Philadelphia, PA–April 29, 2016— CBRE Group, Inc. (CBRE) is pleased to announce that it has arranged a joint venture between Realen Properties of Berwyn, PA and HRI Properties, a New Orleans developer who specializes in renovating historic sites, to convert the Liberty Title & Trust building at 101 North Broad Street into a hotel. CBRE’s Michael Kane and CBRE Hotel Group’s Lewis Miller and Doug Henkel represented Realen Properties during the joint venture.
Built in 1916, the now vacant 181,000 square-foot building will be converted into a 179-room hotel by Starwood Hotels & Resorts’.
“This transition is a win-win for all parties involved, as the newly formed joint venture between HRI & Realen will take a historically and architecturally significant but vacant building and transform it into a vibrant hotel catering to the close proximity of the convention center, business and museum districts and a prominent corner in downtown Philadelphia,” said Michael Kane, Senior Vice President, CBRE.
The complete renovation of the building into a hotel, which will also include complimentary retail on the ground floor, is expected to be completed by the end of 2017.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Realen
Realen was founded in 1968 initially as a developer of multi-family residential apartments. Adhering to an unwavering commitment to give its customers more – more service, higher quality, and better value, Realen evolved into one of the region’s preeminent residential and commercial development and construction firms. Since then, Realen has constructed thousands of homes and apartments, creating dozens of new communities in the Delaware Valley and Greater Chicago regions. Additionally, Realen has developed and manages office buildings, parking garages and storage facilities. Realen has received numerous awards for its developments and efforts in land planning and conservation, including such prestigious designations as National Builder of the Year and Builder 100.
