One South Broad Street, a Center City office building that
has a new Walgreens in its street-level retail space, was bought for $68
million, or $146 a square foot.
Aion Partners of New York ventured with an undisclosed
Israeli Insurance company to buy the 26-story, 464,000-square-foot building.
It last traded in April 2003 when a private investment group
headed up by David Werner bought it for $48 million.
This is the first Center City buy for Aion, which is headed
up by Michael Betancourt. The property was put up for sale last spring. CBRE
Inc. arranged the sale.
One South Broad is 88 percent occupied and Wells Fargo is
its anchor tenant, occupying 153,717 square feet, or 33 percent of the
property, until 2020. Walgreens signed a lease on 25,498 square feet that runs
until 2053. The pharmacy is in space that had been occupied by Borders.
The building was constructed in 1932 by John Wanamaker
during the Great Depression for his men’s department store.
Source: Philadelphia
Business Journal
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