Friday, November 15, 2013

Keystone Property Grp Pays $40.5M for Philadelphia Office

Keystone Property Group acquired the office building at 100 S. Independence Mall W. in Philadelphia, PA from The Dow Chemical Company for $40.53 million, or about $104 per square foot, according to public records. 

The nine-story, 390,690-square-foot office building was constructed in 1965 on 1.5 acres in the Independence Hall submarket of Philadelphia County. The seller signed a sale-leaseback agreement with the buyers, and will continue occupying approximately half the building. The GSA will lease most of the remainder of the space there.

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