Durst Debuts in Philly with Waterfront Purchase
ByPhiladelphia—The Durst Organization isn’t afraid of change. The century-old commercial and multifamily owner and developer recently expanded its footprint beyond New York for the very first time with the acquisition of the Philadelphia Piers at Penn’s Landing, a segment of the Philadelphia waterfront, from Brandywine Realty Trust.
The purchase encompasses Piers 12, 13-15, 19 and 24–an area that is home to a Dave & Busters, a Hibachi Japanese Steakhouse, a Morgan’s Pier Beer Garden, as well as a DLC Management Parking Facility and the Philadelphia Marine Center marina. “Philadelphia appeals to us because it shares many of the fundamentals of the New York market: a lively arts and restaurant scene, great higher education institutions, and a dense and walkable downtown,” Alexander Durst, chief development officer of The Durst Organization, told Commercial Property Executive. “We also like the proximity to New York City and the ease of the commute.”…
