Thursday, March 7, 2013

Part of skyscraper to be sold, converted to hotel: Exclusive

Natalie Kostelni

IStar Financial Inc., the owner of a portion of Two Liberty Place that had been slated for residential condo conversions, has decided to sell that space for a high-end hotel with 150 rooms.
The 58-story, 1.2-million-square-foot skyscraper is one of the defining buildings in Philadelphia’s skyline. It was initially constructed as the headquarters for Cigna Corp. but as demand for office space declined, its primary use changed to include both office space and residential condominiums. Two Liberty’s mix of uses highlight how Philadelphia’s real estate market has changed over the years and how the tower has tried to adapt. For more on Two Liberty’s past and future, read the cover story I wrote in tomorrow’s edition of the Philadelphia Business Journal.

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