Keystone Property Group is making a run at acquiring the
office portion of Two Liberty Place.
The Conshohocken, Pa., real estate company has reportedly
made an offer on the tower’s 940,000 square feet of office space that could
trade for as much as $250 million, according to several sources in the real
estate community. There is speculation among these sources that Keystone is
teaming up with an off-shore capital source to fund the acquisition.
Keystone, through Rich Gottlieb, a senior vice president
at the company, declined to comment.
Up to this point, Keystone’s Center City acquisitions
have focused on the historic part of town where it owns the Curtis and the Dow
building.
A Two Liberty buy would be a new neighborhood for the
real estate company. The property at 50 S. 16th St. is a signature skyscraper
in the Central Business District and a prominent tower in the Philadelphia
skyline.
The building’s office space is 89 percent leased to
multiple tenants on a long-term basis including Cigna Corp., Buchanan
Ingersoll, Republic Bank, and Eckert Seamans. Two Liberty’s owner, Parkway
Properties Inc. (NYSE:PKY), put it up for sale in November not long after it
secured a new lease with Cigna. CBRE Inc. is overseeing the marketing of it.
The office portion of Two Liberty includes the first 36
floors of the building.
The remainder of the building, floors 37 through 57,
consists of residential condominiums. The office portion of the property is
part of a bigger mixed-use complex that includes the Shops at Liberty Place and
a Westin hotel, which have separate ownerships.
Source: Philadelphia
Business Journal
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