Thursday, October 25, 2012

Two Penn Center Changes Hands in Sale Valued at $66M

Crown Properties, Inc. sold an 88% interest in the 502,531-square-foot office building to a joint venture comprised of Optibase, Inc. (20%) and Philadelphia investor Alex Schwartz (68%) for an aggregate $59,576,000, or approximately $135 per square foot. The transaction price was based on a $66 million valuation of Two Penn Center. 

The 20-story, class A office building at 1500 John F. Kennedy Blvd. in Philadelphia, PA is a corporate office environment at the center of Center City. Double-paned, tinted glass windows provide panoramic views of JFK and City Hall Plazas and the Penn Center esplanade. The building has been awarded an Energy Star label for four years for its operating efficiency.  

Reported earlier on 10/15/2012:     

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