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PHILADELPHIA-The California State Teachers’ Retirement System has completed its acquisition of the 29-story class A office building at 1835 Market St. in Philadelphia. Sources close to the deal, which closed Tuesday, tell GlobeSt.com the Ohio State Teachers Retirement System sold the 685,000-sf asset for $83 million.

The building, known as 11 Penn Center, was purchased by Thomas Properties Group LLC on behalf of Calsters. The acquisition ups Thomas’ downtown Philadelphia interests to three million sf. The firm will assume leasing and management duties at 11 Penn. “We will apply our proven customer-focused approach to management and tap our network of business relationships to accelerate the leasing program,” says Joe McManus, Thomas Properties senior vice president for leasing.

CB Richard Ellis first vice presidents of investment property Douglas G. Joseph and Brian J. Campbell represented the seller in the transaction. CBRE has been the exclusive leasing and managing agent for the property since 1994.

Built in 1987 by the Radnor Corp. and featuring 25,000-sf floorplates, 11 Penn is currently 90% occupied. Tenants include Credit Suisse First Boston, law firm Buchanan Ingersoll and Dow Jones & Co. According to Thomas Properties senior vice president Randall Scott, the building’s Center City location, adjacent subway station, on-site parking and easy freeway access add to 11 Penn’s cachet. “With our long history in the market, we know the building well and believe it is a complementary addition to our portfolio,” Scott says.

Los Angeles-based Thomas Properties, founded in 1996 by James A. Thomas, acquires, develops and manages commercial real estate throughout the US for its own portfolio as well as third parties, which include institutional investors. Currently, the firm is focusing its activities on the West, Southwest, Southeast, Mid-Atlantic and Northeast regions. The company owns and manages more than five million sf of office and retail space with an additional six million sf under construction or in pre-development. Additional offices are located in Philadelphia, Sacramento, Austin, Dallas and San Antonio.

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