By Rachel Whaley with CoStar AI CoStar Research
The Department of Aviation, an agency of the City of Philadelphia, finalized its purchase of a vacant, five-story office building at 8800 Tinicum Blvd. in Philadelphia from Office Properties Income Trust, a real estate investment trust externally managed by The RMR Group, for $42 million, or $95.24 per square foot.
The building sale was disclosed in Office Properties Income Trust's second-quarter earnings report. Formerly occupied by PNC Bank until early 2024, the 441,000-square-foot building occupies a 32-acre site just across I-95 from the Philadelphia International Airport.
The Department of Aviation has no immediate plans for the property and expects the building to remain vacant over the next three years as it finalizes a Master Plan Update for the airport. This strategic framework is focusing on plans to modernize airport facilities by projecting passenger demand through 2040 and outlining an associated 20-year capital improvement program.
The former bank operations center was the last office property Office Properties Income Trust owned in Philadelphia. The trust had previously hired a team of brokers with Avison Young to serve as the exclusive leasing agents for a planned redevelopment of the site into a new 477,500-square-foot logistics facility, but those plans never got off the ground.
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