Another Center City office building comes up for sale, could trade for $20M

One of Center City's smallest office buildings has come up for sale.

Known by its address, 1760 Market St., the 15-story, 126,219-square-foot building is expected to trade for somewhere around $20 million, or a tad less than the sale price when it last traded. AFIAA, an investment adviser for pension funds in Switzerland, bought the building in 2006 for roughly $22.6 million.

The Philadelphia office of JLL is marketing the building for sale.

The building is 71.8 percent leased and is considered a value-add opportunity because of its vacancy and opportunity to invest money into upgrading it or even converting it into a different use.

"A new owner has the unique ability to enhance value through an aggressive office leasing campaign while benefiting from a prestigious corporate address or a new owner could convert the property to an alternative use given the flexible floor plate and great location," said JLL marketing materials. "The sale is being offered on an as-is basis and free and clear of any existing debt."

The building, while smaller, can be appealing to creative and traditional users because of its small floorplates at just over 9,000 square feet and "its boutique feel which is a major differentiator when compared to almost every other building along the Market Street corridor," JLL said.

Ironically, back in 2000 Brandywine Realty Trust sold 1760 Market St., which at the time was its only Center City asset. It unloaded the building in an effort to shed assets that don't fit into its suburban office portfolio, which at the time was its focus. The real estate company is now Center City's largest landlords of Class A and trophy space.

Source: Philadelphia Business Journal