Tuesday, July 29, 2014

1835 Market St. hits the market, could trade for more than $100M

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

In 2002, a joint venture involving the California State Teachers Retirement System bought 1835 Market St. in Center City for $80 million. Now CalSTRS has put the office tower on the market and is hopeful a buyer comes along to pay $100 million for the building.

“We think it will be around $100 million if not a little more.”

The 29-story property has 660,343 square feet of office space, 26,160 square feet of retail and a three-story, underground parking garage with 176 spaces. The building, which was once known as 11 Penn Center, was constructed in 1986. Klehr Harrison is one of its anchor tenants. Its office space is just 75 percent occupied and 159,182 square feet is vacant.

The property presents a value-add opportunity for a new buyer. Aside from filling the vacancy, some of the building’s common areas, such as the lobby, could use some sprucing up, he said. And, then there’s the plaza.
“We think the way that is situated on Market Street creates an opportunity to create some additional square footage.”
Full story: http://tinyurl.com/onaa4md

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