The price tag is just shy of $1.6 million, or $105 per sf, for the 15,000-sf asset, which dates back to the 1850s. Nationalities Service Center, which provides social, legal and educational services to immigrants and refugees, has owned and occupied the building for the past 40 years.
The new owner's plans for the property are not yet finalized, "but may be conversion to mixed use with apartments or residential condos on the top floors and retail and/or a restaurant on the ground floor," says Michael Barmash, SVP and director of commercial real estate for locally based Colliers Lanard & Axilbund. Barmash and Michael Kahan and Despina Belsemes, associates in the Colliers L&A commercial division, represented both the buyer and seller in the transaction.
"The Center City location is ideal for that kind of mixed-use development," Barmash tells GlobeSt.com. He says the property was originally three adjacent residences, which were later converted into office space.
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