“You’re getting a call from someone who controls an asset that has no liquidity, and it’s a potential conversion or a piece of land,” Post Brothers co-founder Matthew Pestronk said. “Throw out the lowest number that they won’t be insulted by, say you need this much time to execute, and you’re getting answers of, ‘Huh, let us think about […]
Philadelphia developer Post Brothers bought the older 2100 M St. NW building for a potential residential conversion earlier this year.
While developments like Post Brothers’ $500 million, 1,100-apartment Piazza expansion are nearing completion, dozens of others are kicking off or in the works.
Post Brothers has acquired a duo of neighboring office buildings at 1825 and 1875 Connecticut Ave. NW, known as Universal North and Universal South, the Philadelphia Business Journal reports. Post paid seller JBG Smith $101.5M for the 460K SF Universal North and $102.2M for the 302K SF Universal South for a total purchase price north of $200M.
Read more at Commercial Observer