Wednesday, November 9, 2011

Inquirer Building in Philly Sells for $22.7M at Auction

Philadelphia Media Network, Inc. sold the Inquirer Building to Tower Investments, Inc. at auction for $22.7 million, or about $43 per square foot.

Located at 400 North Broad Street, the Inquirer Building is an 18-story, multi-tiered Beaux Arts structure that totals 526,000 square feet. Included in the transaction is a 502-space parking garage at 15th and Callowhill Streets, and an adjacent 200-space surface lot.

Philadelphia Media did a short-term lease-back of the property while they located new office space in Philadelphia.

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