Wednesday, July 10, 2013

Three Franklin Plaza Trades for $29M

Liberty Property Trust sold the 226,890-square-foot office building at 1600 Vine St. in Philadelphia, PA to DeMedici Corporation for $29 million, or approximately $128 per square foot. 

The eight-story office building will be the location for the first charter high school in Philadelphia. Philadelphia Performing Arts Charter School, a String Theory High School for the Arts and Sciences, will open in 2013. DeMedici Corporation plans to upgrade the property to create a theater, performing arts studios, science labs, TV and motion-capture studios, and an automotive engineering lab. 

Centrally located three blocks from SEPTA’s Suburban Station, Three Franklin Plaza offers immediate access to I-95, I-76, and I-676. Within easy walking distance are five transit options and countless Center City restaurants, hotels and amenities.

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