The Atlantic building at 260 S. Broad St. in Center City is
under agreement to be sold.
Jefferson Apartments of McLean, Va., is seeking to buy the
21-story, 330,000-square-foot former office building for more than $50 million,
according to people familiar with the situation.
In 2012, Jefferson completed construction of Jefferson
Pointe, a 230-unit apartment complex fronting Route 202 in West Chester, Pa. It
sold the property last year for $60.9 million.
If it ends up buying 260 S. Broad, the transaction will mark
the company’s first dip into the Center City market. The company focus on
multifamily development in urban, transit-oriented markets.
Post Brothers bought the property for $27 million in July
2012 with an eye toward redeveloping it into residential use. At the time, the
building had struggled when tenants began vacating it. What few, remaining
firms were in the building when Post Brothers bought it were subsequently
relocated.
Post Brothers debated whether to move forward with
converting it into condominiums or apartments and had not made a firm decision
in either direction.
Matt Pestronk of Post Brothers said the company doesn’t
comment on transactions that have yet to occur but said: “We are an
opportunistic buyer and seller.”
Source: Philadelphia
Business Journal
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