An entity affiliated with Eclipse Development, a new Philadelphia firm, has purchased a Center City office building from the American Red Cross for $7.2 million. The five-story, 52,676-square-foot property is located at 23rd and Chestnut Streets. Eclipse plans to explore options, including leasing office space short-term for up to two years before converting the building to multifamily use or redeveloping it into a new multifamily project. The property was last assessed by the city at over $12 million.

*Article courtesy of Philadelphia Business Journal

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