Correction: Tower Investments Acquires State Building for $21 Million

"Correction: Tower Investments Acquires State Building for $21 Million
Tower Investments, Inc. has closed on its purchase of the Philadelphia State Office Building at 1400 Spring Garden Street in Philadelphia, PA for $21 million, or $87.50 per square foot, from the Commonwealth Of Pennsylvania.

The 19-story, 300,000-square-foot office building was built in 1958 on almost two acres in the Market Street West submarket. The building features 240,000 square feet of rentable space above grade, and a 208-car parking garage.

Tower Investments has indicated it plans to convert the tower into a mixed-use, retail and residential property.

The property was on the market for 30 days, after which a buyer was selected through a sealed-bid process in the fourth quarter of 2007. The contract and escrow period that followed lasted three years pending the relocation of several Commonwealth agencies to 801 Market Street, as well as the buyer obtaining financing in the amount of $19.6 million. The building previously housed approximately 900 employees from various departments including Conservation and Natural Resources, Education, Insurance, Labor & Industry and Public Welfare.

"The sale of the Philadelphia State Office building not only will save taxpayers a substantial amount of money over the next 20 years, it will also put the property back on the tax rolls for the City of Philadelphia and it will serve as a catalyst for continued economic development for the region," said then-Governor Ed Rendell in a January, 2008 release issued about the sale.
http://www.omegare.com/

Original Story on 7/13/2011
"Tower Investments, Inc. acquired the Philadelphia State Office Building at 1400 Spring Garden Street in Philadelphia, PA for $25.2 million, or about $104 per square foot, from the Commonwealth Of Pennsylvania.

The 19-story, 240,000-square-foot office building was built in 1958 on almost two acres in the Market Street West submarket. Tower Investments has indicated it plans to convert the tower into a mixed-use, retail and residential property.

The property was on the market for more than three years."
http://www.omegare.com/