vs. 4055 Cresson Inc., City of Philadelphia vs.
Fairmount Ave., Philadelphia James A. Whitcraft to plaintiff, case #17-0903530, injury, case #18-0200623,
events. to Liberty Towers Philly LP, $14,200, plaintiff, case #18- After 20 Years LLC, equity-
19130, real estate. TAHC Properties LLC, 02/07/18. 02/09/18.
M.D.N. Express Inc., 303 Park Ave., Hainesport 0200843, 02/12/18. no real estate, case #18-
327 S. High St., W. Chester 08036; 228 Kings High Beneficial Equipment Alice Borovskiy/Patricia
9921 Bustleton Ave., Y&Z Investment LLC, 0200460, 02/07/18.
19382; 301 S. High St., W. E./13-17 S. Haddon Ave., Finance Corp. vs. J&J Sports Productions Inc. McShane/Marian Chambers
Philadelphia 19115, long 1537 Spring Garden St.,
Chester 19382, West Chester Haddonfield 08033, Block Arkadelphia Eye Clinic Inc., vs. Casa De Espana Inc., Darlene Davis vs. vs. James Close/Ilya
haul transportation. Philadelphia 19130, real
ID 1-9-916, $700,000. 33 Lots 57/59 Borough of $44,977, plaintiff, case #17- $11,200, plaintiff, case #18- Samantha McLaughlin/ Lim/Lisa Pappas-Taffer/
estate.
Harrowgate Place Haddonfield, $1,625,000. 1002042, 02/07/18. 0200845, 02/12/18. Ashrob Inc./ALW921 Hospital of the University
LLC, 2329 Emerald St., Diamond Management MONTGOMERY Enterprises LLC, dram
COUNTY Gerald D. and Erica J. Levin Marlin Business Bank vs. Complete Business of Pennsylvania/
Philadelphia 19125, manage CGP LLC, 5461 Diamond shop, case #18-0200461,
to Liberty Towers Philly LP, Mandarin House Chinese Solutions Group Inc. Pennsylvania Dermatology
real estate. St., Philadelphia 19131, real Michael Straff/Seth 02/07/18.
303 Park Ave., Hainesport Restaurant, $17,371, vs. East Coast Truck Bucks County, personal
estate. Straff/Ira Straff to CP
Social Enterprise 08036; 132 Kings Hwy. E., plaintiff, case #17-1200920, and Trailer Repair Inc./ City of Philadelphia vs. injury, case #18-0200630,
Management LLC, 230 RCH Real Estate Acquisitions 27 LLC, 18 E. 02/07/18. Jerry Caulder, $258,863, G&C Homes LLC, equity-no 02/09/18.
Lancaster Ave., Wynnewood Haddonfield 08033, Block
S. Broad St. #1700, Investment, 5714 Poplar 34 Lots 9 and 9.01 Borough plaintiff, case #18-0200947, real estate, case #18-
19096; 5 Highland Ave., Beneficial Equipment JDR Fixtures Inc.
Philadelphia 19102, St., Philadelphia 19131, real of Haddonfield, $1,400,000. 02/12/18. 0200462, 02/07/18.
Norristown 19001, Lower Finance Corp. vs. Muse vs. Advanced Retail
management services co. estate.
Merion Township ID 40-00- Gerald D. and Erica J. Consulting LLC, $17,386, J&J Sports Productions Penn Jersey Paper Co. vs. Construction Inc.,
Red Queen Gaming Wall Investments Levin to Liberty Towers plaintiff, case #17-1201983, Inc. vs. Miguel Gonzalez/ Main Street Hospitality contracts, case #18-
25292-00-3, $1,675,000.
LLC, 3401 Market St., LLC, 4548 Market St., Philly LP, 303 Park Ave., 02/07/18. Morales 5th Inc., $111,200, LLC, contracts, case #18- 0200640, 02/09/18.
Philadelphia 19104, Philadelphia 19139, real Michael H. and Rose-Marie plaintiff, case #18-0200965, 0200465, 02/07/18.
Loughnane to 5209 Militia Hainesport 08036; 9 Tanner City of Philadelphia vs. Christian Pagan vs. Phillip
marketplace for video game estate. St., Haddonfield 08033, 02/12/18. Ruiz/Sunja Song/PV
Hill Associates LLC, 5209 Disability Law Advocates Nyasha George vs. Clint
tools. RW Property Group Block 21 Lot 1 Borough of First American Title Flies/Walnut Hill Housing Holding Corp./Budget
Militia Hill Rd. #3, Plymouth Group PC/Aaron
Royal WK LLC, 451 N. 12th LLC, 3330 N. 21st St., Haddonfield, $1,365,000. Friedmann, $189,354, Insurance Co. vs. Mabstract Solutions LLC, real Rent A Car, motor vehicle
Meeting 19462, Lot 3
St., Philadelphia 19123, Philadelphia 19140, real plaintiff, case #18-0200475, LLC/Otis Johnson, property-other, case #18- property damage, case #18-
Whitemarsh Township ID 65- Gerald D. and Erica J. Levin
massage. estate. 02/07/18. $752,909, plaintiff, case 0200472, 02/07/18. 0200643, 02/09/18.
00-07861-35-4, $775,000. to Liberty Towers Philly LP,
Diamond Nail Spa LLC, Homes 2 LLC, 4936 Cedar 303 Park Ave., Hainesport Complete Business #10-0201617, 02/13/18. City of Philadelphia AEL Contractors LLC
Willem F. Vanbasten to
2863-65 N. 22nd St., Ave., Philadelphia 19143, Touchdown Investments 08036; 18-22 N. Haddon Solutions Group Inc. vs. Mary Douglass vs. Moo vs. Aaron Friedmann/ vs. Joseph Marley/
Philadelphia 19132, nail real estate. Inc., P.O. Box 77027, Ft. Ave., Haddonfield 08033, Brower Enterprises Inc./ Tattoo, $30,325, plaintiff, Disability Law Advocates Visionary Developers LLC,
salon. Amthony Fortuna Real Worth, Texas 76177; 401 Block 20 Lot 9 Borough of Stanley Brower, $205,175, case #16-0102072, Group PC, city business tax construction contract, case
Royalty at Home HHC LLC, Estate Appraisal Inc., 2845 Jacksonville Rd., Hatboro Haddonfield, $990,000. plaintiff, case #18-0200627, 02/13/18. case, case #18-0200475, #18-0200675, 02/09/18.
7529 Briar Rd., Philadelphia S. 12th St., Philadelphia 19040, Hatboro Borough Gerald D. and Erica J. Levin 02/07/18. Felicia Johnson vs. Black 02/07/18. Jo Matarese vs. James
19138, non-medical home 19148, real estate. ID 08-00-02629-00-9, to Liberty Towers Philly LP, Complete Business Orchard LLC, $19,051, Jarmul Reid vs. Penn Close/Ilya Lim/Lisa
MARCH 23, 2018 61

LEADS
Pappas-Taffer/Hospital Vincent Ransom-Moore vs. C3 LLC, equity-no real Rosetta Forster vs. Prism 02452-CT, 03/05/18. Box 433, Pottstown 19464; $611,905. MONTGOMERY
of the University of Concepts by Staib Ltd., bad estate, case #18-0200968, Career Institute Inc., De Lage Landen Financial 804 Vaughn Rd., Pottstown Oswaldo A. Nicastro COUNTY
Pennsylvania/Pennsylvania faith, case #18-0200841, 02/13/18. whistleblower, case #L-527- Services Inc. vs. Great 19464, East Coventry
and Sandra Mancilla to Merion Partners I LLC/
Dermatology Bucks 02/12/18. North Mill Credit Trust 18, 02/07/18. Township ID 18-1-43.19,
Mobility Inc./Elizabeth Theodore B. and Sungmi Tristan Sylk to Lancaster
County, personal injury, case fka EFS Credit Trust vs. Carriss LaBelle vs. Prism $3,750,000.
Stradley Ronon Stevens & Sanchez, debt collection, Moon, 207 Blue Spruce Merion LLC, P.O. Box 9,
#18-0200689, 02/09/18. Andrey Moltschanow/ Career Institute Inc., Patrick J. Rodden and
Young LLP vs. Insynergy case #2018-02562-CT, Dr., Kennett Square 19348, Hainesport, N.J. 08036;
Transource Inc. dba LLC, contracts, case #18- Green Apple Construction whistleblower, case #L-528- 03/06/18. Stephanie Cascarino Kennett Township #71 304 Old Lancaster Rd. #C-E,
Unishippers vs. EU Glass 0200847, 02/12/18. Inc., contracts, case #18- 18, 02/07/18. Rodden to Randall Wagner Bayard Estates at Longwood Merion Station 19066, Lower
De Lage Landen Financial
Inc., certified/exemplified 0200994, 02/13/18. and John Jarboe, 1422 ID 62-4-743, $600,000. Merion Township ID 40-00-
Stradley Ronon Stevens Maureen Wolf vs. The Services Inc. vs. Cognitive
judgment, case #18- Tullamore Ln., Phoenixville 44140-00-1/40-00-44140-
& Young LLP vs. Reflex Gerard McHugh/Realty Cooper Health System/ Behavioral Services Inc., Paul M. Turner and
0200691, 02/09/18. 19460, Schuylkill Township 10-9/40-00-44140-11-8
Wireless Inc., contracts, Partners of America LLC Meridian Hospitals Corp./ debt collection, case #2018- Annmarie Aideen Turner
Harbour Textile Rental #33/ Weyhill ID 27-6- (19 parcels), $2,860,000.
case #18-0200859, vs. Charles Gallub/John Genesis Heathcare Corp., 02564-CT, 03/06/18. to Brad and Rachael
Service Inc. vs. Huntingdon 102.33/27-6-102.34,
02/12/18. Contrevo/Glenn Clift/ medical malpractice, case Johnson, 175 Shelbourne Estella F. and J. Peter
Annette Hess vs. QVC $1,600,000.
Valley Country Club, Glovis America/DVC Philly #L-533-18, 02/07/18. Ln., Phoenixville 19460, Graeffe to Jonathan J. and
contracts, case #18- Ivelisse Carrasco vs. Inc., premises liability, S. Robert and Daille R.
Roro Partners LLC/DVR Mohawk Servicing LLC Schuylkill Township #144 Darlyn P. Heckman, 400
0200739, 02/09/18. McCann & Wall LLC, case #2018-02566-TT, Sharpless to Vincent A.
Philly LLC/DVR Group vs. Bock and Baker Corp./ Valley Forge Woods ID 27-6- N. Ithan Ave., Bryn Mawr
malpractice-legal, case #18- 03/06/18. and Anaid R. Calvitti,
Harbour Textile Rental Philly LLC et al., contracts, Richard Bock/Christine 651, $586,000. 19010; 401 Thornbrook
0200877, 02/12/18. case #18-0201038, De Lage Landen Financial 333 Beaumont Rd., Devon
Service Inc. vs. SCC Baker, book account, case Ave., Bryn Mawr 19010,
Sean and Erika Cronin vs. 02/13/18. Services Inc. vs. Summit 19333, Easttown #4 ID 55- Christopher John Smith Lower Merion Township
Restaurant LLC, contracts, #L-536-18, 02/08/18.
Styer Orchard Inc., personal Consultancy Group LLC, 5-9.4, $1,065,000. and Anthony L. Richinelli ID 40-00-27080-00-6,
case #18-0200741,
injury, case #18-0200887, CAMDEN COUNTY Gemini Linen and Uniform debt collection, case #2018- Tina Bernard to Raymond to Christopher J. Wanner $880,000.
02/09/18.
02/12/18. Robert and Sylvania Muns Rental vs. Woodstone 02571-CT, 03/08/18. C. and Molly Davis, 4 Saw and Leah M. Silver, 27
Harbour Textile Rental Tavern LLC, book account, Wistar Rd., Paoli 19301, Jamira Real Estate
Windsor Park Asset vs. Material Building Sean McDougall/Dana Grass Ln., Malvern 19335, Holdings LLC/Thomas
Service Inc. vs. Lucky Dog case #L-544-18, 02/08/18. Willistown Township #8 ID
Holding Trust vs. Cross Supply Inc., personal injury, McDougall vs. Delchester Charlestown Township
Enterprises LLC, contracts, 54-1Q-260, $575,000. Stafford/Thomas Stafford
Keys Investment LLC, case #L-495-18, 02/05/18. Derek Watson vs. SJI Equestrian LLC dba Charlestown Brae ID 35-4-
case #18-0200742, to Gregory V. Fecca, 507
residential owner occupied, Connell Bounty vs. Cooper Holdings LLC/Ramon Delchester Farm/Jeana 138.39, $915,000. MAB Investments LLC to
02/09/18. Sharpless Rd., Springfield
case #18-0200903, University Hospital/Cooper Gaber, whistleblower, case Hollands, contract, Robert P. and Kathryn J. Adam Lamb, 49 Stirling 19064; 1211 LaFayette
Am

Harbour Textile Rental 02/12/18. #L-546-18, 02/08/18. case #2018-02626-CT, Way, Chadds Ford 19317,
University Healthcare et Ermilio to Ranney Maxwell Rd., Gladwyne 19035, Lot
Service Inc. vs. White Dog 03/08/18. Pennsbury #93 Chadds Ford
Deborah Stone vs. Depuy al., medical malpractice, CHESTER COUNTY Moran, 14 Fox Chase Rd., 1 Lower Merion Township
Enterprises Inc., contracts, ID 64-4J-105, $567,000.
Orthopaedics Inc./Zimmer case #L-498-18, 02/05/18. Michele Gajderowicz vs. Malvern 19355-3441, ID 40-00-29422-00-4,
case #18-0200743, De Lage Landen Financial
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Orthopaedic Surgical ACP Jersey Associates Engkoh Ltd., premises Willistown Township #23 Eugene F. Rosadino Jr. to $844,254.
02/09/18. Services Inc. vs. Upright
Prod. Inc./Exactech Inc./ LLC vs. Scotto Pizza of liability, case #2018-02627- White Horse Farms ID 54-4- Christine P. Smetana and
Caralotta Jackson vs. Construction LLC/Mark 34, $767,000. Stephen M. and Laura
ica

Exactech US Inc. et al., Woodbridge Inc./Ron Rizzo TT, 03/08/18. Joseph A. Spejenkowski, Hudak to Brett Allen and
Comhar Inc./Comhar product liability, case #18- Pinkham, debt collection,
et al., tenancy, case #L-500- De Lage Landen Financial NVR Inc. to Raghunath 206 Highland Ave., Devon Christine Dixon, 951 Frazier
Integrated Systems Inc./ 0200908, 02/12/18. case #2018-02393-CT,
18, 02/06/18. Services Inc. vs. Purple Boppanna and Vineela 19333, Easttown #1 ID 55- Rd., Rydal 19046, Abington
Comhar Development 03/05/18.
n

Celene Zanni vs. Ilya Kim/ Tuna Tees Inc./Cary Hinze, Harith Bandreddi, 1014 3E-76.2, $559,000. Township ID 30-00-22700-
Foundation/Com-Har Milton Benjamin vs. De Lage Landen Financial
Lisa Pappas-Taffer/James debt collection, case #2018- Smithfield Ln., Downingtown 00-4, $655,000.
Residential Corp., Wegmans Food Markets Robert Handler and Judith
Ci

Close/Jennifer Villasenor- Services Inc. vs. Quevedo 02705-CT, 03/09/18. 19335, West Bradford
employment/wrongful Inc., personal injury, case Pack & Ship Express LLC Golden to Sarah E. Elkins, Kathryn L. Gaffney/Toll PA
Park/Hospital of the Township #121 Buck
discharge, case #18- #L-501-18, 02/06/18. dba Pack & Ship Express/ De Lage Landen Financial 447 Saunders Dr., Wayne XIV LP/Toll Mid-Atlantic
Hill Farm ID 50-4-486,
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0200786, 02/12/18. University of Pennsylvania Services Inc. vs. Green 19087, Tredyffrin #3 & p/o LP Co. Inc. to David Gejer,
Elaine Higgs vs. Home Michelle Bury/El Paso Pack $645,955.
et al., personal injury, case America Inc./Matthew #4 ID 43-11B-31, $550,000. 158 Redwood St., Dresher
ARF Financial LLC vs. Paul Depot/Eric’s Lawncare & Ship Express LLC, debt
#18-0200927, 02/12/18. Gilliken/Angela Jayo, debt JPO Spring Oak LP/ 19025, Lot 35 Upper Dublin
Bu

Liang/Fortune Group Inc./Blue Stone collection, case #2018- Shirley A. Chambers to


Shelda and Crosson Glover collection, case #2018- Conservatory Group Township ID 54-00-05410-
Hospitality LLC, certified/ Contracting Corp. et al., 02447-CT, 03/05/18. Damon A. and Suzette T.
vs. Gregory Burrell/Terry 02724-CT, 03/09/18. General Partner Inc. 27-2, $611,302.
exemplified judgment, case personal injury, case #L- SRS Distribution Inc. dba Grilley, 1612 Glenhardie
Funeral Home Inc., personal to Thomas and Melissa
s

#18-0200796, 02/12/18. 509-18, 02/06/18. Superior Distribution vs. Rd., Wayne 19087, Mary Shanon Rollins and
McAndrews, 326 Quigley
injury, case #18-0200931,
ine

Arway Apron and Uniform Kevin Tussy vs. Salvitti Core Roofing & Restoration Dr., Malvern 19355, Tredyffrin Richard Lane ID Lorraine D. Oster to Marcia
Rental Service Inc. vs.
02/12/18.
Plumbing & Heating LLC, LLC/Matt Parker, debt RR  Residential Charlestown Township #70 43-6A-4, $538,000. T. and Patrick J. Johnston,
Ulises Robles/Kanella City of Philadelphia/School auto negligence/personal collection, case #2018- Real Estate Spring Oak ID 35-4-212, Kimberly A. Robinson 316 Kent Rd., Wynnewood
District of Philadelphia vs. injury, case #L-514-18, 02451-CT, 03/05/18. 19096, Lower Merion
Transactions
ss

South Inc., contracts, case $641,930. to John M. and Holly


#18-0200825, 02/12/18. Barbara Thomas/Curtis 02/06/18. Conte, 101 Blue Ribbon Township ID 40-00-28600-
De Lage Landen Financial NVR Inc. to Caiping Lin and
Decker/Barley Boys Inc., Way, Downingtown 19335, 00-7, $600,000.
Sharon Haynes vs. Alexandri M. Coles vs. New Services Inc. vs. MGP Bin Zhu, 512 Quarry Point
city business tax case, case CHESTER COUNTY
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Wayne Johnson/Johnson England Fitness Inc./PFIP Printing Services LLC/ Rd., Malvern 19355, East Uwchlan Township #1 Susan L. and Vincent P.
Contracting, contracts, case #18-0200958, 02/13/18. LLP, personal injury, case Michael Padenich, debt Mitchellson Corp. to FM Whiteland Township #464 Ridings at Uwchlan ID 33-4- Arcadia to Jennifer M. and
#18-0200827, 02/12/18. City of Philadelphia vs. #L-522-18, 02/07/18. collection, case #2018- Development Co. Inc., P.O. Atwater Village ID 42-2-486, 71.1, $535,000. Alex R. McSherry, 1336
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62  PHILADELPHIA BUSINESS JOURNAL

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MARCH 23, 2018 63

LEADS
Stoney River Dr., Ambler Mark Streit to Harvey S. Alan M. Laties and Deena 400 Reed Street Owner LLC B. Berman, 707 S. 16th Yu Qing Wang to J&J 08043, Block 304.03 Lot E. Cole, 110 Golden Meadow
19002, Lot 114 Horsham Gitlin, 130 S. 18th St., Gu Laties to Stacey Martino to Denise Scobbe, 1438 S. St., Philadelphia 19146, ID Investment LLC, 104 55 Voorhees Township, Ln., Sicklerville 08081, High
Township ID 36-00-10719- Philadelphia 19103; 130 S. and Rene Rivera, 1902 N. Lawrence Terr., Philadelphia 301294010, $575,000. Longford Ave., Malvern $490,000. Point Estates Block 5108 Lot
08-1, $585,000. 18th St. #2601, Philadelphia Edgemont St., Los Angeles, 19147, ID 01-1-2528-20, 19355; 619 N. 11th St., 6, $370,000.
Marta C. and Michael Cherry Hill Partners at
19103, ID 888095852, Calif. 90027; 1024 Westview $720,440. Philadelphia 19123, ID 88-1-
Brandon Lutz and Thomas Silverberg to John M. Wutz Park Place LLC to Christine Saul L. and Ari J. Sanders
$2,300,000. St./6698R Springbank Ln., 0682-15, $500,000.
M. McEntire to Taylor Gregory D. Frattaroll and and Kimberly A. Malecka, O’Hearn, 716 Cantor Trl., to Richard and Katie Dodd,
Edward Winslow Trust/ Saranac Partners to 540 W. Philadelphia 19119, ID Lori Ann Christ to Ying 2512 Brown St., Philadelphia Cherry Hill 08002, Block
213114600/213258619, CAMDEN COUNTY 22 Whitby Rd., Cherry Hill
William Sewell Wallace Sedgwick Street LP, P.O. Box Fu and Lihua Fang, 704 19130, ID 15-2244400, 54.01 Lot 5 Qualifier CO716 08003, Block 523.08 Lot
Trustee, P.O. Box 41389, 467, Narberth 19072; 540 $925,000. Captains Way, Philadelphia $570,000. Gerald D. Levin to Liberty Cherry Hill Township,
Towers Philly LP, 303 Park 12 Cherry Hill Township,
Austin, Texas 78704; 812 W. Sedgwick St., Philadelphia Madeline M. and Alert 19146, ID 888302090, Carkim Holdings LLC to $487,910. $360,000.
Springwood Ln., Ambler 19119, ID 88-1098800, $700,000. Ave., Hainesport 08036; 142-
Dileonardo to Judith V. Kimberly Conaway and Nationstar Mortgage LLC
19002, Lot 6 Lower Gwynedd $1,550,000. 144 Kings Hwy., Haddonfield William J. and Theresa
McGruther, 1701-15 Locust Matthew E. Raymon to Brett Guido, 2251 Kimball 08033, Block 34 Lot 48 dba Champion Mortgage
Township ID 39-00-03931- St., Philadelphia 19103; Mignucci to Nicole Gibbs,
Joseph A. Malone to Jonathan K. and Alexis St., Philadelphia 19146, ID Borough of Haddonfield, Co. to Andrew Williams
32-3, $575,000. 1701-15 Locust St. #1512, 6 Monmouth Ave., Berlin
Michael L. and Perri M. Jacobs, Three Hanson 302245500, $565,000. $1,935,000. and Dana Civa, 115 Chews
Philadelphia 19103, ID 08009, Block 802 Lot 20
Richard E. and Adriane Swift, 618 S. 7th St., Square, Philadelphia 19147, JFRN LLC to Lindsey Landing Rd., Haddonfield
G. Mampe to Richard R. 888110646, $925,000. ID 022142060, $700,000. The Bank of New York 08033, Block 78 Lot 1.06 Borough of Berlin, $350,250.
Philadelphia 19147, ID Zionts, 2030 Montrose
Mampe, 25 Copper Beech Mellon to L2JMO Borough of Haddonfield, CalAtlantic Group Inc.
023225605, $1,500,000. The Willings at Pamela M. Stiner and St., Philadelphia 19146, ID Associates, 50 Chews
Dr., Lafayette Hill 19444, Independence Park LP Philip A. Lockwood to Mira 301222100, $560,000. $446,500. to Angela and Louriston
Lot 55 Whitemarsh Township Donald E. Haviland to Landing Rd., Haddonfield
to Michael and Barbara R. Racheva and James C. Rima Stratt-Meyer and Clarke, 6 Mimosa Ct.,
ID 65-00-02552-00-2, Centra Associates LP, 111 Elias Pery to Michael 08033, Block 79.01 Lot 5.01
Delorey, 211-25 S. 4th Driscoll, 8113 Crittenden Borough of Haddonfield, Fred Meyer to Chontea Sicklerville 08081, Block
$562,500. Chestnut St., Philadelphia Jacewicz and Bertha
St., Philadelphia 19106; St., Philadelphia 19115, ID $751,000. K. Scott, 7 Alluvium Lakes 14802 Lot 89 Gloucester
19106; 740/742 S. 3rd St., Means, 1811-19 Chestnut
Kristen and Thomas M. Philadelphia 19147, ID 02- 211-25 S. 4th St. #402, 091229400, $645,000. Dr., Voorhees 08043, Block Township, $349,900.
St., Philadelphia 19103; Herbert and Sheila Weiner
Iannarelli to Red Door 3-1199-00/02-3-1200-00, Philadelphia 19106, ID 88- Joan M. Martini to Mark J. 1811-19 Chestnut St. #601, 230.29 Lot 4 Voorhees Estate of Mary Ann Spinosi
International LLC, 3900 to McSean Ung and Lorng Township, $405,000.
$1,350,000. 8-0382-64/88-8-0382-86, and Maureen A. Furletti, Philadelphia 19103, ID G. Ung, 6 Southwood Dr., to Jimmy Johns Real Estate
Montella Cir., Collegeville $860,000. Investments LLC, 722
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Michael Stachura to Two Caryl Ln., Philadelphia 888088340, $543,000. Cherry Hill 08003, Block George Band to Ryan and
19426, Lot 1 Skippack 19118, ID 091162300, Erin Barnes, 209 Norwood Harding Hwy., Carneys Pt.
Township ID 51-00-00529- Lawrence T. Hoyle, 227-31 Sharon Pollsky to Gary Celtic Builders LLC to 524.14 Lot 3 Cherry Hill
S. 6th St., Philadelphia M. and Joy C. Gordon, $604,900. Timothy A. Burke, 2016 Township, $600,000. Ave., Westmont 08108, 08069; 622 S. Edge Park
01-4, $500,000. Block 19.07 Lot 8 Haddon
19106; 227-31 S. 6th St. 2401 Pennsylvania Ave., Michael J. and Valorie S. Martha St., Philadelphia Hillco Builders LLC to Erin Dr., Haddonfield 08033,
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PHILADELPHIA #1SW, Philadelphia 19106, ID Philadelphia 19130, ID Morrissey to David J. Van 19125, ID 311176800, Township, $405,000. Block 1.01 Lot 4 Borough of
Spooner and Amit Patel,
888035542, $1,075,000. 888151022, $845,000. Houten and Kim M. Olthoff, $529,900. 308 1/2 Westmont Ave., Hovbros Berlin LLC to Haddonfield, $340,000.
ica

500 Walnut Partners LP to


The 2014 Laurie Ingerman BZ Standart LLC to Yan Rodin Parking Partners LP 29 Rex Ave., Philadelphia APA Properties LP to B&H Haddon Township 08108, Dennis Judge and Elizabeth Estate of Robin L. Zang to
Investment Trust, 500-506 Yan Lin, 1140 Tabor Plz., to Mark Schmoockler, 1900 19066; 2520 Christian St., Invest3 LLC, 1704 Frankford Block 19.05 Lot 3 Haddon A. Judge, 18 Remington Heather Serepy and Patrick
Walnut St., Philadelphia Philadelphia 19111; 2021 Hamilton St., Philadelphia Philadelphia 19146, ID 30-2- Ave., Philadelphia 19125; Township, $500,000. Dr., W. Berlin 08091, Block V. O’Leary, 200 E. Knight
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19106; 500-506 Walnut St. E. Susquehanna Ave., 19130; 1900 Hamilton St. 1910-00, $575,000. 800 N. 63rd St., Philadelphia Andrew Chonofsky 2503 Lot 38 Berlin Township, Ave., Collingswood 08108,
#500, Philadelphia 19106, ID Philadelphia 19125, ID #707, Philadelphia 19130, ID Adam Diomedo to Scott 19151, ID 88-1-125860, to Ricardo Perez, 58 $402,490. Block 19.03 Lot 1 Borough of
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88-8-5012-16, $7,145,650. 313037800, $960,000. 888111074, $825,000. C. Oberlander and Jenna $510,000. Forrest Hills Dr., Voorhees Suzena M. Wilkes to Alisha Collingswood, $305,000.
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The #1 Agent of the Cherry Hill Home Marketing Center 2017, 2016, 2014, 2013, 2012 The #1 Agent of the Cherry Hill Home Marketing Center 2017, 2016, 2014, 2013, 2012 The #1 Agent of the Cherry Hill Home Marketing Center 2017, 2016, 2014, 2013, 2012
NJAR Circle of Excellence GOLD Award 2014, 2013 NJAR Circle of Excellence GOLD Award 2014, 2013 NJAR Circle of Excellence GOLD Award 2014, 2013
PLATINUM Award 2017, 2016, 2015, 2012 PLATINUM Award 2017, 2016, 2015, 2012
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PLATINUM Award 2017, 2016 2015, 2012


akoonsbhhs@gmail.com www.annekoonsrealestate.com akoonsbhhs@gmail.com www.annekoonsrealestate.com akoonsbhhs@gmail.com www.annekoonsrealestate.com
direct 856-795-4709 office 856-428-8000 ext 142 direct 856-795-4709 office 856-428-8000 ext 142 direct 856-795-4709 office 856-428-8000 ext 142
1401 Route 70 E., Cherry Hill, N.J. 08034 1401 Route 70 E., Cherry Hill, N.J. 08034 1401 Route 70 E., Cherry Hill, N.J. 08034
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64  PHILADELPHIA BUSINESS JOURNAL

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TH OU GH T L EA DE R FO RUM

INSIGHTS
when including the net investment income changes in the tax rate related to other
tax). This tax rate is close to the new top comprehensive income (e.g., unrealized
individual income tax rate of 37%. That gains(losses) must be recognized in equity
reduction is tantamount to the virtual consistent with the recognition of original
elimination of the so-called “double tax amount.
differential” on corporate income if the
income was taxed at the highest individual What are the main issues and
rate. However, it is important to note that opportunities a business owner should

On Navigating the New Tax Law certain pass-through income could be


taxed at lower rates. For example, some
pass-through income could be taxed at
consider when choosing between
continuing to operate as a flow-through
entity (such as an S Corp, LLC or
an effective 29.6% rate, which is why the Partnership) as opposed to converting to
choice of an entity requires discussion a regular C Corporation due to the lower
and analysis. The corporate AMT is also 21% corporate tax rate?
being eliminated. On the negative side,
With the new Tax Cuts and Jobs Act in of earnings tax related to their foreign new limitations are imposed on deducting Barber: While a 21% federal corporate tax
place, business leaders in all industries investments, along with reviewing their business interest and net operating rate is enticing, taxpayers should evaluate
are seeking information on how it impacts cross-border transactions with foreign losses. their short-term and long-term goals
them. The Philadelphia Business Journal related affiliates they have, which create before making any decision. Choosing
hosted a Thought Leader Forum with two U.S. tax deductions. These arrangements How will the reduced federal tax rate C corporation status may create more
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tax experts. now need to be scrutinized in order to impact the deferred tax assets and cash flow and operational flexibility, but
plan around the maze of rules imposed liabilities for financial statement these benefits are diminished to the
Participants were Steven P. Kopew, CPA, under the Base Erosion Anti-Abuse reporting purposes? extent owners take money out in salary
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Partner Philadelphia Tax Practice Leader, Tax (BEAT) and Global Intangible Low or dividends. Distribution of earnings
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RSM US LLP and Thomas E. Barber, CPA, Tax Income (GILTI) regimes, to avoid Kopew: With the reduction of the means two levels of taxation, i.e. entity
Partner, Tax Services, Mazars USA LLP. potentially adverse tax consequences. corporate tax rate from 35% to 21%, level and individual level. Also, many
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businesses will need to restate their states, including Pennsylvania (“PA”),


What are the biggest assumptions or What are the three most significant deferred tax assets and liabilities on their have higher corporate rates vs. individual
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questions you find yourself answering changes for corporations in the tax reform financial statements to account for the taxes. The benefits of one level of tax
about the Tax Cuts and Jobs Act? bill? effective tax rate when those deferred are especially recognized when an entity
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items will reverse. For example, a company sells the assets of its business. While
Kopew: My clients are interested in Barber: With the most sweeping changes
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that had a $1 million-dollar piece of the sale would be taxed once as a flow
different aspects of the new law, in U.S. corporate tax law since the equipment that was deducted for taxes through entity, it would be taxed at the
depending on their circumstances. enactment of the Tax Reform Act of 1986, C corporation level and again at the
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in 2017 at a 35% tax rate saved $350,000


However, there are certain questions
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individual level upon liquidation. Further,


that seem to be of high interest to most the new IRC 199A 20% pass through
clients. For example, should they change deduction means the effective tax rate
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“Even though this Act has been


the entity type of their business? For flow- for individuals on qualified pass through
through entities, they want to determine income could be as low as 29.6% vs. the
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if the qualified pass-through income top individual tax rate of 37%, thereby
deduction applies.
touted as tax simplification, on the potentially lessening savings achieved by
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converting to a C corporation. There are


corporate side of the house, it is
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Other questions relate to new limitations other considerations including 1202 stock,
such as the new business interest deduction of state taxes and other matters

anything but that.”


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limitation, the new net operating loss beyond our scope.


rules and the new excess business loss
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limitation. Kopew: One important consideration is


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determining an owner’s exit strategy. A


They want to know about their ability business owner who will hold the business
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to claim the enhanced 100% bonus THOMAS BARBER and transition it to family members
depreciation deduction and expanded Mazars USA LLP may benefit from the lower 21% federal
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Section 179 deduction. income tax rate for C corporations, while


a business that may sell in the next
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If they have foreign operations, they want few years may be better off keeping its
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to know about new transition tax that in current federal income taxes. If the current flow-through entity structure, as
applies for the 2017 tax year. They are we see the most significant corporate financial statement depreciation would many buyers want to acquire assets that
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also interested in other new international tax changes being: (i) the drop in the occur over the following seven years, then unfortunately would result in a double tax
provisions, such as those related to Global Corporate rate reduced to 21% from
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the deferred tax liability on the financial to the seller in a C corporation scenario.
Intangible Low-Taxed Income (GILTI), the 35%, beginning in 2018, coupled with statement would have been $350,000. Another consideration is to decide
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Base Erosion Anti-Abuse Tax (BEAT) and the repeal of the corporate AMT, (ii) the However, with the lower 21% corporate whether you think the new rules will not
Foreign-Derived Intangible Income (FDII). increase in bonus depreciation from tax rate, the deferred tax liability will now be changed again in a few years, as often
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50 to 100%, starting after Sept. 27, 2017 only be $210,000, resulting in a permanent happens with major tax reform legislation,
Barber: With any tax legislation that is and (iii) the change in the limitation of tax benefit of $140,000. Detailed particularly if it is passed on a party-
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passed comes confusion and uncertainty interest deductions to 30% of Earnings scheduling maybe necessary due to the line vote. Let’s say you are considering
in terms of what this really means to any before Interest, Tax, Depreciation and uneven nature of many provisions. C corporation status for its tax rate
taxpayer. There will be winners and losers Amortization (EBITDA). advantages and the ability to defer a good
as tax legislation must be revenue neutral Barber: For years ending December 31, portion of the tax that would otherwise
by law. The drop in the corporate tax rate and the 2017 and thereafter companies must have be due on reinvested earnings. If you view
expansion of bonus depreciation should their deferred tax balance determined the new law as relatively permanent, then
For individuals, the immediate questions free up funds for business expansion/ based on the new 21% rate vs. the old you must still determine whether in fact
raised are, “how will this impact me?” capital expenditures and dividend 35% tax rate. Companies with large you will reinvest most of your income or
There is the immediate knee jerk that distributions and have already been cited deferred tax assets (e.g., net operating distribute it currently.
they will be losing the benefit of itemizing as reasons why companies have issuing loss carryforwards) will see a deferred
deductions and personal exemptions, but immediate employee bonuses. tax charge, while companies with net Will the state of Pennsylvania and the
with the lower tax rates and expanded deferred tax liabilities (e.g., those with city of Philadelphia allow a business to
ranges the lower tax rates cover, we are The new interest expense limitation unrealized portfolio gains) will see claim the 20% qualified business income
finding many individuals are net winners. provision, expands the limitation to a deferred tax benefit. For U.S. GAAP deduction?
cover all interest and not just foreign purposes, the tax effects of changes in
Even though this Act has been touted related party interest. This will cause tax rates are recorded in income from Kopew: For federal tax purposes, the 20%
as tax simplification, on the corporate heavily leveraged taxpayers to review continuing operations irrespective of the qualified business income deduction
side of the house, it is anything but that. how their business is capitalized and will source of the income or loss to which the (Section 199A) is a reduction to federal
Yes, tax rates have dropped, but new tax likely impact future financing of capital deferred tax item is related, which means Adjusted Gross Income (AGI) to arrive at
provisions have been created and others expenditures and acquisitions. companies with significant deferred tax federal taxable income. Pennsylvania’s
have been significantly modified. Yes, balances related to unrealized investment personal income tax system is a gross
there is 100% bonus depreciation, but we Kopew: The C corporation income tax rate gains (losses), must run these changes income system and does not adopt the
now see new limitations being imposed dropping from 35% to 21% produces an through their income statement. Unlike Internal Revenue Code (IRC) or start with
on interest expenses. Multi-nationals now all-in top income tax rate for individual U.S. GAAP, IFRS accounting requires the federal taxable income. Pennsylvania does
may be dealing with deemed repatriation corporate shareholders of 36.8% (39.8%
ADVERTISING SUPPLEMENT TO PHILADELPHIA BUSINESS JOURNAL  B3

permit specific additions and subtractions


to gross income from a business, but there
currently is no provision to permit the
pay substantial wages (twice the amount
of the 20% deduction being claimed) or
invest in substantial amounts of tangible,
THOUGHT LEADERS
federal 20% deduction. Therefore, it appears depreciable property used in the business.
that Pennsylvania’s tax computation would In addition, the business may not be on a list
not include the 20% qualified business of forbidden service businesses in various
income deduction absent action by the fields such as law, health, accounting,
state legislature to enact a specific state- consulting, brokerage, financial services,
level adjustment: (As of the publication of performing arts, actuarial science, and some STEVEN P. KOPEW
this article, Pennsylvania has not enacted others.
provisions allowing for a state-level qualified
business income deduction). What is Section 965? Please explain why is Partner, Tax Services
this important to business owners. RSM US LLP
Barber: Philadelphia is one of many
jurisdictions considering both the domestic Kopew: One of the most significant new
and international provisions of the TCJA. provisions of the Tax Cuts and Jobs Act is the
Philadelphia, like many places, does not one-time deemed repatriation of previously
automatically conform to the federal tax untaxed post-1986 earnings and profits of
code. Because the 20% IRC 199A deduction specified foreign corporations. Coordinated
is not taken at the entity level, expect that with the new participation exemption rules, Steven P. Kopew is the partner who heads the Philadelphia tax
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there will be no benefit to filers of the the deemed repatriation of previously tax- services group and has been with the firm since 1993. Before
Business Income and Receipts Tax (BIRT), deferred earnings marks a substantial shift his current position, he was a member of the Arthur Andersen
as the City’s starting point is the entity’s in the U.S. tax landscape for internationally & Company’s tax department.
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“ income or loss as reported or reportable to active taxpayers.


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the federal government.” Other sections of Steve leads all aspects of tax engagements including tax
the BIRT regulations have adjustments for Depending on whether the earnings are held planning, tax compliance and business advice. His clients
include complex international and multi-state private and
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pass through entities, and those sections in liquid or illiquid assets, two different tax
probably do not encompass the deduction. rates (15.5% or 8%, respectively) effectively public companies. Steve invests significant time consulting
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Similarly, the starting point of the Net Profits apply under Section 965. The deemed with his clients who are acquiring, selling or reorganizing their
Tax does not accommodate, what, in effect, repatriation rules will begin affecting tax business. He reviews and consults on complex accounting
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is a personal deduction on the federal level. returns for years ending Dec. 31, 2017. Fiscal for income tax and uncertain tax position engagements. He
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Nor does the School Income Tax appear to year taxpayers will be required to comply has extensive experience in resolving federal and state tax
give a personal deduction. As of the writing with the Section 965 rules on their first controversies.
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of this, the Philadelphia Department of return whose year ends after Dec. 31, 2017.
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Revenue has not posted any guidance with Steve has extensive experience and expertise in the
regards to conformity with new IRC 199A. Because of the effective dates of the manufacturing, wholesale distribution, technology and
deemed repatriation and related tax liability, financial institutions industries and is an active member in the
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How is the 20% pass-through deduction affected taxpayers will need to quickly firm’s related industry teams. Steve has a Bachelor of Science
calculated? assess different attributes of their foreign from Drexel University and a Master’s degree in taxation from
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subsidiaries, including each company’s Temple University.


Barber: This is much more difficult than just historical earnings and profits, balance sheet
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taking 20% of a pass-through’s net income! positions, foreign tax pools, and related
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That is only the starting point. Assuming party transactions.


a taxpayer qualifies for the deduction
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(and there is much uncertainty about Barber: TThe Tax Act introduced a one-time
that!), then they have several hurdles to mandatory repatriation tax under Section
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overcome, including the amount of wages 965 effective for tax year 2017 (“Section 965
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paid and their overall qualified business tax”, at reduced rates). The Section 965 tax
income from all sources reported on their is a deemed distribution of the companies
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Form 1040. Whether a taxpayer qualifies deferred foreign income with respect to
for the deduction is based on the type certain Specified Foreign Corporations
or

THOMAS E. BARBER, CPA


of business, and while there are specific (“SFC”). The deferred foreign income refers
service businesses that don’t qualify for to a SFC’s post – 1986 earnings and profits
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Partner, Tax Services


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the deduction (accounting, legal, medicine, (“E&P”). A U.S. shareholder would pay the
Mazars USA LLP
brokerages, consultants), the statute is Section 965 tax on their E&P as determined
written so broadly that it may pull in, on the measurement dates of Nov. 2, 2017 or
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for example, plumbers. But, as with the Dec. 31, 2017 (whichever amount is greater).
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limitations to be discussed below, if a The reduced tax rate is accomplished via


taxpayer’s overall income is under certain a deduction against a U.S. shareholder’s
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thresholds, then these businesses will still subpart F inclusion amount that is necessary
qualify. to result in a 15.5% tax rate on cash or cash
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equivalent E&P, and an 8% tax rate on non- Tom Barber provides tax services predominately to the insurance
A taxpayer’s IRC 199A 20% deduction can cash E&P. industry, and leads the tax support team for GAAP, IFRS, and
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be limited to 50% of wages paid by the Statutory financial statement audits.


pass through, and further limited by a Business owners must be cognizant that
maximum of 20% of their overall taxable the deemed repatriation is not elective, Tom’s more than 30 years of experience include leading
income. However, all that might not matter except to the extent the Section 965 tax numerous tax engagements for both public and non-public
if they are under certain income thresholds, may be paid over a period of eight years or enterprises, including preparing and reviewing income tax
which range from $315,000 to $415,000 for if shareholders of an S-corporation avail returns and income tax provisions. He has advised on Internal
taxpayers who file jointly, and 50% of those themselves of a special deferral election Revenue Service audit and tax controversy, co-sourcing and
amounts for all other taxpayers. with respect to their Section 965 tax liability. out-sourcing arrangements, tax basis analyses, deferred tax
Business owners also may take advantage of validations (GAAP and Statutory), accounting method changes,
Kopew: A new exclusion or deduction of 20% foreign tax credits or net operating losses to tax due diligence, and Sarbanes-Oxley compliance.
of qualified business income will effectively offset the Section 965 tax.
reduce the tax rate on such income by 20%. Prior to joining Mazars in 2011, Tom held the position of Executive
Thus, qualified income otherwise taxed at Note the IRS released IR-2018-53 on March Director at Ernst & Young LLP’s Financial Services Office –
the top rate of 37% will be taxed at 29.6%. 13, 2018 answering frequently asked Insurance Tax Services practice. Previously, Tom spent six
Income otherwise taxed at 24%, for example, questions (FAQs) regarding how to report years as a Managing Director with LECG Corp. (formerly Smart
will be taxed at 19.2%. and pay the Section 965 tax. Business Advisory & Consulting, LLC), specializing in tax services
for the insurance industry.
For individuals with income below $315,000 How will the Corporate AMT Repeal/Refund
for joint returns, it is more straight forward. affect a business moving forward? Tom has a Bachelor of Business Administration in Accounting
For every $100 of business income, only $80 from Temple University.
is subject to tax. The computation is the Barber: With the repeal of the Alternative
same for higher-income taxpayers, except Minimum Tax (“AMT”) beginning after Dec. 31,
that more restrictions apply to qualify for 2017, corporations no longer will have to deal
the deduction. The business must either with this parallel tax regime.
B4  ADVERTISING SUPPLEMENT TO PHILADELPHIA BUSINESS JOURNAL

threshold. Using language from Section subject to certain limitations. However, as we await additional guidance to be
AMT credit carryforwards can still be used 1202 (the qualified small business stock businesses that perform services in the provided as many of the provisions are not
to reduce regular tax and any remaining definition), specified trades or businesses fields of health, law, accounting actuarial clear.
unused. include any trade or business involving science, performing arts, consulting,
the performance of services in the fields athletics, financial services, brokerage It’s important to meet with our client’s face
AMT Credits are refundable no later than of health, law, accounting, actuarial services, and investment management or to face, listen to their needs and concerns
2021. However, it should be noted that there science, performing arts, consulting, any trade or business where the principal and then walk them through the relevant
is uncertainty as to whether AMT credit athletics, financial services, or brokerage asset of the trade or business is the pieces of the Act that directly impact them.
carry forwards that are now refundable services. Certain financial trading and reputation or skill of one or more of its Each client’s fact pattern is unique, and we
by statute are subject to past Section 383 dealing activities are also excluded. employees or owners do not qualify for must target sections of the Act in relation
limitations or future Section 383 limitations Engineering and architectural firms were the deduction. Real estate enterprises, to the client. Some client’s care mostly
based on post-2017 ownership changes. removed from this “bad” list in the final manufacturers and distributors are about the cash tax implications, estate
enacted legislation but are included in the examples of companies that should benefit planning and wealth transfer while others
Because any available AMT credits are fully definition of qualified small business stock from the IRC Section 199A deduction. need to understand what that means to
refundable, corporations can now recognize in Section 1202. Notably, architects and engineers are not their companies’ financial statements and
this deferred tax asset in their U.S. GAAP tax excluded from the Section 199A deduction. effective tax rate. Small businesses are now
provisions if previously it was subject to a However, there is a catch-all category The Section 199A deduction is still available questioning their tax entity form, should
full or partial valuation allowance as it is that is somewhat vague and confusing. It to owners of nonqualified businesses if the they be an S-corporation, partnership or
guaranteed to be utilized and/or refunded excludes any trade or business where the owner’s taxable income is below a specific C-Corporation.
no later than 2021. principal asset of such trade or business threshold.
is the reputation or skill of one or more of Kopew: The TCJA has many complex
Kopew: The corporate AMT was repealed, its employees or owners. This test could The AICPA has asked for guidance from the provisions and can be overwhelming.
and existing AMT credits can offset effectively bring architects and engineers IRS on many IRC 199A related items. The Some provisions may apply but have little
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regular tax liability and, if not used, will back into the forbidden list – and exclude IRS is asking the practitioner community to effect for a specific taxpayer, while other
be refunded. Therefore, the full AMT many other businesses – possibly in a provide specific areas on which they want provisions can have a tremendous impact.
credit will offset regular tax liability or be manner that was not intended. On the guidance. We’ve only seen the beginning… The first thing I would recommend is to
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refunded by the 2021 tax year. For financial other hand, it is not clear that similar have your tax advisor go through the Act
statement purposes, this could result in a How do you advise clients on the Tax Cuts
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words in Section 1202 and the new pass- and determine which provisions affect your
release of a valuation allowance against through rules will be interpreted and and Jobs Act to make it easier for them to business. Then, they can help you ascertain
any AMT credits since those credits are now applied similarly because the policies of navigate? which ones are likely to have a material
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ultimately realizable, either as a reduction the two provisions are quite different. We effect on your tax liability and assist with
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of future regular tax liability or as a refund. are awaiting more guidance from the IRS on Barber: There is a wealth and a flood of further analysis related to the provisions
these matters. information in the news, in print and on material to you.
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The new partnership qualified business the web that our clients see almost every
income deduction affects certain business- Barber: While the IRC Section 199A day, that quite frankly can be overwhelming This will help you focus your initial
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types differently. Walk us through the business income deduction and IRC Section and intimating to some. It’s our duty as planning on the most material provisions.
differences between service trades or 1202 small business stock exemption tax advisors and consultants to meet with This law was enacted on Dec. 22, 2017
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businesses and small business stock and each create tax savings, fitting into their our clients to tailor a plan to help them after speeding through the legislative
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who qualifies and who doesn’t for the provisions is another matter. understand what U.S. tax reform really process. There are many provisions that
qualified business income deduction. means to them and help them to plan require further clarification and additional
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The Section 199A deduction is available accordingly in order to put them in the best guidance from the Treasury and IRS.
Kopew: As noted, certain service trades or to sole proprietors and owners of pass- place they can be from a tax perspective. Therefore, tax planning should start now
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businesses are generally ineligible for the through entities. The deduction is equal Also, it is important to advise them that but may need to be updated as additional
20% deduction if they exceed the income to 20% of the qualified business income, there many questions that are unanswered guidance is issued.
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We study
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changing tax
or
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laws so you
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don’t have to. In today’s ever-changing international arena,


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keeping up with the latest regulations and


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compliance issues is critical. Whether you’re


a U.S. business owner, individual with
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RSM and our dedicated team of


international connections and overseas
tax advisors constantly monitor
operations, or a foreign entity conducting
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the latest regulations and laws.


With extensive middle market business in the U.S., Mazars professionals
experience, we’re able to can aassist you.
tailor solutions to your specific
challenges. And our global
resources help your company
advance with confidence.
rsmus.com
Tom Barber
Partner
267.532.4307
Tom.Barber@MazarsUSA.com

RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax and consulting firms.
Visit rsmus.com /aboutus for more information regarding RSM US LLP and RSM International.