An overseas buyer is purchasing the former U.S. Post Office building near 30th Street Station for $354 million, Brandywine Realty Trust announced last week. The Philadelphia Inquirer reports that Korea Investment Management Co. is under contract to buy the 862,700 square foot property, which is currently occupied by the Internal Revenue Service (IRS). Brandywine Realty Trust will continue to manage the property after the transaction is completed, which is expected in the first half of the first quarter in 2016. Proceeds from the sale will prepay the current mortgage of $177.4 million and the Cira Centre South Garage mortgage of $35.5 million.
The building is listed on the National Register of Historic Places. It was built in 1935 and at the time served as the main distribution center for Center City until 2005. Brandywine Realty Trust bought the property, now officially called the IRS 30th Street Campus, in 2007 for $28 million. It then underwent a three-year, $252 million renovation, which included the addition of a $90 million parking garage and 9,788 square feet of retail space. The Art Deco building's limestone facade was also cleaned and restored, the windows were replaced, and a skylight was installed.
·Brandywine sells ex-post office near 30th St. Station to S. Korean fund [PI]
·Development Spotlight: 30th Street Post Office [Brandywine Realty Trust]
·Going Postal [HCP]
·United States Post Office—Main Branch [National Register of Historic Places]
·IRS 30th Street Campus Case Study [NAIOP]