Posts Tagged: Sale

Centre Square Hits Market Amid Foreclosure

Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case.

Centre Square, Philadelphia’s largest office property, is being marketed for sale even as it remains tied up in an ongoing foreclosure case. Located at 1500 Market Street, just west of City Hall, the 1.76 million-square-foot complex includes the 36-story East Tower, the 43-story West Tower, and a 450-space parking garage. Once one of the city’s… Read more »

Office Park Sells for Less than Previous Sale Price

Office Park Sells for Less than Previous Sale Price

A New York real estate firm has purchased the five-building Lindenwood Corporate Center in Malvern for $23.1 million, according to property records – a 42% drop from its last sale in 2021. The 280,025-square-foot campus on Lindenwood Drive was acquired by an entity tied to Time Equities Inc. from Utah-based Bridge Investment Group. The deal… Read more »

One South Broad Listed for Sale Ahead of Loan Deadline

One South Broad Listed for Sale Ahead of Loan Deadline

The half-vacant One South Broad office tower in Center City is up for sale as its owner, Aion Partners, nears the end of an extended mortgage forbearance. The 25-story, 463,988-square-foot property—home to Insomnia Cookies’ headquarters—is being marketed by Newmark as a lease-up or residential conversion opportunity. Aion secured a two-year CMBS loan extension in 2023… Read more »

2000 Market Street Office Tower Hits the Market

2000 Market Street Office Tower Hits the Market

The 29-story, 668,335-square-foot office tower at 2000 Market St. is officially for sale — a move that could serve as a bellwether for post-pandemic office valuations in Philadelphia’s central business district. New York-based owner Nahla Capital has listed the property, which is currently 68% leased. According to CBRE listing agent Jerry Kranzel, early interest suggests… Read more »

Bucks County Office Park Sells for $16M

Bucks County Office Park Sells for $16M

A Bucks County medical office park near Oxford Valley Mall and Sesame Place has sold for more than double its 2015 price. Aventura, Florida-based ESJ Capital Partners purchased the 152,310-square-foot, nine-building Oxford Court portfolio in Langhorne for $16 million. The seller, SkyREM of Philadelphia and New York, originally acquired the property for $7.82 million in… Read more »

Ten Penn Center Office Tower Up for Sale

Ten Penn Center Office Tower Up for Sale

The 27-story Ten Penn Center office tower in Center City is hitting the market. Owners Sterling Equities and Greenville Partners are listing the 668,000-square-foot building at 1801 Market St. The property, built in 1981 and purchased for $75 million in 2006, was most recently assessed at $122.8 million. It is currently 60% occupied, per CoStar…. Read more »

Centre Square Likely to Sell to Cover $375M Debt

Centre Square Likely to Sell to Cover $375M Debt

After two years of foreclosure proceedings with little clarity on Centre Square’s future, the property’s receiver now says a sale is “very likely.” Owners Nightingale Properties and InterVest Capital Partners, formerly Wafra Capital Partners, owe over $375 million on the overdue CMBS loan backing the 1.76 million-square-foot office complex, court records show. Wells Fargo Bank… Read more »

Prologis sells Navy Yard data center for $16M

Burlington County Superior Court

A West Coast firm expanding in Philadelphia has acquired a Navy Yard data center for $16.3 million. Landmark Dividend, an El Segundo, California-based investment firm, purchased the 28,083-square-foot property at 4775 League Island Blvd. from Prologis, which acquired it through its 2020 purchase of Liberty Property Trust. The building is fully leased to TierPoint, a… Read more »

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… Read more »

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

Center City Office Portfolio of 4 buildings Returned to Lender, Sale Pending

In late December, a lender assumed control of a four-building Philadelphia office portfolio, and discussions are underway for the potential sale of two of the properties. KKR Real Estate Finance Trust Inc. (NYSE: KREF), a subsidiary of New York-based alternative investment firm KKR, disclosed in its quarterly earnings filing with the Securities and Exchange Commission… Read more »