Locally based Binswanger, which represented the school district in the negotiations, said the aggregate sales price was $25 million. The buyers negotiated for themselves.
Switzenbaum Realty Capital acquired the 766,033-sf John F. Kennedy Center building at 743 Schuylkill Ave. for a little more than $13 million or approximately $17.10 per sf. Synterra Partners, in a joint venture with the Washington, DC-based Temple Group, acquired the 215,198-sf Administration Building at 21st Street and Benjamin Franklin Parkway and the 54,149-sf Thaddeus Stevens Administration Center at 1301 Spring Garden St.
Lisa Welsch, Synterra's director of development, tells GlobeSt.com the cost of the two properties was $12.4 million. The JV plans to redevelop the historic Administration Building into residential condominiums. "We've done a number of scenarios," she says, "and the number of units will be between 90 and 130, depending on the final design." The school district is leasing both buildings until the end of September, and conversion of the administration building condos will begin soon after.
As for the Stevens Center property, which is located on a larger land parcel, Welsch says, "We're very sensitive to the beautiful mural on that building. Our wish is to preserve the history of that building as we work with the community to develop an appropriate plan and move forward with mixed-use development at that site." There is no date for the beginning of its redevelopment.
Calls to Switzenbaum were not returned by deadline. According to Binswanger, plans call for conversion of the JFK Center building into residential condos. Of the three-property sale, Binswanger's chairman, John K. Binswanger, says, "This is a tremendous step forward in the school district's initiative to dispose of excess assets and bring new efficiency and utilization to their day-to-day operations, and it puts quality property back on the tax rolls and opens up new opportunities for continued growth of the residential market."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.