clock menu more-arrow no yes

Filed under:

Center City Office Buildings Selling Like Million Dollar Hotcakes

New, 2 comments

Less than a week after 1515 Market Street sold for $85M, 1835 Market Street, formerly known as Eleven Penn Center, sold this week for $100M. A partnership between Nightingale Properties and Carlton Associates purchased the 29-story, 660,343 square-foot office building, according to Philadelphia Business Journal's Natalie Kostelni. 1515's sale was supposed to be the first of a "string" of buildings sold within the the area before the New Year and it looks like that will certainly be the case.

Philadelphia Business Journal has the details on what's sold and what's available:

The investment scene in Philadelphia has heated up. Other office properties that have recently sold or are under agreement include 1515 Market St., 1818 Market St. and Seven Penn Center and those that are up for sale include 1650 Arch St., United Plaza, 3535 Market St. and 2.0 University Place. More office buildings are expected to hit the market by year end and early next year.
Commercial Observer reports that Nightingale's acquisition of 1835 Market Street was made possible by a "$90 million loan from Starwood Property Trust." JLL, who managed the deal, told The Inquirer it expects to close on $1B in Philadelphia area property sales this year.
· 1835 Market St. in Center City sells for $100M [Philadelphia Business Journal]
· Nightingale Buys Philadelphia Mixed-Use Building With Starwood Loan [Commercial Observer]