While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space.
Feibush, president of OCF Realty, purchased the 136,000-square-foot office building at 399 Market St. from Colonial Penn Life Insurance for $14 million, a 38% discount from its assessed value of $22.6 million. He estimates the building would have been worth around $40 million before the office market’s decline in 2020.
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.
Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.
