PRESS RELEASES

National Real Estate Development and Tutor Perini Corporation (NYSE: TPC) today celebrated the “topping-off” of the first phase of East Market, the transformative, mixed-use development located in the heart of Center City. After project leaders and construction workers signed the final steel beam, the beam was hoisted by a crane and bolted in position on top of the residential tower, which has officially been named The Ludlow. A major milestone, the placement of the final beam represents the completion of steel construction for the $200 million initial phase of the East Market, which will open in late spring 2017.

“This steel beam signifies months of hard work by Tutor Perini, Berlin Steel and the countless workers who have been so dedicated to this project,” said Daniel Killinger, managing director of National Real Estate Development. “We are proud of the vision we all share in East Market and we are excited to be one step closer to bringing this vibrant neighborhood to life. This is the first of many milestones to come and we look forward to delivering this new urban experience for Philadelphia when we officially open next year.”

Built by Tutor Perini, the first phase includes The Ludlow, a 17-story residential tower with 322 modern residential units; 130,000 sq. ft. of retail and restaurant space; and onsite parking and loading. East Market is designed by BLT Architects, with Morris Adjmi Architects leading the design of the office building, which has also been newly named 1100 Ludlow, located at 34 South 11th Street. To date, gourmet grocer MOM’s Organic Market, Design Within Reach, The Design Center and renowned architecture firm, Bohlin Cywinski Jackson, have all signed tenant leases within East Market.  

“East Market is one of the most significant new developments in Philadelphia in decades and we are honored to build this project,” said Peter Sukalo, executive vice president of Tutor Perini Building Corporation. “Today’s topping off is an important accomplishment for all involved, especially our workers, who devote themselves to such incredible projects, like East Market, in Philadelphia and across the U.S.  While excited to see this final beam installed, we are even more excited to complete construction and see East Market become part of this city.

Media are welcome to use the below photos and captions from today’s event:

East Market is owned by National Real Estate Advisors, JOSS Realty Partners, Young Capital LLC and SSH Real Estate. For more information about the project, please visit the new East Market website: www.EastMarket.com. More information regarding The Ludlow is also available at www.TheLudlow.com

About East Market:

East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12th Streets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit www.eastmarket.com or email info@eastmarket.com.

About Tutor Perini Corporation:

Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.