"We don't have an asking price," Baker tells GlobeSt.com. However, according to published reports, the property is valued at about $105 million, or approximately $170 per sf. It is 93% leased. The locally based Duane Morris law firm recently inked a 226,000-sf, 15-year lease, and is relocating to United Plaza from One Liberty Place. Other major United Plaza tenants include IBM, Prudential Securities, eResearch Technology, and SCP Communications.

Oaktree acquired the building in 2000, and, according to published reports, paid just under $52 million. At the time, the property was just over half occupied. Baker says, "it has essentially been completely re-leased since Oaktree acquired it." During its ownership, Oaktree invested approximately $25 million in renovations. In October 2003, following the Duane Morris lease agreement, Oaktree obtained a $60-million mortgage on the property, a loan which was structured to provide staged funding for costs associated with the Duane Morris move-in.

Now, however, the property is being offered free and clear of mortgage financing or management agreements. It is a modern building of International-style architecture and was completed in 1976. It contains underground parking.

Baker says Granite is casting a broad net. "The building has cash-flow stability, and we anticipate strong interest among both private and institutional buyers," he says. John D. Lyons, Granite's CEO, adds that the property "is situated in one of the best locations in the heart of Philadelphia's business district. It carries a prestigious roster of credit-worthy tenants with long-term leases, providing reliable, increasing cash flow."