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Philly trophy bldg trades for $143.5M

by thiryj

 

CoStar reports: David Werner Real Estate has purchased 1700 Market Street in Philadelphia, PA for $143.5 million, or about $171 per square foot, from Pearlmark Real Estate Partners.

The 32-story, 841,172-square-foot, class A office building is located in Center City’s Market Street West submarket, on the corner of Market and 17th Streets. It was built in 1968 and renovated in 1989. The property is 83 percent occupied by tenants including AECOM, Deloitte, and Independence Blue Cross. Attached to the building is a five-story parking garage with 761 parking spaces.

The seller sold the property with the closing of a fund, this being the final property remaining in that fund. The existing mortgage had also come due.

David Werner RE Completes $143.5M Acquisition of 1700 Market St – CoStar Group.

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