Monday, January 11, 2016

Shorenstein Acquires 1700 Market Street, Its Second Center City Office Building

by Steve Lubetkin, Globest.com
horenstein Properties has acquired 1700 Market Street, an 848,000 square foot class A office tower in Philadelphia’s Center City submarket. The firm declined to comment beyond its press release, and declined to disclose the purchase price, but published reports indicate the sale price was around $200 million.

As previously reported by GlobeSt.com, this is the company’s second major purchase in Philadelphia and it now owns more than 1.8 million square feet of prime office space in Center City’s popular Market Street West submarket. Shorenstein recently began the initial phases of a renovation of 1818 Beneficial Bank Place, the class A Market Street West office tower it acquired in April 2015.

As with 1818 Beneficial Bank Place, Shorenstein plans to invest capital to further improve 1700 Market’s tenant appeal and make it one of the most desirable locations in the city for companies seeking highly efficient, differentiated space.

Located just one block east of Beneficial Bank Place on the corner of Market and 17th Streets, 1700 Market offers a broad range of tenants a great location, efficient 30,000 square foot floor plates, high ceiling heights, impressive window lines, and more than 675 dedicated parking spaces.
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