Monday, October 3, 2016

Coretrust to Acquire Office Condo in Philadelphia

Coretrust Capital Partners has put 940,000 square feet under contract at 50 S. 16th St. in Philadelphia, PA for approximately $200 milion, or roughly $213 per square foot.

The seller of the lower 36 floors of Two Liberty Place is Parkway Properties. It is located between Market and Chestnut Streets in Philadelphia's CBD.

Constructed in 1990 in the Market West submarket as part of the Murphy/Helmut Jahn-designed Liberty Place development, the building offers close proximity to hotels, retail and restaurant options. Access to public transportation with the 30th Street Station is within walking distance of the property. Major tenants include Cigna, which recently signed a new 12-year lease for 322,000 square feet, Unisys Corporation, Buchanan Ingersoll, Republic Bank, Eckert Seamans.

The acquisition will be Coretrust's first acquisition in Philadelphia when it closes, subject to customary conditions. Coretrust will likely update the lobby, common areas and amenities. Most of the vacant space in the building is located on a three-floor contiguouse block, making it one of the largest blocks of available office space in the Market West submarket.
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