Wednesday, July 26, 2017

Iconic Centre Square Office Complex In Philadelphia Trades For $328M

by Steve Lubetkin,
In the largest office transaction in Philadelphia history, the iconic Centre Square, a two-building, 1.8-million-square-foot, class A, multi-tenant office complex in Philadelphia, traded from Equity Commonwealth REIT to an affiliate of Nightingale Properties, for a reported $328 million.  The building is perhaps best-known for the Claes Oldenburg sculpture of a clothespin on the plaza of the property’s northwest corner facing Market Street at City Hall’s Dilworth Plaza.

“Centre Square is a major part of Philadelphia’s fabric and attracted investor interest and capital commitments from around the globe. The asset sits across from Dilworth Park and City Hall and above the mass transit network. It is the best-located set of office towers in the Philadelphia CBD. We are honored to have been chosen to represent Equity Commonwealth in the sale of this landmark asset.”

Located at 1500 Market Street, in the heart of Philadelphia’s dynamic Central Business District, the office complex is an iconic part of the Philadelphia skyline. Built in 1974, the complex consists of a 36-story East Tower and a 43-story West Tower, which houses market leading tenants including the University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and the mortgage insurer, Radian.

In addition to a parking garage that can accommodate 450 vehicles, Centre Square also includes a 41,000 square-foot retail component with several shops, stores and restaurants. In 2015, the complex was awarded an Energy Star Label and the BOMA 360 Designation.

Nightingale Properties—which owns multiple properties throughout Philadelphia and the U.S., including 1635 Market Street, 1500 Spring Garden Street and 1835 Market Street—has plans to do an extensive renovation at Centre Square.

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