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Locally based Binswanger represented the seller, identified asRidaj Associates, and the buyer, a limited partnership identifiedby the building's address, in the sales transaction. FrankBinswanger, chairman, tells GlobeSt.com the General ServicesAdministration's lease, on behalf of the IRS, is scheduled toexpire in 2010. He acknowledges that the tenant is permitted toexit in 2008, but says the IRS indicated it would not. "They needto find a new location, and it takes time to find another place,"he says. Binswanger manages the building.

In July 2006, a spokesperson for the GSA told GlobeSt.com thatno specific determination of how much of the overall space the IRSleases here, which aggregates 982,000 sf in seven buildings, wouldbe vacated and when. She did acknowledge that the IRSpaper-processing operations here would conclude this September. ThePhiladelphia operation is the largest of 10 such operationsnationwide that are being closed because of the public's rapidacceptance of tax e-filing.