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| 1818 Market St. (Photo: Sousaman12 at wikimedia.org) |
The planned sale of the 37-story, 940,000 sq ft office
building at 1818 Market Street -- also known as 1818 Beneficial Place -- to
Shorenstein Properties of San Francisco for a reported $200 million-plus (about
the as it previously sold for in the early 2000s) has snagged.
Three of the 34 "fractional owners" of the
building -- who hold the property as "tenants in common" -- oppose
the sale and litigation has delayed the deal from closing, according to this
statement by San Diego-based 1818 investor Sovereign Capital Management Group,
which negotiated the sale.
The sale is for now "in escrow," while 1818
"remains on solid financial footing, with occupancy rates of more than
90%," Sovereign adds. The company takes credit for luring Beneficial
Mutual Bancorp and Five Below to move their headquarters there, helping boost
occupancy and revenue.
Source: Philly.com
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