Friday, October 6, 2017

Alterra buys 1401 Arch St., plans conversion

Natalie Kostelni Reporter Philadelphia Business Journal

Alterra Property Group has acquired 1401 Arch St. in Philadelphia and has plans to convert the building into apartments.

The 177,000-square-foot office building called One City Place was sold by AFIAA, an investment adviser for pension funds in Switzerland that bought it in 2005 for $22.5 million. It couldn’t be determined how much Alterra paid for the property or any other details about the project. Leo Addimando, managing partner at Alterra, said he didn’t have any comment at this time.

As a result of the pending conversion, the building is being vacated. The First Judicial District of Pennsylvania’s Probation and Pretrial Departments signed a new lease on 120,000 square feet at 714 Market St. and will move in by the end of 2018.

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