Monday, October 15, 2012

Downtown office building finally sells

Two Penn Center, a 20-story, 505,000-square-foot office building at 1500 John F. Kennedy Blvd., has finally sold after being on the market since early 2011.
A joint venture entity involving Alex Schwartz bought the building for roughly $66 million. The property is 82 percent occupied and rents run around $23 a square foot.
Crown Properties Inc. was the seller. The New York company has owned Two Penn since 1997 when it paid $33.5 million for it.
Schwartz, a downtown real estate investor, owns several other Center City office buildings including Land Title and Eight Penn Center and has interest in others. He has plans to make several interior improvements to the building such as upgrading the common areas, bathrooms, lobby and building systems.
Two Penn was initially put on the market in February 2011 and, in somewhat of a milestone, was the first office building to be put up for sale since 2007 when the recession sparked a retrenchment in commercial real estate. Since then other downtown office towers have been put up for sale only to be taken off the market and refinanced. Currently 2000 Market St. is for sale.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.