PHILADELPHIA—C-III Asset Management, the special servicer overseeing the One Penn Square West building that is in receivership, has exercised its option and has acquired the high-rise office building.
The building at 30 S. 15th St. is also known as the Graham building and totals 240,634 square feet. The decision by CIII-Asset Management to acquire the note on the building was reported in the Philadelphia Business Journal, which cited Commercial Real Estate Direct and Trepp Inc. in its report.
The purchase price for the property was not disclosed. An entity named 30 S. 15th Associates purchased the 25-story building for $35 million in 2006. That group consisted of a partnership of Grasso Holdings of Philadelphia and the Union Labor Life Insurance Co.-USA Realty Fund of Washington, DC. A $28.3-million loan originated in 2006 was outstanding on the building, according to Trepp.
The insurance company Graham Co. is the anchor tenant of the building that was constructed in 1985. 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.
