Alterra Property Group is once again moving forward with plans to buy 1701 Market St. and convert the Center City office building into 325 residential units, reviving a transaction that previously fell through due to rising costs.

The 305,170-square-foot, 18-story building is owned by New York-based LXP Industrial Trust (NYSE: LXP) and currently houses the headquarters of Philadelphia law firm Morgan Lewis and Bockius. Permits issued by the Philadelphia Department of Licenses and Inspections on July 19 for the residential conversion at 1701 Market include plans identifying Philadelphia-based Alterra as the project’s developer, signaling a sale agreement with LXP is back on.

*Article courtesy of Philadelphia Business Journal

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