Colliers Retail is happy to announce the arrival of Insomnia Cookies to the iconic corner of Broad and Chestnut in Philadelphia which will serve as its new headquarters, offering both a ‘store of the future’ and corporate offices for approximately 80 employees across 26,000 square feet and three-stories of the property.
Larry Steinberg of Colliers Retail represented owner Aion Partners of New York in three seperate transactions related to the deal. The space was formerly occupied by Walgreen’s who, along with numerous large retailers, declined to renew its lease amidst the COVID-19 pandemic. Facilitating the complex deal required navigating retail lease terminations, leases for temporary office space and the final lease for the full three-story space.
“This move marks a restoration of confidence in Center City retail and a great new amenity to the Avenue of the Arts. We are incredibly pleased that this iconic building will now have an exciting occupant. The history of the upper floor that Insomnia’s corporate office will occupy began as the Wanamaker’s Department store’s Men’s Fashion floor. Its impressive chandeliers, high ceilings and crown moldings still exist.” shared Steinberg who also serves as the head of the Rittenhouse Row Retail Association and board member for the Center City Business Association.
Insomnia Cookies, well known for delivering warm cookies until 3 a.m., will relocate its operations in the suburban community of Newtown Square to the heart of the City of Philadelphia with this step. CEO Seth Berkowitz famously began the cookie chain out of his dorm room as a University of Pennsylvania student close to a decade ago. In addition to this move, the fast growing chain also recently announced plans to triple its store count in the next five years, to a footprint of 600 shops nationwide.
Insomnia Cookies was represented by Dan Bodner of Alverez & Marsal.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
