CBRE has been appointed the exclusive leasing agent by Jaindl Enterprises for the office and retail space at The Waterfront—a 12-building, mixed-use campus in Allentown, Pennsylvania. CBRE’s Jody King, Scott Gabrielsen and Brian Bruzek will spearhead the leasing campaign.
Once completed, the $425 million project will consist of five Class A office buildings totaling approximately 689,998 square-feet, while each of the 12 buildings will offer first floor retail and restaurant space totaling more than 165,000 square-feet. Along with modern office space and a mix of prominent retailers, the campus will house three apartment buildings with 554-units.
“We are thrilled to have been retained by Jaindl Enterprises as the exclusive leasing agent for this historic, transformative project,” said Ms. King, First Vice President, CBRE. “Through placemaking and strategic design, The Waterfront will be a groundbreaking, vibrant, 24-hour community in the heart of the Lehigh Valley. Now is the time to schedule a tour to see all of the exciting improvements in place and planned development,” added King.
The Waterfront is scheduled to be built over a 10-year period during two phases and construction is already underway. Groundbreaking for the first office building, parking deck and apartment building is scheduled for Winter 2019 and the first retail location is expected to deliver in 2021.
“The Waterfront site has undergone an incredible transformation and is now prime to introduce tremendous opportunities for businesses, retailers, restaurants and residential tenants,” said Zachary Jaindl, Chief Operations Officer, Jaindl Enterprises.“Jaindl Enterprises has always prided itself in working with the best, and we look forward to working alongside CBRE to introduce an entirely new district to the City of Allentown.”
“This project is a market changer for Allentown and has Neighborhood Improvement Zone designation, a state tax incentive that allows tenants to lease Trophy Class A space at a Class B rental rate,” said Mr. Gabrielsen, Executive Vice President, CBRE.
The 26-acre campus, the former home to the Lehigh Structural Steel Company, is conveniently located on the western banks of the Lehigh River, just 55 minutes from Philadelphia and 90 minutes from New York City. The project is approximately 90 seconds from the Fullerton Exit off Route 22, approximately 10 minutes from the Airport Road Exit off Route 22 and just under 15 minutes from the Summit Lawn Exit off Route 78.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
