Shorenstein Buys 1700 Market in Philadelphia

Shorenstein Properties, the San Francisco-based real estate investment company, announced that it has completed the purchase of 1700 Market Street in Philadelphia’s Center City submarket. Shorenstein Properties purchased the 848,000-square-foot building from a partnership involving New York's Nightingale Group and investor David Werner for just under $200 million, according to an REBusiness article. Terms of the deal and representative information was not disclosed.

1700 Market Street was constructed in 1968 and is located on the southwest corner of Market and 17th Streets in the heart of Center City. The building has an attached 5-story parking garage with a 720 car capacity, and is considered among the top 10 office buildings that make up the Class A office segment of the market. The building was 87% leased at the time of sale, with major tenants including Deloitte & Touche, OSIsoft, AIG Life Insurance, and Blue Cross; Shorenstein said it plans to invest capital to further improve 1700 Market’s tenant appeal. A roughly 30,000-square-foot addition has been planned for an existing plaza area that will house two restaurants -— lll Forks and Cantina Laredo.

For more news and information visit Blumberg Partners.

Square Mile Sells Spring Garden Tower for $184.5M

Square Mile Capital Management, a New York-based diversified real estate investment firm, completed the sale this week of the office tower at 1500 Spring Garden St. in Philadelphia, PA for $184.5 million, or about $171 per square foot. According to a CoStar report, a joint venture of The Nightingale Group LLC and Carlton Associates, Inc. purchased the building, which was put up for sale this summer. Jones Lang LaSalle arranged the transaction with the buyers handling the sale in-house, the terms of which were not disclosed.

1500 Spring Garden Street, also known as the SmithKline Beecham Headquarters Building, was originally built in 1947 and underwent renovations in 2002 to accommodate offices, operations centers and a major television studio with master planning from Bruce E. Brooks & Associates. The 12-story, 1.08 million-square-foot, 4-Star office tower was reportedly 90% leased at the time of sale with major tenants including Sungard Availability Services, Thomson Reuters, Independence Blue Cross, Day & Zimmermann, and CBS Broadcasting.

For more news and information visit Blumberg Capital Partners.