Robert J. Fahey, EVP, and Lizann McGowan, first VP, of the local area office of CB Richard Ellis, represented Leggat in the sale. Neither returned calls by deadline; however, a representative in that office confirmed the sale and said it was a record-setting price, but declined to provide the amount. Calls to Leggat were not returned by deadline.
The 20-story, 535,000-sf property, formerly known as the Reliance Insurance Co. Building, is at 1600 JFK Blvd. It was built in 1964. According to published reports, Leggat acquired it for approximately $14 million in 1999 as Reliance was facing liquidation. Following the purchase, GlobeSt.com reported that the owner invested more than $80 million in a total renovation that included asbestos removal, new mechanical, electrical and HVAC systems and a new facade.
By late 2002, the lease-up was well under way by such tenants as Sunrock Capital, the Post & Schell law firm, Chubb & Son, which exited One Liberty Place, the law firm of McCormick & Priore, and Applied Research. It is currently about 90% leased, according to the Center City broker.
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