Another Camden Building Sold for Big Bucks

The L3 Communications Building, via Google Street View

Camden’s L3 Communications Building, located at 100 Market Street near the waterfront, recently sold to commercial landlord Howard Needleman out of Cherry Hill in a $35 million deal. The Courier-Post reports that the deal came together after Lockheed Martin Corp. and Cooper Health System agreed to move some of their employees and operations to the site.

Much like with the deal for the new 76ers practice facility, the deal for Lockheed and Cooper is heavily linked to tax breaks through the New Jersey Economic Development Auhtority’s Economic Opportunity Act–who received $107 million and $40 million in incentives, respectively.

The 76ers, who’s big plans include a world class facility complete with helipad, received $82 million over 10 years from the state to move across the river behind the Susquehanna Bank Center. They were recently followed by Subaru, who will consolidate their Cherry Hill and Pennsauken properties into a plot in Camden’s Campbell Gateway District, a 45-acre development from city staple Campbell’s Soup. Subaru could receive up to $100 million in tax breaks for the move.

Needleman told Natalie Kostelni of Philadelphia Business Journal:

“There’s a lot of money that is being thrown around in Camden and the incentives are working,” he said. “That part of Camden is hot.”

According to the Courier-Post, New Jersey has dished out “some $631 million for planned Camden projects.”

• L3 building sale important to Camden turnaround [Courier-Post]

• Needleman Management buys L3 building in Camden for $35M [Philadelphia Business Journal]