After failing to attract a buyer at sheriff’s sale, the former GSK building at the Navy Yard has sold. The vacant property is located at 5 Crescent Drive.
The Eastern Atlantic States Regional Council of Carpenters purchased the 207,779-square-foot building for $52 million. The price reflects a 60 percent discount from its previous sale eight years ago.
Rialto Capital Management completed the sale on behalf of the CMBS trust holding the property’s debt. As a result, the long-vacant asset has secured a new owner.
Looking ahead, the labor union plans to occupy the building within three to six months. Approximately 125 employees will relocate from the union’s headquarters at 1803 Spring Garden Street.
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Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.
