PHILADELPHIA-The historic Public Ledger office building that overlooks the Independence Mall is in receivership.
Sources tell the Philadelphia Business Journal that Newmark Grubb Knight Frank could become the receiver of the 12-story, 466,000-square-foot office building at Sixth and Chestnut streets. Joe Grasso and a Citi Property Investors' managed fund acquired the property in 2006 for $43 million. Later, a fund that included Apollo Global Real Estate had control of the property, but subsequently decided to relinquish it.
The building is currently 89% occupied with the General Services Administration as its anchor, occupying approximately 120,000 square feet. See story in the Philadelphia Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
