"With this transaction, our vision to create Philadelphia's only transit-oriented, retail anchored multi-use property offering accessible luxury retailing and artisan food experiences is becoming a reality," said Joseph F. Coradino, CEO of PREIT.
"This move represents an important time for Century 21 Department Store as we continue to grow our brand and expand throughout the east coast," said Raymond Gindi, CEO of Century 21 Department Store.
Century 21 is an iconic New York-based retailer known for its legendary and exceptional offering of designer label and brand name merchandise sold at unbelievable prices. A quality fashion leader for over 50 years, Century 21 is known for its trendsetting styles and first quality assortment of merchandise.
The store features men's, women's and children's apparel, footwear, outerwear, lingerie and accessories, and cosmetics and home goods at select locations. Headquartered in Downtown Manhattan, Century 21 has four other New York locations and three additional locations in Northern New Jersey.
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company now owns properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. The Company's current portfolio is comprised of 35 shopping malls, seven other retail properties, and three development sites totaling 45 properties and 30.4 million square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania, and 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.
About Century 21 Department Store
Century 21 Department Store, established in 1961, is legendary for its exceptional offering of pure designer merchandise in every category at 40-65% off retail every day. A leader in high-end fashion retail for over 50 years, Century 21 Department Store offers men's, women's and children's apparel, footwear, outerwear, lingerie and accessories along with cosmetics and home goods at select stores. In addition to its soon-to-be Philadelphia location, the retailer is headquartered in Downtown Manhattan, with four other locations in New York including Lincoln Square, Brooklyn, Queens, Long Island and three additional locations in New Jersey including Paramus, Morristown and Elizabeth, as well as online at C21Stores.com.