PHILADELPHIA—Jefferson Apartments of McLean, VA is looking to purchase the Atlantic Building at 260 Broad St. here in a deal reportedly valued at more than $50 million.
The 21-story office building is under an agreement to be sold, according to the Philadelphia Business Journal. Post Brothers bought the property for $27 million in July 2012 and was looking redevelop the building for residential use.
Post Brothers has not decided whether to move forward with the conversion of the 330,000-square-foot building. Matthew Pestronk, president of Post Brothers, says the company doesn't comment on transactions that have yet to occur, but states: “We are an opportunistic buyer and seller.” See story in the Philadelphia Business Journal.
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