Liberty Property Trust, which owns and manages more than 12 million square feet of office, flex and industrial space in the Greater Philadelphia region, today announced it has pre-leased 26,000 square feet of office space at 1200 Intrepid Avenue to Penn Capital Management Company, Inc. (PENN CAPITAL). This summer the existing Liberty tenant will relocate from Three Crescent Drive in The Navy Yard to its new, larger space, which overlooks a sustainable five-acre park, Central Green.
“PENN CAPITAL’s expansion is another example of how The Navy Yard continues to retain top companies within the vibrant and interactive campus and once again demonstrates its appeal to financial services institutions seeking to attract high performance talent,” said Brian Cohen, Liberty Property Trust vice president and city manager. “We are delighted that the leadership at PENN CAPITAL continues to put their trust in us to create an exceptional new home for them at 1200 Intrepid Avenue, which will be well-suited for their energetic, collaborative, and innovative workplace.”
Liberty broke ground on the 92,000 square foot four-story building in June 2015, and after the lease to PENN CAPITAL, 68,000 square feet of office space remains available. The 1200 Intrepid location is the company’s fourteenth building at The Navy Yard, and the first building in the City of Philadelphia to be designed by the world-renowned architects of Bjarke Ingels Group. The gravity-defying design was envisioned to connect and communicate with the adjacent park, Central Green. The building’s east façade is curved and bows inward at the ground plane in a gesture reminiscent of the park’s circular running track, activity pods and planting vignettes. Located in The Navy Yard Corporate Center, the building will be core and shell complete by April 2016 with a target of LEED® Gold certification.
Richard A. Hocker, PENN CAPITAL’s Founder, Chief Executive Officer and Chief Investment Officer indicated the move to the new building reflects PENN CAPITAL’s commitment to investing in its business both for the benefit of its clients and as an opportunity to attract and retain top investment professionals. Mr. Hocker Liberty signs first lease at 1200 Intrepid Avenue in The Navy Yard Page 2 of 3 expressed his excitement for “PENN CAPITAL’s continuing partnership with the City of Philadelphia and the area trade unions in this redevelopment project.”
PENN CAPITAL is an independent, 100% employee-owned, SEC registered investment management firm. Currently, the company occupies 17,000 square feet of space at Three Crescent Drive in The Navy Yard, and this summer will call 26,000 feet on the fourth floor of 1200 Intrepid Avenue home. PENN CAPITAL was drawn to the new building’s exceptional design and technology-friendly space, as well as its proximity to amenities like Central Green and several restaurants including Lo Spiedo, Mercer Café, and Tacconeli’s Pizza.