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PHILADELPHIA-Locally based Metro Development Corp. is in the process of finalizing an agreement to acquire 1500 Walnut St., the 270,000-sf two-tower office that houses the Striped Bass restaurant. According to an anonymous source, Metro is paying approximately $25 million, or about $92.60 per sf.

New York City-based Sonnenblick-Goldman is representing the seller, a partnership between New York-based Praedium Group and JADS Alliance Equities, which is based here. The JV acquired the property approximately four years ago. One portion of the structure is a 23-story art deco-style building that was completed in 1926. The building’s annex, completed in 1963, is a 21-story modern-style building.

The luxuriously appointed Striped Bass, one of the city’s most-celebrated restaurants, opened by local restaurateur Neil Stein to much fanfare but was later jeopardized by the bankruptcy of another Stein venture, Avenue B. This summer the city’s other highly acclaimed restaurant owner, Stephen Starr, rescued Striped Bass, which remains on the city’s A list.

Metro owns the Packard Building, an office, retail and luxury residential rental property on North 22nd St., the Independence Building at 4th and Walnut streets, and several buildings along the Spring Garden corridor here in addition to office, retail and residential properties in the suburbs. David Grasso, Metro’s president, was unavailable for comment at deadline.

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