A real estate investment firm has closed on buying two
Center City office buildings.
CBRE Global Investors bought United Plaza at 30 S. 17th
St. for around $101.98 million and 1650 Arch St. for $69.69 million, according
to Philadelphia property records. The office towers were expected to trade as a
portfolio for around $200 million.
CBRE Global Investors at one point owned 2000 Market St.,
another Center City office building, but sold it in 2013.
TIER REIT, which is formerly known as Behringer Harvard
REIT I Inc. of Dallas, was the seller. JLL arranged the transaction.
United Plaza is a 20-story, 617,476-square-foot building
that is 93.7 percent leased. The other building, 1650 Arch, stands 27 stories
and totals 553,349-square-feet. It is 95 percent occupied.
In Philadelphia, TIER REIT continues to own Three Parkway
and last month put up for sale the Wanamaker building.
Source: Philadelphia
Business Journal
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