Seven Penn Center has sold for $39 million, which is a
significant drop from a $50 million price tag some real estate observers
thought the property might get.
Nightingale Properties of New York bought the 19-story,
286,574-square-foot building at 1635 Market St. from the Arden Group of
Philadelphia. Jones Lang LaSalle arranged the transaction.
With the Seven Penn purchase, Nightingale has now
accumulated a portfolio of four Center City office buildings including 1500
Spring Garden St., 1835 Market St. and 1700 Market St.
Nightingale plans to rebrand the building as 1635 Market
St. and invest $5 million making upgrades to the building's façade, main lobby,
elevators and other areas. It was roughly 65 percent occupied at the time of
sale. Kevin Maloney, Mark Adzick, George Cauffman and Joe Wolff of CBRE Inc.
will oversee leasing in the building.
Arden bought the building in 1995. In 2006, it put the
property on the market but it never sold. The building was originally
constructed in the 1960s for IBM.
Source: Philadelphia
Business Journal
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