National Real Estate Development and SSH Real Estate have jointly announced they are leasing 48,000m2 of office space at 34 S. 11th Street, a Class A, modern office warehouse building within the 4.3-acre East Market development, for setting-up The Design Center in Philadelphia, US.
The Design Center, which aims to promote the interior design trade, had been operating for 30 years from 2400 Market Street. Operating as a design hub, it offers 'designers with luxury furnishings from highly regarded manufacturers and distinguished brands, with some products available for purchase by consumers'.
National Real Estate Development managing director Daniel Killinger said: "East Market will be a place for the creatives, innovators and young professionals who value design and originality, and want to be in the center of it all."
The new facility will feature independent showrooms, which the two firms have also closed a $38.5m loan from Wells Fargo for.
East Market development will cover an entire city block and offer 'new-to-market retail and dining experiences with contemporary apartments to create a thriving urban destination for locals and tourists'.
The building, which was previously a warehouse location for Snellenburg, is being redeveloped into collaborative, contemporary office space with large open-floor plates, high ceilings and full-height windows.
After completion of the $500m redevelopment plan, The Design Center will be opened at East Market in the fall of 2016.
Owner of The Baer Collection showroom at The Design Center Gregory Augustine said: "The area east of Broad Street has become the vibrant heart of Philadelphia's design community, with so many designers, architects and furniture stores calling it home."