Digital Realty Trust has sold 833 Chestnut St. in Center
City for $161 million.
The 14-story, 654,000-square-foot building is being
acquired by HCP Inc., a California-based real estate investment trust that
focuses on health care-oriented properties. Aside from Jefferson Health System
and other office firms, the building houses data center tenants.
Digital Realty, which confirmed the sale, bought the
building in 2005 for $59 million when it was 75 percent occupied. At that time,
it was sold by a partnership involving Trimont Real Estate Advisors and Lehman
Brothers.
The property was once the home to the locally renowned
Gimbel Bros. department store. The building, one of the largest in Center City,
was constructed in 1928. It underwent a major $40 million renovation that was
completed in 2000. That overhaul included installing new elevators, electrical
and ventilation systems, as well as cleaning the exterior and other
improvements to the facade.
Digital Realty (NYSE: DLR) is based in San Francisco.
Source: Philadelphia
Business Journal
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