Wednesday, August 26, 2015

One Franklin Plaza Sells for $43M

Equity Commonwealth has sold the One Franklin Plaza office tower at 200 N. 16th St. in Philadelphia, PA to PMC Property Group for $43 million, or approximately $71 per square foot.

The 24-story, 607,474-square-foot, 4-Star office tower was built in 1980 on nine-tenths of an acre in the Market Street West submarket of Philadelphia County. GlaxoSmithKline vacated the building in 2013.

PMC Property Group plans to convert the building to mixed-use with apartments on the top floors and office space on the middle floors. The office section will have its own dedicated elevator lobby at the 16th Street entrance.

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