PHILADELPHIA-The Mellon Independence Center, former home of the Lit Brothers department store and one of the most significant historical redevelopment projects in this city’s history, has a new partner. Zurich Structured Finance Inc. has acquired a majority stake in the 811,112-sf landmark on Market St. between 7th and 8th streets, 651,000 sf of which is occupied by Mellon Bank on a 25-year lease.
Though terms of the transaction were not disclosed, Brickstone Cos., which acquired the property in the mid-1980s and renovated it at a cost of $95 million, reportedly was asking roughly $100 million, or $100 to $125 per sf for the facility when it was placed on the market early this year, according to the Philadelphia Business Journal. Brickstone will continue to manage the office and retail complex.
Erected over nearly a half century, from 1859 to 1907, the renovated 11-building Victorian center was given the National Preservation Honor Award by the National trust for Historic Preservation.
Sonnenblick-Goldman Co., a real estate investment banking firm based here, served as advisor to Brickstone.