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Office building in Center City sells for $31.5M

The building has undergone renovations

The office building at 1760 Market Street has changed hands once again—but not before undergoing several renovations since its last sale, according to a statement from JLL’s Capital Markets, who represented the sellers.

The building, which sits at 126,689 square feet in the middle of Center City, was sold for $31.5 million in a joint venture by Alterra Property Group and Stockton Real Estate Advisors, to Victor Keen, a Philadelphia tax attorney who’s handled real estate in Philly and New York, according to the Philadelphia Business Journal.

This marks the newest change in hands since the Alterra-Stockton partnership bought the building in 2015. Since then, the building has seen extensive upgrades, including, “A revamped lobby and entry way, refurbished elevator cabs and new building systems” like water pumps and a fire system, JLL said in a statement.

The renovations, which cost around $4 million, bumped the building’s occupancy from 65 to 85 percent, according to the Philadelphia Business Journal.