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Natalie Kostelni, Philadelphia Business Journal: AIDS group Siloam says legal battle forced Phila. property sale

AIDS group Siloam says legal battle forced Phila. property sale
by Natalie Kostelni, Auugust 25, 2011

Siloam, a nonprofit HIV/AIDS organization, has decided to sell its property in Philadelphia, saying a resources-draining legal battle forced the move.

It rented the former church complex, which consists of three buildings and off-street parking, until 2006 when it finally bought it. The group has spent what it called “precious resources” fighting a legal battle with neighborhood opponents over Siloam’s plan to raze the property in the 1100 block of Spring Garden Street since it didn’t make sense to put in the millions of dollars in repairs that it needed.

Siloam says its plan was delayed by the neighborhood but was finally given permission by the Philadelphia Historic Commission. During that period, Siloam “experienced the effect of the market collapse on their funding sources, as well as the cost associated with an ongoing legal battle. This became the final straw in forcing Siloam’s decision to sell the entire property,” saidCathy Maguire, interim executive director. Colliers International is marketing the property …

Smart Devine and its wholly owned subsidiary Nihill & Riedley, an accounting firm, subleased Schnader Harrison space for the entire 32nd floor at 1600 Market St. in Center City. The deal will run 7 and a half years and the firm will occupy 22,606 square feet. Nihill & Riedley will relocate from 17,000 square feet at the Public Ledger building. Fidelity Commercial represented Smart Devine and Schnader Harrison was represented by Geis Realty … Five Tower Bridge in Conshohocken secured three long-term leases, making the office building fully occupied. Wells Fargo Bank    (NYSE:WFC) will move from its Plymouth Meeting offices into 10,849 square feet. CB Richard Ellis represented the bank. Keystone Foods, a global food service supplier, expanded to 50,144 from 44,144 square feet. Stockton Real Estate Advisors represented Keystone Foods.

Beach Investment Counsel Inc. renewed its lease of 3,990 square feet at Five Tower. Grubb & Ellis represented the tenant. CB Richard Ellis represented the landlord … Campus Apartments topped off the Homewood Suites University City Hotel at 4109 Walnut St. Campus Apartments is the developer while Alesker & Dundon Architects is the architect. L.F. Driscoll Co.    is the contractor.

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