Sant Pays $19M for 1760 Market St.

In their roles at Beacon, they were the sole brokers in this transaction. Hayden tells GlobeSt.com that the building was not on the market. "We had another buyer that backed out before we received interest from Sant. We set a high price and they bought it."

The sellers acquired the building from Brandywine Realty Trust for $15.3 million in 2000. Since then, occupancy increased to 95%, and, at the time of this sale the rent rate was $25 per sf, Hayden says. "We were able to execute our strategy, which was to create value by increasing occupancy and making capital improvements."

The asset was built in 1980. Among the tenants are Allied Barton Security Services, Wagenfeld Levine, Ikon, the Federal Transit Administration and the Philadelphia Trust Co.

A call to Sant, which is becoming increasingly active in Center City, was not returned by deadline. In September 2005, Sant acquired 1500 Walnut St. from locally based Metro Development for $35 million. The 22-story, 317,628-sf office houses the Striped Bass restaurant on the ground floor. This January, Sant obtained $31.2 million in interim financing for that acquisition, and a representative of the lender, GMAC Commercial Mortgage Corp., told GlobeSt.com the building was 88% occupied. Meanwhile, GlobeSt.com has learned that Sant is not going forward with its once-planned condo tower at the NewMarket Pavilion site on Headhouse Square in Society Hill.