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Columbia Property Trust completed a significant repositioning of the campus in advance of the sale. Those efforts helped drive 460,000 square feet of leasing at the property since early 2017, replacing the original anchor tenant with no downtime and returning the full property to 100% leased.
The property offered "a great opportunity for investors to buy a core-plus building at an attractive basis with upside in one of the best locations in Center City Philadelphia," says HFF's Mark Thomson.
“This class A property at the front door to the historic Country Club Plaza will be a long-term investment for us," says City+Ventures' Chris Erickson.
While net lease properties offer many benefits to investors, the very nature of these assets make them difficult, at present, to qualify for the tax deferral through the Opportunity Zone program.