Alterra Property Group is nearing a deal to acquire 1701 Market St. with plans to convert the longtime Morgan Lewis & Bockius headquarters building into apartments, according to industry sources.

The 305,170-square-foot property in the heart of the Central Business District has been up for sale as Morgan Lewis plans to vacate the entire space and move five blocks west into a new 19-story building at 2222 Market St. in 2023.

The 18-story 1701 Market building is owned by an entity affiliated with LXP Industrial Trust (NYSE: LXP), previously known as Lexington Realty Trust. The New York company rebranded last year as it sheds its office portfolio to focus solely on industrial properties. 

*Article courtesy of Philadelphia Business Journal

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