PHILADELPHIA-iStar Finanical Inc., which owns part of Two Liberty Place that was being marketed for residential condominium conversions, now has the space on the market for sale as a hotel investment.
Jones Lang LaSalle is marketing floors 48-56 of the 58-story downtown building for sale as a hotel, according to the Philadelphia Business Journal and PhillyMag.com. The property, originally built in 1990 as the corporate headquarters for Cigna Corp., saw a portion of its space converted into residential condos beginning about seven years ago. However, with the condo market struggling, iStar is looking to sell the multiple floors at the tower as a 140- to 150-unit hotel.
Cynthia Tucker, a senior vice president at IStar Financial, told the Philadelphia Business Journal that the firm seeks to attract a luxury hotel to the property. See story in PhillyMag.com.
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