Center City Office Building for Sale with Conversion Potential

Center City Office Building for Sale with Conversion Potential

A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2 million, the property could be converted into multifamily residential or life sciences lab space, according to JLL, the brokerage handling the sale. Located in a CMX-4 zone, it allows for mixed-use and up to 80,415 square feet by right, with potential expansion to 144,747 square feet with additional bonuses.

*Article courtesy of Philadelphia Business Journal

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