A Denver investor has paid $23 million to buy the so-called
Kling building in Center City.
Michael Plante bought the two-building complex that includes
2301 Chestnut St. and 2300 Ionic St. The properties total 141,763 square feet
and take up an entire block. Both buildings were constructed in 1925 but were
renovated in the early 1980s.
It is referred to as the “Kling” building for the
architectural firm that has occupied the structure for decades.
Eight years ago, what is now KlingStubbins sold the building
to Capital Solutions, an entity affiliated with Blue Bell, Pa., developer Frank
Seidman. At the time, KlingStubbins entered into a long-term lease and the firm
still occupies the entire complex as its headquarters. It has nearly nine years
left on the lease.
Once the lease expires, the building could be ripe for
redevelopment into another use, said Jim Vesey of Jones Lang LaSalle, who sold
the building with colleagues Doug Rodio and Jim Galbally.
“You’re at the center of everything there,” he said.
The building was put up for sale last June.
Source: Philadelphia
Business Journal
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