McGowan tells GlobeSt.com, "it is a class B++ property in a great location and currently 94% occupied. Many of the tenants are on long-term leases and have been in the building for many years. In July, a new restaurant will move into the ground floor."

She declined to provide an asking price. On condition of anonymity, a Center City office broker tells GlobeSt.com it will probably trade for "over $20 million," and says a published projection of up to $110 per sf, or about $23.4 million, "is probably near the mark."

The building was designed by Horace Trumbaur, a noted architect here, and completed in 1925. It has since been significantly upgraded, and, in 1986 was added to the National Register of Historic Places. The building provides access to the Bellevue, which has a food court and attached underground parking, through a seventh-floor extension and is also near city and suburban public transportation.

In a just-released Philadelphia office market report, Jeff Algatt, regional manager of the local office of Marcus & Millichap, says, "We expect that investors will continue to covet properties in the Center City submarket."McGowan says interest is strong from among area and out-of-market investors.

Asked if this property, like many in its class and surrounding area, might be acquired for conversion to residential condos," she says, "sure, it's a possibility." Amerimar acquired the building in 1999 and owns several other Center City office properties, including the Wanamaker Building at 1300 Market St.

Instant Insights /

Amerimar Puts Broad St. Office Landmark Up for Sale

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