Wednesday, February 4, 2015

Center City apartment tower comes up for sale, seeks big sale price of $160M

by Natalie Kostelni Staff writer for the Philadelphia Business Journal

One of the newest apartment buildings in Center City — 2116 Chestnut St. — is up for sale.
Construction of the 34-story tower was completed in 2013 and 94 percent of its 321 apartments are occupied. Average rents on the apartments run $3.08 a square foot. The property includes 9,150 square feet of retail space.
While it was built for around $100 million, one estimate has the seller seeking as much as $160 million for the property. 
The John Buck Co. of Chicago and National Real Estate Advisors partnered in developing the project. It sits on a site where the Sidney Hillman Medical Center had once operated.

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