Shorenstein Properties has closed on buying 1700 Market
St., a 32-story, 842,000-square-foot office building in Center City.
The company declined to disclose the sale price but
people familiar with the transaction say the company paid just under $200
million.
This office building at 1700 Market St. stands 32
stories.
This is the second Philadelphia buy for the San Francisco
real estate investor.
Last year, it picked up 1818 Beneficial Bank Place., a
37-story, 940,000-square-foot office building for $185 million. It is putting
another $20 million into the property making upgrades.
Ever since it made that buy, Shorenstein had been on the
hunt to acquire other properties in Philadelphia. That opening came in February
2015 when a partnership that involves Nightingale Properties of New York put
1700 Market up for sale. It had bought the building in 2011 for $143.5 million,
and with the Shorenstein sale, underscores how healthy the Center City
investment market has become.
“As with 1818 Beneficial Bank Place, Shorenstein plans to
invest capital to further improve 1700 Market’s tenant appeal and make it one
of the most desirable locations in the city for companies seeking highly
efficient, differentiated space,” the company said in a statement.
Source: Philadelphia
Business Journal
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