For Immediate Release: October 17, 2006 Contact: Ken Snyder, Girard Estate, 267-228-9905 Ken Kearns, Trinity Capital Advisors, 610-994-2407
Trinity Capital Advisors To Acquire Full City Block in Philadelphia known as Girard Square Girard Estate, Trinity agree to 90 million dollar deal
PHILADELPHIA – Trinity Capital Advisors, a suburban Philadelphia based real estate development firm, will lease Girard Square for at least the next 75 years. Proceeds from the deal will benefit Girard College.
Girard Square comprises the full square block from 12th to 11th and from Market to Chestnut.
"We couldn't be happier with this transaction, not only for the clear benefits it produces for Girard College and generations of future students, but also, for the positive impact it will have for Philadelphia," said John Egan, President of the Board of Director for City Trusts, which manages the Girard Estate.
Egan added, "This deal will allow us to not only expand Girard College, but to improve and increase educational programs there."
Kevin M. Doyle, President of Trinity Capital Advisors said, "Over the last 5 years, the growth that Philadelphia has experienced makes it a very appealing venue for development. We are excited about our expanding investments in the Philadelphia area. Girard Square will be our premier property in the Delaware Valley."
Across from the convention center Girard Square currently offers 865,000 square feet of office space, retail and parking. Girard Square also sits adjacent to the expanding campus of Thomas Jefferson University, with concourse level access to the Market Frankford L subway and Market East regional rail hub.
"Girard Square is an incredible opportunity to develop a full city block in a location where the possibilities are virtually limitless . This deal will be a tremendous benefit to both the City of Philadelphia and Girard College," said Ken Kearns, Vice President, Trinity Capital Advisors.
Trinity Capital Advisors are considering development possibilities of over 3 million square feet with retail, hotel, office, and residential potential.
Paul Levy, President and CEO of Philadelphia's Center City District lauded the deal, ""We are delighted to learn that the Trustees of the Girard Estate have selected Trinity Capital Advisors as the redevelopers of Girard Square. This is a key parcel, immediately across from the Pennsylvania Convention Center, adjacent to two major hotels, and an important link to both the historic area and a reviving East Chestnut Street. Trinity brings a practical and incremental approach that can quickly yield short-term results and contribute to the overall enhancement of East Market Street."
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Background on Girard Estate and Trinity Capital Advisors
GIRARD ESTATE is the largest trust managed by the Board of Directors of Philadelphia City Trusts, currently valued at more than five hundred million dollars. Girard Estate, belonged to Philanthropist Stephan Girard, who at the time of his death in 1831 was the country's wealthiest individual, and willed his fortune to the school he founded.
Girard College is a private boarding school for academically capable students, grades 1 through 12, from families with limited financial resources, headed by a single parent or guardian.
All 721 Girard students receive full scholarships to take part in the school’s strong academic program, and to live safely on its enclosed 43-acre campus in Philadelphia, PA.
TRINITY CAPITAL ADVISORS, LLC (TCA) is a Philadelphia based full-service real estate advisory and development firm focused on maximizing efficiency and value for our clients’ real estate. Integrating brokerage, development and management services, TCA provides a unique value proposition by creating a customized, comprehensive and disciplined approach to real estate ownership. TCA provides real estate solutions beyond traditional services to include joint-venture equity partnerships, select client-driven development and advisory services. TCA’s strong foundation of relationships, in-depth market knowledge and extensive research capabilities allows TCA to exceed the evolving needs of its clients, investors and associates.
PHILADELPHIA – Trinity Capital Advisors, a suburban Philadelphia based real estate development firm, will lease Girard Square for at least the next 75 years. Proceeds from the deal will benefit Girard College.