A 32-story, Class-A office tower in the heart if Philadelphia is officially on the market. On Wednesday, Transwestern Investment Co. and The Blackstone Group announced plans to sell the jointly-owned tower at 1700 Market Street. Chicago-based Jones Lang LaSalle was hired to market the 841,172 sq. ft. property.
“This offering provides investors an opportunity to purchase an outstanding asset in the center of the CBD,” says Thomas Beneville, a managing director at Jones Lang LaSalle. “1700 Market Street offers very attractive financing, a prestigious, credit-worthy tenant roster, outstanding on-site amenities and an ideal location, which will combine to generate substantial investor interest.”
The property has undergone roughly $16 million in capital improvements since 1999. Nearly half of those renovations were completed within the past two years. At 96% occupancy, the tenant roster includes Deloitte & Touche, Independence Blue Cross, AIG, Xerox and Commonwealth Land Title Insurance Co.
Transwestern Investment also owns 1601 Market Street, a 680,000 sq. ft. 36-story building located near 1700 Market Street. Beneville says that 1601 Market Street is also potentially for sale “to the right buyer.”