Monday, March 5, 2012

Federal Capital Partners, Cross Properties Close on $28.5M Philadelphia Acquisition

Federal Capital Partners and Cross Properties purchased the office tower located at 1616-1626 Walnut St. in downtown Philadelphia for $28.5 million, or about $121 per square foot, from Isard-Greenberg Company.

The 25-story office building totals 263,265 square feet and sits on about 0.37 acres. The buyers are possibly planning to convert the property into a multifamily development.

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