Brickstone buys two more properties in Center City

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15-21 S. 11th St.

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Natalie Kostelni

Reporter- Philadelphia Business Journal

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Brickstone Realty Cos. has picked up two more properties in a corner of Center City where it has been accumulating a growing portfolio of buildings.

The Philadelphia company plans to begin work on converting the two buildings into residential and offices uses.

The company bought 15-21 S. 11th St., which is a five-story, 30,000-square-foot building. The structure, which is in basically shell condition, was about 20 percent vacant at the time of sale.

Brickstone's plans call for spending roughly $13 million converting the first floor into retail space and the remainder into creative office space.

"We have great expectations for this property and see it as the key property in setting new standards for creative office space in a burgeoning Midtown Village," said John Connors, vice president at Brickstone. "We want this to be the poster child for creative office space."

Originally constructed for industrial use, the property has 12-foot ceilings, expansive windows and plenty of open space.

"I think it's one of the best looking buildings in town," Connors said.

Work is expected to begin at the beginning of next year.

Brickstone also closed on buying what is commonly referred to as the Baum's building for the dance apparel company that has been housed in the space since the 1940s. The structure at 106 S. 11th St. totals 15,000 square feet. Brickstone plans an estimated $5.5 million project that will involve converting the ground floor into retail space and the upper floors into 12 apartments.

"It's a pretty building that wants to be residential," Connors said. "It's perfect for us."

Construction is expected to begin at the end of this month with occupancy taking place in the fourth quarter of next year.

Natalie Kostelni covers real estate and economic development.