UPDATED. Washington-based
MRP Realty Group, owner of the Bourse building, has expanded its Philadelphia
footprint with the acquisition of the Three Parkway office tower at Cherry
Street and Benjamin Franklin Parkway.
In a release Wednesday, MRP
said that in partnership with Charlotte, N.C.-based investment company
Barings LLC it had bought the 600,000-square-foot office building, with
plans to renovate its lobby and common areas, while adding a tenant
lounge, a fitness center, and outdoor retail spaces.
The purchase price was not
disclosed.
The 20-story Three Parkway
building, which counts Drexel University and Enclara Pharmacia among
its tenants, was Dallas-based TIER REIT's last remaining Philadelphia
property after selling its stake in the Wanamaker
building at 13th and Market Streets in January.
TIER REIT has said the sales
are part of a strategy of exiting Philadelphia to focus on its core markets,
primarily in Texas and parts of the South. Senior vice president Scott
McLaughlin did not immediately return a call for comment.
MRP, meanwhile, has been
rapidly expanding its Philadelphia holdings, with the Three Parkway acquisition
as its eighth deal here in 35 months.
Last year, the company acquired the Bourse building near
Independence Hall and two other nearby office structures. All are currently
being renovated.
Its residential projects in
the city include the 217-unit Griffin at Broad and Chestnut Streets, a
former dorm building for University of the Arts.
The property was marketed by
real estate services firm Holliday Fenoglio Fowler L.P., which also helped
secure financing for the acquisition.
Source: Philly.com
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