The 9,685-square-foot property is anchored by Wachovia Bank, whichhas a NNN lease through 2024. The building is 70% leased with 2,747square feet on the market. Gramercy acquired the building as partof a national bank portfolio which was grandfathered in when thecorporation purchased AmericanFinancial Realty Trust in March of 2008. The property wasconsidered underperforming, along with roughly 80 other propertiesthat came from the troubled REIT.
CBRE Philadelphia Metro Private Client Group VP Douglas Rodio,along with EVP Peter Stevens and senior associate Jim Pasquarellaof CBRE's Investment Properties Group repped Gramercy. Stevens andPasquarella are the exclusive listing agents for Gramercy'sportfolio.
Gramercy recently went through a series of executive changes,which began with president and CEO Marc Hollidaystepping down. Roger Cozzi replacedHolliday as CEO and Timothy O'Connor tookover as president.
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