Faegre Drinker represented Rockefeller Group in its recent acquisition of the former site of Philadelphia State Hospital, known widely as Byberry.
Rockefeller Group intends to construct two warehouses totaling 650,000 square feet that are expected to be completed by mid-2025. The buildings will be located only five miles from Northeast Philadelphia Airport and 21 miles from downtown Philadelphia, which makes the site a prime location for logistics users.
Faegre Drinker’s work included representing Rockefeller Group in connection with the acquisition of the land from the Philadelphia Authority for Industrial Development and a joint venture agreement with a development partner. The acquisition team was led by Philadelphia partner David Ebby and included partner Reuben Asia, counsel Shane Barnes and associate Joseph Oliver. The joint venture team was led by Florham Park partner Michael Rothpletz and included associate Aneri Shah.
Read The Real Deal article and The Philadelphia Inquirer article on the matter for more details.