The Durst Organization Announces Acquisition of Philadelphia Piers at Penn’s Landing

First Investment Outside of New York Reflects The Durst Organization’s Bullish Thinking on Philadelphia and the Potential of the City’s Waterfront

Philadelphia, PA (March 27, 2017) – The Durst Organization today announced the acquisition of the Philadelphia Piers at Penn’s Landing, a section of the Philadelphia waterfront that spans Piers 12, 13-15, 19 and 24. This acquisition is The Durst Organization’s first purchase outside of New York, reflecting the company’s recognition and appreciation of Philadelphia’s economic growth and future potential.

“We’re excited that our first purchase outside of New York is The Piers at Penn’s Landing, because of the progress and potential we see for the revitalization of the Philadelphia waterfront,” said Alexander Durst, Chief Development Officer of The Durst Organization. “This purchase reflects our bullish thinking on Philadelphia and the long-term possibilities that we see for the development of the city as a whole.”

The closing of this purchase comes shortly after Mayor Kenney’s $90 million funding proposal towards the $225 million investment for a beautiful, 11-acre park decking 1-95 and connecting Center City with the historic Penn's Landing waterfront. The Mayor’s proposal opens up the waterfront, particularly near the Piers at Penn’s Landing site.

The Durst Organization purchased the property from Brandywine Realty Trust. Contained within this section of the waterfront are a Dave & Busters, a Hibachi Japanese Steakhouse, a Morgan’s Pier Beer Garden, a DLC Management Parking Facility and the Philadelphia Marine Center marina. The Durst Organization sees this site as a long-term hold with significant potential, but has no immediate plans for development.

Philadelphia is currently experiencing an unprecedented development boom, with major projects in Center City, and visions for the ongoing revitalization of both Schuylkill Yards and the Philadelphia Navy Yard. Penn’s Landing has a long history of interest in revitalization, which has only grown after the creation of the Delaware River Waterfront Corporation and the publication of its Masterplan for the Delaware River waterfront.

Alex Wolfington of Wolfington Network, LLC represented Brandywine Realty Trust.

About The Durst Organization
The Durst Organization, founded in 1915 by Joseph Durst, is the owner, manager and builder of 13 million square feet of premiere Manhattan office towers and 1,950 residential rental units with 2,400 under construction. The Durst Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential buildings. www.durst.org

Contact: Sara Morell, sara.morell@berlinrosen.com, 646.200.5291