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.
“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.”