Friday, October 6, 2017

1760 Market St. put up for sale

By Natalie Kostelni  –  Reporter, Philadelphia Business Journal

A partnership that owns 1760 Market St. in Philadelphia has decided that it wants to sell the boutique office building just two years after buying it for $20 million.

The property joins two other Center City office towers to come on the market. Gemini Rosemont Realty is looking to unload 2000 Market St., a 29-story, 665,649-square-foot office building, while Equity Commonwealth is seeking to sell 1600 Market, a 39-story, 760,000-square-foot office structure.

Stockton Real Estate Advisors and Alterra Property Group bought 1760 Market, a 15-story, 126,689-square-foot building, in September 2015. At the time, it was 65 percent occupied and the partnership was attracted to the building’s location between Comcast Center and the Comcast Innovation Center, which is under construction, and Rittenhouse Square.

With those buildings and the neighborhood serving as significant anchors that bookend a portion of the city, "18th Street has become a pedestrian super highway,” said James Paterno of Stockton. As a result, 1760 Market had a front-row seat to that heightened activity and Stockton thought the building could take advantage of it.

Since the acquisition, the partnership has spent $4 million on various renovations, including upgrading the lobby and elevators as well as installing a communal café area with seating and a conference room shared by tenants. A new lighted canopy was installed at the entrance to give it more of an identity. The goal of the renovations was to give a 1980s vintage building a contemporary look.

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