Written by Justin Shupp

Keeping it Real in the Classroom

AthenianRazak’s Kyle Holmbeck knows how important it is to prepare the next generation for the workforce. That is why he started teaching at Burlington County College several years ago and why he strives to bring real world examples into the classroom.
As one of AthenianRazak’s financial experts, Kyle is currently handling construction project accounting and management for clients. Bringing together both his passion for finance and for real estate, Kyle decided to offer his Finance class a real world example of several of the principles they have learned this semester, such as Net Present Value (NPV) and asset valuation. To facilitate this example, Kyle used a development pro forma created by our very own William Knapp to evaluate our development property acquisition candidates.
Two objectives of Kyle’s class are learning Excel and understanding that the value of financial assets are based on future cash-flows. William’s pro-forma is a powerful model which allows us to measure sensitivity of returns to virtually any project variable. But it is also simple enough to be useful as a straightforward conventional real estate analysis, projecting the value of a development property based on future cash-flows. It was a perfect tool for getting across Kyle’s objectives. By understanding the cash outlays and inflows of the development project, the class was able to understand the projected investment value and returns.
Thanks Professor Holmbeck for teaching the next generation about the importance of real estate!
Kyle Holmbeck is Controller at AthenianRazak.

Partner Linda Galante Recognized as 2013 Woman on the Move Honoree

Congrats to our partner Linda Galante on being recognized as the Arthritis Foundation’s annual Woman on the Move.  Linda received this award during a luncheon celebration on April 23rd.

This annual event – along with yearlong education programs – aims to create awareness about women with arthritis and the tools available through the Arthritis Foundation to help cope with and prevent the disease, while leading fulfilling and active lives.

As a Woman on the Move, Linda has demonstrated that she is an extraordinary woman who balances family life, career, and community involvement.  Linda is a Partner at Stradley Ronon and also a Partner at AthenianRazak.

Read more about Linda’s recognition as a Woman on the Move here.

AthenianRazak Featured in Real Estate Bisnow


Read the article here:


Read about AthenianRazak’s Multifamily Projects here:

AthenianRazak Multifamily Management

Alan Razak Visits Saudi Arabia to Teach Urban Land Institute Classes

In March 2013, AthenianRazak Principal Alan Razak visited Saudi Arabia for the second time this past year to teach a course for the Urban Land Institute (ULI).  As part of this most recent trip, Alan taught a three-day course to Kinan, a private Saudi real estate development company that is focused primarily on housing and retail development projects in several different cities in the KSA.  The class covered the fundamentals of real estate development including site selection, due diligence, market analysis, design and construction, finance and property management, among other topics.

As part of a previous trip with ULI in June 2012, Alan taught a course on managing design and construction from a developer’s point of view to Emaar, a Dubai-based private company that is leading the master-planning and development of King Abdullah Economic City (KAEC), an ambitious new city project in Rabigh, 100 km north of Jeddah.  KAEC is the largest and most diverse of four public/private new city projects being promoted by the Saudi government, encompassing massive amounts of new development on 173 square kilometers (66.8 sq mi) abutting the Red Sea. The KAEC project includes a port, industrial valley, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and a residential area.  Alan’s course focused on construction development management in mature markets such as the U.S.

Alan is a sought-after thought leader in real estate and development management, teaching various courses for ULI both in the U.S. and abroad, including previous courses in Dubai.  He also consults on various types of real estate development projects.

Digital Realty to Host Open House at Data Center at 833 Chestnut Street

On April 11th from 11 am – 1 pm, Digital Realty will host an open house to invite guests to visit Philadelphia’s premier data center at 833 Chestnut Street.  The open house will feature a tour of the data center facilities, including the building’s co-location facility, and a lunch.

You can learn more about the data center at 833 Chestnut, managed by AthenianRazak, here.  The building features state-of-the-art data center design such as aisle containment systems for optimal operating environments and energy efficiency, and onsite support.  You can register here OR RSVP by emailing Mimi Nash, – attendees must be pre-registered.  We hope to see you there!

Bryn Mawr Film Institute Hosts Groundbreaking Ceremony for Final Phase of Construction

On March 13th, the Bryn Mawr Film Institute (BMFI) held a groundbreaking ceremony for the final phase of its development project.

In just eight years, BMFI has saved an architectural gem from destruction and transformed it into one of the nation’s top film institutions attracting filmmakers, patrons, and critics from around the world. They feature the best in internationally distributed first-run films along with independent, documentary, international, and repertory films and simulcast opera, concerts, ballet, and theater. These fine cinematic works are the nucleus around which the community development and educational programs revolve.  The existing facility is a 1926 movie theater which has undergone stabilization, restoration and renovation and is now ready for an expansion of two additional theaters – the focus for their final phase of development.

The construction, being overseen by AthenianRazak as Owner’s Representative, consists of a nearly 6,000 sq ft single story addition to the existing building as well as modifications to the existing restrooms and theaters.  The addition will include two new state of the art theaters with engineered acoustics and audio visual capabilities, featuring seating for 150 in each theater.  This phase of development will nearly double the facility’s capacity.  The existing facility will remain open during the construction. Once the new theaters are completed the two, old theaters will be completely renovated with new sprinklers, seats, restrooms, and improved access.

You can read more about BMFI and the construction project here or in an article from the Main Line Times about the groundbreaking ceremony.

Chris Strom Moderates Panel at DatacenterDynamics Converged Conference

Chris Strom, AthenianRazak’s Director of Project Development, recently moderated a panel at the Datacenter Dynamics Converged Conference in New York City. This highly-regarded session on Regional Resiliency and Superstorm Sandy addressed the regional challenges faced by critical environments in the aftermath of Sandy and examined models for managing regional resilience in the future.
The diverse panel explored how data center users and operators are facing regional risk and provided their perspectives on urban risk and how municipalities are responding. Panelists included:

  • Paul Hines, Vice President, Data Center Operations & Engineering, Sentinel Data Centers
  • Robert Bianco, Vice President / General Manager, TW Telecom
  • Tokumbo Shobowale, Chief Business Operations Officer, City of New York

Increasingly businesses are looking not only at the resilience of their infrastructure, but also the resilience of their supply chain – seeking non-regional suppliers for Diesel fuel for example – and working with their teams to make sure they have good working relationships with key partners during a disaster. At the Municipal level, New York City is undertaking a comprehensive effort to improve the resiliency and recovery time of core infrastructure, and shaping a plan to be released later this spring on how NYC will address resiliency in general as well as the specific challenges posted by climate change.

This session was covered in an article by Data Center Knowledge, which summarized the core takeaway from the session, “Data center operators must expand the scope of their disaster plans to adapt to larger and more intense storms, weighing contingencies that previously seemed unlikely.”
The DatacenterDynamics Converged Conference attracted more than 1,500 participants including those responsible for the design, build and operation of IT facilities as well as key IT decision makers.

AthenianRazak Welcomes Thomas Jefferson University Hospital Department of Obstetrics and Gynecology to 833 Chestnut

Digital Realty has recently signed a lease with the Department of Obstetrics and Gynecology at Thomas Jefferson University Hospital for approximately 50,000 sq ft of office space at 833 Chestnut Street in Philadelphia.  The build-out of the space is scheduled for completion in January 2014.

AthenianRazak is the Property Manager for Digital Realty at 833 Chestnut Street and will serve as the Project Manager to oversee the innovative build-out for Jefferson.  Studley, Inc. served as the broker for Thomas Jefferson and CBRE, Inc. was the broker for Digital Realty.

AthenianRazak would like to thank each of our partners in helping to close a complicated deal that provides an innovative use of urban space, putting together parts of three adjacent floors to provide a street entrance for patients, as well as creative areas for administrative teams and patient rooms.

Chris Strom Joins AthenianRazak as Director of Project Development

AthenianRazak is excited to welcome Chris Strom to our team as the newest Delian! Chris will serve as our Director of Project Development with responsibility for data center client services, development financing, and project development.

Chris has more than two decades of experience in real estate and development specializing in complex technical buildings.  He has a unique skill set that encompasses real estate development, architectural design, and construction and financing strategies that position him as a creative solution provider. This unique combination of skills allows him to address mission critical development projects from a variety of perspectives, providing expert guidance to clients that results in comprehensive and viable project strategies.

He has worked on transactions worth more than $3 billion and has been on multiple sides of real estate deals. Prior to joining AthenianRazak, Chris led project development for some of the most innovative data center projects in North America.

You can read more about Chris and the AthenianRazak team here.  Just beware…Chris once operated a Nuclear reactor.

You can also click here to read the press release on Chris joining the AthenianRazak team.

AthenianRazak Senior Project Manager Participates in Historic Preservation Consulting Project

Janet Kimbleton Grace, a Senior Project Manager at AthenianRazak, recently participated in a historic renovation consulting project for federal review of the Casa Farnese in Philadelphia. This federally-mandated process, known as Section 106, ensures that any building improvements, in this case a proposed lobby addition, have no adverse effects on its designation as a National Landmark.

Janet consulted on this project through DOCOMOMO, a non-profit organization dedicated to the documentation and conservation of buildings, sites, and neighborhoods of the modern movement. Janet currently serves as President of the Greater Philadelphia Chapter of DOCOMOMO.

You can read more about the Casa Farnese project here.