A western section of the historic, century-old, Public Ledger building has been sold to a New York-based property management group in a $32 million deal.
The buyers, an affiliate of Baycrest Properties & Management in Brooklyn, bought the western side of the building from the Carlyle Development Group in late June, Philly.com reported. The sale allows the Carlyle group to focus their efforts on turning the eastern section of the building, which faces Independence Hall, into a luxury hotel or condos, according to the report. The western section will likely remain as office space.
This is the latest in several major changes for the building, which was built in 1923, designed by Horace Trumbauer, and is listed on the Philadelphia Register of Historic Places. It housed the Public Ledger newspaper until the early 1940’s, and it was purchased by the Carlyle group three years ago for $58 million.
Last year, it was announced that Wawa was planning to bring its biggest location in the world to the building at 6th and Chestnut; a store will top off at 11,300 square feet.