Wednesday, November 16, 2016

Coretrust Closes on Two Liberty Place

Coretrust Capital Partners LLC, a real estate investment firm, has closed on its previously announced acquisition of the office portion of Two Liberty Place at 50 S. 16th St. in Philadelphia, PA.

Cousins Properties, Inc. and Teacher Retirement System of Texas sold the condo asset for $219 million, or about $233 per square foot.

The property consists of office space and residential condos. The buyer purchased the lower 36floors, which make up a 938,753-square-foot office portion of the 57-story, 1.2 million-square-foot, mixed-use property.

The building was constructed in 1990 by Rouse & Associates on three-quarters of an acre in the Market Street West submarket, between Market and Chestnut Streets. The office portion is occupied by a mix of notable tenants including CIGNA Health Management, Conner Strong, Eckert Seamans Cherin & Mellott, US Bank and more.

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