PHILADELPHIA—The California State Teachers Retirement System has put its 1835 Market St. office tower on the market for sale and is hopeful it can land a buyer willing to pay upwards of $100 million for the 29-story building.
The building, once known as the 11 Penn Center, now joins a number of other downtown properties on the market for sale, including 1818 Market St., Seven Penn Center, which is under contract, 3535 Market St. and 401 Market St, according to the Philadelphia Business Journal.
A joint venture that included CalSTRS acquired the property, which contains 660,343 square feet of office space and 26,160 square feet of retail, in 2002 for $80 million. The building is currently about 75% occupied.
“We think it will be around $100 million if not a little more,” JLL's Doug Rodio says of the final sales price. Rodio an investment broker with JLL, been retained to market the building. See story in the Philadelphia Business Journal.
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