PHILADELPHIA-Pennsylvania Real Estate Investment Trust is purchasing 901 Market St. from New York-based Vornado Realty Trust and is getting ready to renovate the Gallery in Philadelphia. The Market Street office building spans 430,000 square feet and the Gallery, situated along East Market Street, spans 1.1 million square feet.
The Market Street office building is 78.1% occupied. PREIT acquired the Gallery from Rouse Co. in mid-2003 and late-2004. The renovation and acquisition costs are estimated at approximately $300 million. For the full story, go to Philadelphia Business Journal .
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