Thursday, December 19, 2013

TIAA-CREF Acquires Philadelphia Office for $18M

Vesper Property Group has sold the office building at 1619 Walnut St. in Philadelphia to TIAA-CREF for $18 million, or about $529 per square foot. 

The six-story, 34,047-square-foot building was constructed in 1937 with renovations completed in 2009. Vesper Property Group purchased the building in 2008 for $7.1 million, according to CoStar data, and invested in renovating the building. Formerly the Westinghouse broadcasting studio, the renovated office property was fully leased at the time of the sale.

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