Old City Office Building Set to Change Hands Amid Selloff

Old City Office Building Set to Change Hands Amid Selloff
A New York real estate investment firm is in talks to sell two more Old City properties after recently unloading nearby buildings. KKR Real Estate Finance Trust Inc. (NYSE: KREF) plans to sell the 209,700-square-foot office building at 325 Chestnut St. and the 469-spot Bourse parking garage at 400 Ranstead St. The firm recently sold the Bourse building and 400 Market St. to Lubert-Adler Real Estate Funds and Keystone Development for $41 million. KREF, a subsidiary of KKR, acquired the four Old City buildings in December via a deed in lieu of foreclosure from MRP Realty.

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