PHILADELPHIA-Brickstone Realty Cos., which announced last week its intent to build an apartment tower at the Lits building here, is reportedly looking to sell a 75% stake in the property.
The locally-based firm is offering the majority interest in the property at 7th and Market streets and will keep the remaining 25% stake, according to marketing materials on the offering prepared by Cushman & Wakefield. As part of the deal, Brickstone would continue oversee the leasing and management of the Lits building, according to the Philadelphia Business Journal.
Last week it was reported that Brickstone intends to redevelop the Lits building by coring out a portion of the building and constructing a 35-story residential tower on the original foundation. See story in the Philadelphia Business Journal.
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