Friday, April 4, 2014

Center City building sells for $23 million

Natalie Kostelni, Staff writer for the Philadelphia Business Journal

A Denver investor has paid $23 million to buy the so-called Kling building in Center City.
Michael Plante bought the two-building complex that includes 2301 Chestnut St. and 2300 Ionic St. The properties total 141,763 square feet and take up an entire block. Both buildings were constructed in 1925 but were renovated in the early 1980s.
It is referred to as the “Kling” building for the architectural firm that has occupied the structure for decades.
Eight years ago, what is now KlingStubbins sold the building to Capital Solutions, an entity affiliated with Blue Bell, Pa., developer Frank Seidman. At the time, KlingStubbins entered into a long-term lease and the firm still occupies the entire complex as its headquarters. It has nearly nine years left on the lease.
Once the lease expires, the building could be ripe for redevelopment into another use.
“You’re at the center of everything there,” he said.
The building was put up for sale last June. 
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