What if we told you that the Curtis Center was purchased for $125m in a joint venture between Keystone Property Group and Mack-Cali Realty Corp.? It's true, and that's not all. Plans are in place to turn 90,000 square feet of office space into 90 luxury rental apartments — in a word, woah. The deal comes on the heels of two major tenants locking in leases and the plan is to "reposition" the Curtis Center into a mixed-use building with retail, commercial and residential options. Look for a restaurant on the corned of 6th and Walnut with and outdoor dining experience as well. You know, you just can't have enough uninterrupted views of Washington Square.
Having a building with this type of size and location is rare. And while it didn't sell for the initial estimate of $135m, it's clear that parties involved are excited about the purchase. Here is what Bill Glazer, Keystone's President, told Commercial Property Executive: "Curtis is an iconic building in an irreplaceable location that fronts Independence National Historical Park and Washington Square. This location presents two transformative opportunities: to create residential living with a permanent viewshed of two National Parks, and to create a vibrant urban corridor with cafes and restaurants along Walnut Street." It won't not stop at 90 super-luxe apartments, either. The plan is to add more once more office space become available as current leases expire.
· Curtis Center sells for $125M [Philadelphia Business Journal]
· Keystone, Mack-Cali JV Buys Curtis Center in Philadelphia for $125M [Commercial Property Executive]