Saint-Gobain HQ in PA Sold for $127M

A partnership between 90 North Real Estate Partners, a London-based real estate investment firm, and Arzan Wealth of Dubai have purchased Saint-Gobain SA's North American headquarters near Philadelphia for $127 million. The seller was a consortium including E. Kahn Development Corp and J. Loew & Associates; full terms of the deal were not disclosed. The sellers were represented by Brian Fiumara, senior vice president of CBRE in Philadelphia, and Jim Vesey, president of Vesey Capital.

"This acquisition truly reflects and embraces our definition of 'trophy' credit," said Daniel Cooper, head of 90 North's operations in North America. "We know the [market] sentiment is fragile,but investors want the income generation they can't get from other investments and they want something with capital preservation."

Saint-Gobain, which was founded 350 years ago to manufacture glass for the Hall of Mirrors at the Palace of Versailles in Paris, signed a 15-year lease for the entire 320,000-square- foot office facility on the campus, which includes a pond and walking trails. The newly-constructed headquarters facility at 20 Moores Road in Malvern, Pennsylvania was opened in October 2015 after an 18-month redevelopment by Eli Kahn of E. Kahn Development Corp., J. Loew Associates and Aegon Realty Advisors. The exterior was designed by Bernardon, an architectural firm based in Kennett Square, PA, and the interior by Jacobs, a Philadelphia architectural firm.

For more news and information visit Blumberg Partners.

Miami Beach Getting NBWW Makeover

Nichols Brosch Wurst Wolfe & Associates, Inc. (NBWW), the Coral Gables-based architecture firm that's internationally recognized for the restoration and redesign of many of Miami's most legendary properties, announced that it will be restoring three historic Miami Beach properties. NBWW has been tasked with reviving Kimpton's The Angler's Hotel, The Fontainebleau Miami Beach's North Tower, and The Versailles, located in the new Faena District.

"Architecture must reflect its environment and context, while paying respect to the history of its surroundings," said NBWW partner, Don Wolfe, Jr. "The historic architecture of Miami Beach is what defines the city's spirit. We are honored to continuously be tasked with restoring these iconic properties, while infusing them with textures and finishes for the 21st century and beyond in the hopes that generations to come will marvel in Miami Beach's architectural splendor."

In addition to these three significant properties, NBWW was also the lead architect for the recently opened The EDITION Miami Beach – originally the 1950's Seville Hotel — which is owned and developed by Marriott International and Ian Schrager, according to Metro Citizen. The project is a stunning testament to NBWW's design philosophy of blending modern sophistication with historic charm, which has been carried through all of their prominent restoration projects including the Morris Lapidus-designed Fontainebleau, Eden Roc, Loews/St. Moritz, and DiLido (now Ritz-Carlton, South Beach).

For more news and information visit Blumberg Capital Partners.