The building, located at 1701 Market St., was completed in the 1950s as part of the multi-building Penn Center complex. Andrew Scandalios, managing director of HFF in New York and also a member of the marketing team, tells GlobeSt.com it was "fully redeveloped" for Morgan Lewis between 1998 and 1999. "Ten years remain on the lease with two options to extend," he says.

The asking price is undisclosed. However, under condition of anonymity, area brokers cite the recent sale of the fully leased Independence Blue Cross building at 1901 Market St. and tell GlobeSt.com that Six Penn Center will likely command a comparable price. Atlanta-based Wells REIT paid approximately $225 per sf for the Blue Cross property. At that rate, the price for Six Penn Center will approach $69 million.

Scandalios says HFF will arrange 100% interest in the property, meaning the sale will include both the land and the structure. Asked if the decision to sell is a reflection of the current turmoil in the Center City office market caused by plans for significant new construction, he says the timing was probably not due to local market conditions. He adds that the income value and investment value of the asset "probably have equal weight, but (given the quality of the tenant) the income is a very important component."

Whitmore adds that this is a "class A office asset that will necessitate minimal capital expenditures. It is in a premier location and has a quality tenancy with a long-term, triple-net lease."