Wednesday, March 9, 2016

Cira Square Sale Closes in Philadelphia

 The Korea Investment Corp. closed on the previously announced acquisition of Cira Square from Brandywine Realty Trust for $354 million, or about $407 per square foot.

The historic office building was originally constructed in 1935 at 2970 Market St. in Philadelphia, PA. Recently renovated in 2010, the building totals 870,262 square feet and is 100 percent occupied today, anchored by the Internal Revenue Service (IRS) in almost the entire building under a GSA lease with 15 years remaining.

In connection with the sale, Brandywine realized net sales proceeds of $350.2 million after closing costs. The company will report a gain of approximately $114.0 million in the first quarter of 2016.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.