PREIT Announces the Expansion of Health Partners Plans at 907 Market Street

Nonprofit health insurance organization will expand its existing office space above The Gallery in Philadelphia

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Jun 26, 2014, 04:35 ET

PHILADELPHIA, June 26, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today the expansion of current healthcare tenant Health Partners Plans Inc. (HPP) at the 907 Market Street building above The Gallery. The award-winning not-for-profit health insurance organization currently occupies over 140,000 sq. ft. of office space on the fourth and fifth floors of the building and will be expanding into an additional 70,000 sq. ft. of space on the third floor in the first quarter of 2015.

PREIT announced in April that the region's first Century 21 Department Store would open at The Gallery as part of the company's much-anticipated redevelopment plans for the center. The expansion of HPP signals the next steps in a project that will undoubtedly change the retail landscape for the city of Philadelphia.

"This transaction creates near-term value in filling existing office space," said Joseph F. Coradino, CEO of PREIT. "With this, we are taking the next step toward creating Philadelphia's only transit-oriented, retail anchored multi-use property offering accessible luxury retailing and artisan food experiences."

Health Partners Plans is an award-winning, not-for-profit health insurance organization serving more than 187,000 members in Philadelphia, Chester, Delaware, Bucks and Montgomery counties. HPP offers Medicaid, Medicare and Children's Health Insurance Program (CHIP) plans that include special benefits to improve the health and wellness of its members and aims to boost the health of the community through outreach, education and events.

About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company's portfolio of 42 properties comprises 34 shopping malls, five community and power centers, and three development properties. The Company's properties are located in 12 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 30.1 million total square feet of space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

CONTACT:
AT THE COMPANY
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

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SOURCE PREIT