PHILADELPHIA—Shorenstein Properties is reportedly in talks to acquire the 1818 Market St. office tower here. If the deal closes, it would mark the return of the San Francisco-based real estate investment firm to the city of Philadelphia.
The company is looking to acquire 1818 Market St., a 37-story, 940,000-square-foot building, for an estimated $203 million, according to the Philadelphia Business Journal. Shorenstein is expected to put the building under contract this week, the newspaper reports.
Now called 1818 Beneficial Bank Place, the building serves as the headquarters for Beneficial Bank and Five Below. Sovereign Capital Management Group Inc. of San Diego put the property on the market for sale in May.
Shorenstein purchased the Two Liberty Place office tower in Philadelphia for approximately $200 million in 2002 and sold the 58-story, 1.2 million-square-foot property three years later. See story in the Philadelphia Business Journal.
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